Colorado Innovation Report Ranks Aerospace As Key Industry

Image Source: Colorado Innovation Network

Image Source: Colorado Innovation Network

Denver, Colorado. August 26, 2014 – As part of Innovation Week in Colorado, the Colorado Innovation Network (COIN) released the third annual innovation report, “The State of Innovation: Colorado 2014 Report”, which details Colorado’s economic performance and the role that innovation plays in the economy’s growth.

“Colorado is a leader in job creation, startup creation and economic growth, and innovation is a key factor in our success,” said Governor John Hickenlooper. “The Colorado Innovation Report is an excellent means by which we can measure our progress and identify areas to further engage and elevate as we continue our mission to make Colorado the most innovative state in the nation.”

The innovation index benchmarks the state of innovation in Colorado by measuring talent, ideas, capital and entrepreneurship, and compares Colorado to nine peer states that are leaders in innovation or close competitors with Colorado for new business: Arizona, California, Georgia, Illinois, Massachusetts, New York, North Carolina, Texas and Utah.

”The innovation index provides a meaningful assessment of the innovation landscape in Colorado,” said Michelle Hadwiger, Executive Director of the Colorado Innovation Network. “It also serves as a platform by which academia, business leaders and policy makers can influence future outcomes for the prosperity of the Colorado economy.”

Highlights from the 2014 Colorado Innovation Report:

• Colorado ranks among the highest of its peer group states for startup creation and job creation.

• Colorado companies are doing well at obtaining federal grants, yet they need to improve their ability to attract interest from the venture capital community.

• Colorado led peer states with 10.4 percent of all higher education degrees conferred in STEM fields.

• Colorado exceeded the peer states for the percentage of women with degrees in STEM fields.

• Colorado has been successful in undertaking new research and translating that research into new findings with commercial potential.

• The state government recognizes that innovation is a key element to new industry. To encourage new startups, Colorado sponsors the Advanced Industries Accelerator Grant Program, which provides proof-of-concept, early stage capital and retention and infrastructure grants to industries, including aerospace.

• Aerospace is one of seven key industries leading employment growth in the state of Colorado.

“The future economic growth of Colorado will depend on the state’s ability to promote innovation in an environment conducive to its development and adoption. An organization like COIN will help the state achieve that,” said innovation leader and COIN member Mitra Best.

COIN worked in partnership with consulting firm PwC and the Colorado Office of Economic Development and International Trade to create the report.

To view the entire innovation report, visit: http://www.coloradoinnovationnetwork.com/programs-initiatives/.