The Colorado Innovation Network and economists at Colorado State University will unveil a new annual report Wednesday designed to measure how “cutting edge” the state’s economy is.
The Colorado Innovation Index compares Colorado to seven rivals and the country as a whole in areas such as talent, ideas, capital and entrepreneurship.
Those are considered necessary components for innovation, which the report defines as a product, process or service that generates new value in the market.
Innovation, in turn, is considered an important driver of job growth and economic well-being.
Compared to states like Arizona, California, Massachusetts, New York, North Carolina, Texas and Utah, the state scores high for having a well-educated workforce that is able to generate productive ideas.
The state also does well in bringing innovations to market, with a strong showing in self-employment, small business formations and venture funding for start-ups, the report found.
But the pay-off that entrepreneurs in the state earn varies widely based on geography. In all but seven counties, Colorado entrepreneurs are earning returns that fall below the national average, the report said.
“Overall, Colorado has proven itself entrepreneurial in spirit, but still has room to develop in terms of its ability to truly maximize its innovative potential,” the report’s authors said.
Professor Stephan Weiler, professor of economics at CSU, will present the index Wednesday at the Colorado Innovation Network’s 2012 Summit, at the Denver Art Museum. The summit will run through Thursday.
Aldo Svaldi: 303-954-1410, asvaldi@denverpost.com or
