Innovation Index Assesses Philadelphia's Position in Innovation Economy

Innovation Philadelphia, the public-private partnership dedicated to enhancing the global innovation economy of Philadelphia, has unveiled the first Innovation and Entrepreneurial Index, a comprehensive study examining where Philadelphia stands in relation to key competitors in the Innovation Economy.

The Index was compiled by measuring the Philadelphia region against seven other competitor regions: Baltimore, Boston, New York City, Pittsburgh, Research Triangle (Raleigh-Durham-Chapel Hill), San Diego, and Washington, D.C./Northern Virginia. The Philadelphia region scored in the second half of this group.

Philadelphia is strongest in terms of a desirable location, due to its proximity to the Washington, D.C. — and its public investment dollars — and New York City, with its private investment capital, according to the Index. Philadelphia also scored well in patent productivity, ranking only behind Boston in number of patents produced between 1992 and 1996 and behind Boston and New York in patents between 1997 and 2001.

Twenty-nine indicators were used to compare the regions in the broad entrepreneurial areas of knowledge, capital, and location. The set of indicators covering knowledge details where the Philadelphia region stands in terms of private and public research investment and outcomes generated from that research. The section covering capital details sources of public and private investments made in the region. The location section looks at the realities of Philadelphia's physical location, work force and population.

As a result of the study, Innovation Philadelphia has set a series of regional goals to boost its position in the Knowledge Economy within the next 3-5 years:

• Increase the annual science and engineering research investment in the region to $1 billion. Currently, the Philadelphia region generates approximately $600 million annually.
• Establish a nationally recognized Federal Research Center.
• Create 25 university and research-based spin-out companies per year. Philadelphia had seven in 2000.
• Generate $50 million annually in Small Business Innovation Research (SBIR) awards, doubling the current level of dollar awards.
• Generate $100 million in new and incremental Early-Stage/Seed Capital resources. This $100 million would be in addition to the $146 million generated in 2001.
• Attract three international conferences to Philadelphia focused on the Knowledge Economy.

Another Innovation Philadelphia strategy includes collaboration in the Knowledge Industry Partnership, which is intended to stave population loss in the region of college and university graduates through increasing the number of positive campus experiences and creating more job opportunities for college graduates.

Innovation and Entrepreneurial Index is available at http://www.ipphila.com.