Research development

California ranks in top 10 for research and development

With the United States expected to spend nearly $600 billion on research and development (R&D) in 2022, personal finance website WalletHub has released its Most and Least Innovative States of 2022 report, along with videos and expert commentary.

To honor the states that have contributed the most to America’s innovative success, WalletHub compared all 50 states and the District of Columbia across 22 key metrics. The dataset ranges from share of STEM professionals to R&D spending per capita.

For the full report visit: https://wallethub.com/edu/most-innovative-states/31890

Innovation in California (1=Most Innovative, 25=Average):

7th – Share of STEM professionals

10th – Projected STEM Job Demand by 2028

4th – Share of science and engineering graduates aged 25+

7th – Share of technology companies

4th – R&D expenditure per capita

1st – Venture capital funding per capita

Expert commentary

How can public decision-makers encourage and facilitate innovation?

“Innovation tends to have significantly positive geographic spillovers (meaning that nearby businesses, institutions or individuals benefit from frequent collaborations, sharing of ideas, etc.). So fostering/encouraging a kind of innovation center (if there is little or none in the state) where such positive benefits of co-location can occur would be a good start.I also think the presence of creative spaces or coding spaces where young children can play and tinker with construction product/software codes is helpful in encouraging innovation from an early age.

Tian Heong Chan – Assistant Professor, Emory University Goizueta Business School

Has investment in innovation slowed during the pandemic? If yes, why?

“Recent reports show that US companies raised nearly $330 billion from venture capitalists in 2021, nearly double the previous record high in 2020… So, on the contrary, it looks like investment has only increased during the pandemic. If you look back in history, it’s not really surprising: crises of war spurred innovation during the Civil War and World War II, an energy crisis spurred innovation in the refrigeration in the 19th century, and the climate crisis stimulated radical innovations in many industries. today. I think that’s probably the case, because every crisis brings to light new consumer demands, which presents new opportunities to solve problems and create new businesses. Likewise, the pandemic has introduced countless new issues that need to be addressed, and it has fundamentally transformed the way many businesses and industries operate. Therefore, many opportunities have arisen to invest in innovation.

Johnathan R. Cromwell – Assistant Professor, University of San Francisco

What skills best equip individuals to compete in a changing economic landscape?

“The best skills of the future will need to combine in-demand hard skills (skills that relate to a specific job like accounting, nursing, or computer programming) and soft skills. The future will need people who can use their hard skills by applying their soft skills such as collaboration, creativity, teamwork, leadership, people relations and problem solving. With the increased presence of robots and artificial intelligence in our daily activities, we need to create a landscape that shows our humanity above technology. This landscape needs well-educated individuals with technical and soft skills to compete in the global economy.

Haleh Karimi, Ph.D. – Assistant Professor, Bellarmine University