This month’s edition of the Illinois Innovation Index focuses on patent output in Illinois and the metropolitan Chicago region. Though patents don’t capture all economic innovation, they are a useful metric to gauge the dynamism of regional innovation systems. As the Index shows, patent productivity is variable through time, regions, and industries.  For example, financing and data processing patent output soared in metropolitan Chicago between 2006 and 2010, increasing from 29 to 199 patents.  However, in the same time period telecommunications patents fell by a third to 117 patents, and that patent variability held true for individual companies as well.  Chemical research companies such as Amoco and Nalcho have fallen off the list of top patent firms in Illinois, to be replaced by firms such as UOP (gas and biofuels) and Panduit Corporation (business services).  

The Index also compares patent output in the state and region to other areas in the country. While some states, such as California or Washington, have seen prodigious increases in annual patent volumes, the growth in Illinois has been more gradual, increasing by only ten percent between 1963 and 2010. For metropolitan Chicago it is a similar story, with the region falling behind in patent output compared to other regions such as San Jose or Boston.

Despite the slower growth in the number of patents produced each year in metropolitan Chicago, the region is still an important center of innovation, ranking eighth highest of all U.S. metro areas in patent output in 2010. Additionally, the Index shows that instead of overspecialization, the region has a broad base of innovation, with strong performances in business services, life sciences, manufacturing technologies, and other industries.  According to the Index, building upon the region’s current standing to become an innovative leader demands renewed, targeted efforts to support innovation. This final conclusion should resonate with policymakers, business leaders, and civic stakeholders working to create a culture of innovation in the region. In particular, patent output data from the March Index suggest that policy development should recognize the fluctuations in metrics such as patents as well as look to build upon the region’s diversity by focusing future investments in high growth industries.

A key recommendation of GO TO 2040’s Human Capital chapter calls for the improvement of data and information systems in the region that track, measure, and analyze economic innovation. Since innovation is an important way for the region to stay competitive in the global marketplace, improved data systems will help guide decisions about how public investments can more effectively and efficiently spur economic growth.

As part of the implementation efforts of GO TO 2040, CMAP has partnered with regional stakeholders including  Chicagoland Chamber of Commerce, the Illinois Science and Technology Coalition, and World Business Chicago to offer the monthly Illinois Innovation Index. Serving as an information resource on innovation and entrepreneurial metrics in the state and region, the Index directly addresses GO TO 2040’s recommendation to improve data systems.

The data from this month’s Index is available on MetroPulse. Past editions of the Index are available on CMAP’s Moving Forward blog.

Press coverage of March’s index include reporting from Crain’s Chicago Business and the Chicago Tribune.Though patents don’t capture all economic innovation, they are a useful metric to gauge the dynamism of regional innovation systems.  Financing and data processing patent output soared in metropolitan Chicago between 2006 and 2010, increasing from 29 to 199 patents.  However, in the same time period telecommunications patents fell by a third to 117 patents, and that patent variability held true for individual companies as well.  Chemical research companies such as Amoco and Nalcho have fallen off the list of top patent firms in Illinois, to be replaced by firms such as UOP (gas and biofuels) and Panduit Corporation (business services).   

This month’s edition of the Illinois Innovation Index focuses on patent output in Illinois and the metropolitan Chicago region. As the Index shows, patent productivity is variable through time, regions, and industries.  The Index also compares patent output in the state and region to other areas in the country. While some states, such as California or Washington, have seen prodigious increases in annual patent volumes, the growth in Illinois has been more gradual, increasing by only ten percent between 1963 and 2010. For metropolitan Chicago it is a similar story, with the region falling behind in patent output compared to other regions such as San Jose or Boston.

Despite the slower growth in the number of patents produced each year in metropolitan Chicago, the region is still an important center of innovation, ranking eighth highest of all U.S. metro areas in patent output in 2010. Additionally, the Index shows that instead of overspecialization, the region has a broad base of innovation, with strong performances in business services, life sciences, manufacturing technologies, and other industries.  According to the Index, building upon the region’s current standing to become an innovative leader demands renewed, targeted efforts to support innovation. This final conclusion should resonate with policymakers, business leaders, and civic stakeholders working to create a culture of innovation in the region. In particular, patent output data from the March Index suggest that policy development should recognize the fluctuations in metrics such as patents as well as look to build upon the region’s diversity by focusing future investments in high growth industries.

A key recommendation of GO TO 2040’s Human Capital chapter calls for the improvement of data and information systems in the region that track, measure, and analyze economic innovation. Since innovation is an important way for the region to stay competitive in the global marketplace, improved data systems will help guide decisions about how public investments can more effectively and efficiently spur economic growth.

As part of the implementation efforts of GO TO 2040, CMAP has partnered with regional stakeholders including  Chicagoland Chamber of Commerce, the Illinois Science and Technology Coalition, and World Business Chicago to offer the monthly Illinois Innovation Index. Serving as an information resource on innovation and entrepreneurial metrics in the state and region, the Index directly addresses GO TO 2040’s recommendation to improve data systems.

The data from this month’s Index is available on MetroPulse.