According to an index report released by the Massachusetts Technology Collaborative, “Massachusetts continues to be one of the most innovative and prosperous states in the country.” Thanks to the state’s innovation economy “nearly 38 percent of the state’s workforce is employed within an innovation… sector, much higher than any other state.”
Also, wages in the innovation sector are generally higher, offering more lucrative opportunities to Massachusetts workers and recent graduates. A number of Assumption alumni are currently working in the innovation economy in industries ranging from engineering to consumer goods.
The term innovation generally refers to generating and executing new ideas that improve efficiency, productivity, quality, competitive position and market share. Innovation can occur in many ways; however, it usually consists of a long-term process involving a team of individuals.
The Massachusetts Innovation Economy Index measures performance of a state’s knowledge economy. Considered as the premier fact-based benchmark, the index looks at a number of innovation indicators such as research and development, academic article output, patenting, technology licensing, business formation, education level, and others.
The growth of innovation economy in Massachusetts is demonstrated by a number of index results. For example, the state “remains a leader in [Research and Development], R&D across multiple metrics” and is the top destination for federal R&D funding according to the report. Also, the state “continues to see strong growth in patents and remains the leader in patents issued per capita.”
The state’s dominant position within the innovative sectors offers unique opportunities to young entrepreneurs eager to be a part of the latest cutting-edge initiatives. Assumption students working towards degrees in business can take MGT 324 – Small Business and Entrepreneurship. This course offers students the technical skills needed to execute their business plans and capitalize on their innovative entrepreneurial ideas.