Innovation Is Key

Innovation is crucial to sustainable economic growth, but for innovation to occur businesses must have both the incentive and the capacity to invest.

As innovation is key to the United States’ economy as a whole, many U.S. states are showing off while others are falling short when it comes to patents, R&D, venture capital and academics.

So which states are excelling in innovation and which ones are lacking, you ask?

Patents

The top states in patents per population include:

1. Wisconsin
2. Washington
3. Texas
4. Utah
5. California
6. Massachusetts

The bottom five patented states include:

1. Alaska
2. Mississippi
3. Tennessee
4. West Virginia
5. Wyoming

Venture Capital

The top states for venture capital are:

1. Massachusetts
2. California
3. Utah
4. Washington
5. Colorado

The lowest are:

1. Arkansas
2. Alaska
3. Hawaii
4. Wyoming
5. Iowa
6. South Dakota

R&D Spending

The leaders in R&D spending are:

1. Delaware
2. Michigan
3. California
4. Connecticut
5. Massachusetts

The states that spent the least on R&D include:

1. Arkansas
2. Wyoming
3. Louisiana
4. Alaska
5. Mississippi

Academics

As for academics, the top states include:

1. New Mexico
2. Maryland
3. Rhode Island
4. Massachusetts
5. Alabama

The lowest academic rankings were for:

1. Louisiana
2. Arkansas
3. Delaware
4. Wyoming
5. Nevada

If you are a U.S. based company conducting R&D you may be eligible for the federal and/or state research tax credit. Please contact a Swanson Reed representative to find out further information.