Florida Invention Index – July 2020
The Invention Index measures a country’s or state’s innovation output by comparing GDP growth with patent production growth.
Florida Invention Index July 2020: 7.29% (A grade)
Florida Invention Index over the last year:
Anything over C grade is positive sentiment; anything under C is negative outlook/sentiment. Using that sentiment, it is possible to observe trends over time, and also compare states/countries. In doing so we can predict which states have the best chance to recover economically from the pandemic (or any other economic incident that may occur).
Discussion:
Despite the evolving situatuion with Covid-19, or potentially because of it, Florida’s Invention Index is still high. This is possibly due to: more people working from home and focusing on documenting their IP; or, companies expanding to develop products and processes to assist with Covid-19 (such as PPE). It is also possible that these approvals are happening on patents applied for prior to the Covid situation, in which case we may see a decrease in approvals – and a reduced Invention Index – in the coming months/years as the state feels the full economic impact of companies closing and/or being forced to minimize their staffing and therefore minimzie their R&D work hours.
Learn more about the Invention Index here.
