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).
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.