Idaho Invention Index – September 2020
The Invention Index measures a country’s or state’s innovation output by comparing GDP growth with patent production growth.
Idaho Invention Index September 2020: 1.88% (A+ grade)
Idaho 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:
In September, Idaho’s Invention INDEX scored a positive sentiment which was higher than the previous year’s average and outperformed the slight upward trend for the year. Despite the evolving situation with Covid-19, there has been no sudden drop in patent numbers. However, it is possible that these approvals are happening on patents applied for prior to the Covid-19 outbreak. If this is the 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 minimize their R&D work hours.
Learn more about the Invention Index here.
