Green Innovations

Developing renewable and clean technology companies in New York

Wednesday, January 27, 2010

Unfettering New York State's Innovation Economy

The Public Policy Institute this week released a new report, "Transcending the Hamster Cage."  Weird name (it's explained inside).  Interesting publication.  The document sets out to explore and solve a challenge:  "The key to unlocking the innovation economy is talented, driven and risk favorable people.  Motivation, inspiration and the capacity to dream, and to act on those dreams, are the greatest assets in the global innovation competition."

Guided by New York State academic and industry leaders, economic developers and entrepreneurs, it includes chapters on:
  • Human capital -- creating a critical mass of talent
  • Business climate -- developing regional innovation clusters
  • Economic development -- policies and investments that emphasize innovation
  • Tax policy -- enhanced incentives for R&D
  • Energy -- encouraging the development and commercialization of green technologies
  • Sector-based development -- strengthening key sectors such as bio-pharma and biotechnology
The theme of the report is creating an "innovation culture" that facilitates the creation of ideas that can be translated into new products and services. "The only path to sustainable growth is through innovation," writes Linda Sanford, IBM, a contributor to the report.  "Today's global economy rewards the innovators who can deliver unique value that cannot be easily replicated.  Creating a climate that consistently produces new ideas and advances intellectual property effectively to the marketplace is the best way to remain competitive in the innovation economy."

Download the report here.