Market leaders believe that there is room for improvement to create innovation centers. Georgia was rated with a 6.56 average score on a 10 scale when asked to rate innovation within the GA technology sector when compared to other states.
To become a center for innovation, market leaders in all markets believe that Georgia needs skilled labor, adequate capital, access to thought leaders, and tax incentives for research and development. New innovation indexes confirm that Georgia lags in innovation:
- In the ITIF 2017 State New Economy Index, Georgia ranked 18 (up from 21 in the 2014 study) among US states in a composite index that uses 25 indicators to measure the extent to which state economies are knowledge-based, globalized, entrepreneurial, IT-driven, and innovation-oriented. The ability to create knowledge workers appears to be the biggest area for focus to promote innovation GA – particularly education, and ability to attract international and inter-state knowledge workers.
- Innovation Index: GA continues to rank below the national innovation index (100) with a score of 91.50. This Innovation index was created by the Indiana Business Research Center based on a weighted index of several key measures: Human Capital (30%), Economic Dynamics (30%), Productivity and Employment (30%), and Economic Well-being (10%).
A new Innovation Index (2.0) was developed in 2016 that provides a measurement system (not indexed to US average) that measures 5 key categories of innovation for counties and MSA’s. The Atlanta MSA ranked highest in the state (119) and ranked 38th (of 380 MSAs) in the U.S., followed by Savannah (94.4) and Columbus (91.6). Within GA, those counties, with the highest innovation index, are located in the greater Atlanta area, with Fulton County having an overall innovation index of 122 and an overall rank of 31 (out of 3,110 counties). Canton (in Cherokee County) provided a high innovation index.