Innovation
Venture Capital Falls with Economic Cycle
Venture capitalists invest in firms that have a high potential for growth but are not ready to do an initial public offering of stock. The investments tend to be both high risk and high return. Venture capital activity can be used to measure the number of potentially high-growth firms being started. These typically are innovative high-technology firms, such as biotechnology enterprises. Venture capital activity in Arizona was lower in 2009 and 2010 due to the recession.
—PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report
Arizona’s Innovation
In the 21st century, innovation—introducing something new—mostly derives from technological advances. Innovation drives the modern economy, leading to gains in productivity and prosperity. In order for a community to realize such gains, it must provide a foundation for innovation.
The foundation includes a strong educational system, a solid physical infrastructure, a base of research and development activities, innovator access to financial resources, and other factors. Science and engineering—in the educational system and in the workforce—are of particular importance.
Featured Visualizations
Median Wage by Occupational Group in Arizona as a Percentage of the National Average- High-Technology Employment as a Percentage of Total Private-Sector Employment in Arizona, as Defined by Industry
- Number of Patents Granted Per 1 Million Residents
- Number in Science, Engineering and Health Fields Per 1 Million Residents
