Report: R.I. considered innovation adopter

RHODE ISLAND is considered an
RHODE ISLAND is considered an "innovation adopter," according to a report by the Consumer Electronics Association, which ranked each state on its ability to encourage innovation. / COURTESY CONSUMER ELECTRONICS ASSOCIATION

PROVIDENCE – Rhode Island is considered an innovation adopter, according to the Consumer Electronics Association, which ranked each state on its willingness and ability to encourage innovation.
“The license to innovate, the flexibility to hire qualified workers in science and engineering, and freedom from burdensome taxes and regulatory structures are key factors for entrepreneurs and business owners deciding where to establish roots. But what makes a state a champion of business innovation?” the association asked.
To find out the answer to that question, it ranked states on whether they are innovation champions (the top category), innovation leaders, innovation adopters or modest innovators, looking at 10 criteria, such as tax friendliness, fast Internet access speeds and entrepreneurial activity.
Eight states were named innovation champions, including Massachusetts, which received an A+ in the category of attracting venture capital and research and development investment. These states earned the top title for offering “ready-made environments for innovators and entrepreneurs.”
Innovation leaders “foster and explore new, groundbreaking ways to advance the innovation economy,” while innovation adopters “feature key elements that facilitate success,” but need to boost their policies to welcome new business, and modest innovators need improvements in policy and other criteria to better create an environment for companies to thrive, the report said.

Rhode Island received its best score, an A-, in the category of fast Internet, and its worst, an F, in the category of right to work, which refers to state law giving workers the choice of whether or not they join their representing labor union. Rhode Island does not have the law, according to the report. It received a B+ for the number of college-educated students in the STEM fields of science, technology, engineering and math.
It received Bs for its tech workforce, and for its venture capital, and research and development investment per capita, and innovation momentum, or the steps taken by state and local governments to expand appeal to the tech community. It received a C for welcomes new business models, a D+ in tax friendliness and D- in entrepreneurial activity.
However, the state was noted for incubator Rhode Island Center for Innovation and Entrepreneurship, and startup accelerator Betaspring.

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