Utility patents are also described as patents for invention, meaning they are one of the better measures of innovative development. PA lags behind its peers, and the national average on the number of patents per 100,000 residents. This metric is expanded upon and analyzed in this report from the Brookings Institution: https://www.brookings.edu/research/ideas-for-pennsylvania-innovation-examining-efforts-by-competitor-states-and-national-leaders/

Sources:

The Small Business Innovation Research (SBIR) and Small Business Tech Transfer (STTR) programs are federal grants that allow small companies to conduct proof-of-concept research and develop prototypes, with the goal of commercialization. STTR grants require a partnership with a non-profit research institution. Awards are both an indicator and enabler of future business success. More about these grants can be learned at www.sbir.gov/about.

 Source: SBIR/STTR Award Summary by Year (Small Business Administration and U.S. Bureau of Economic Analysis data via Department of Numbers

These graphs show the importance of foreign-owned companies to job creation in the Commonwealth. Foreign-owned companies tend to provide high wages because they are typically in high-tech, research-based industries. The presence of foreign-owned companies in a region may also attract other foreign firms, both within and outside of the same industry, ultimately creating more jobs for Pennsylvanians. (Brookings)

 For the visualization, we define “foreign-owned companies” referring to the definition of “majority-owned U.S. affiliate” given by BEA (U.S. affiliate and Majority-owned U.S. affiliate). A foreign owned company is defined as a U.S. business enterprise in which there is foreign direct investment (FDI) and the combined ownership of all foreign parents exceeds 50 percent.

 The FDI into Pennsylvania has been creating job opportunities in multiple industries, including manufacturing, wholesale trade, retail trade, information, finance and insurance, real estate and rental and leasing, scientific & technical services, and manufacturing industry takes the largest proportion among them.

 Source: U.S. Bureau of Economic Analysis - Foreign Direct Investment

Venture capital (VC) is an important source of funding to help companies achieve growth and profitability. A strong VC regional presence is necessary to help young companies at every stage of their growth, decreasing the likelihood that they will relocate and take their existing and future jobs with them.

 Source: Crunchbase