Fast Internet Helps Utah Score “Innovation Champion” Award

Utah innovation championThe Consumer Technology Association (CTA) has recognized Utah as an “Innovation Champion.”  This designation was given to Utah and 12 other states showing strength in 10 competencies necessary for technology innovation.  Utah is one of five states to be given top marks for its fast Internet speeds, and earned the highest grade in the West with an A-.

Also worth note, Utah ranked among the top seven states for attracting investment, a category measured by dollars invested per capita for research and development and venture capital.  The state also finished among the top eight states for the number of science, technology, engineering and math (STEM) degrees conferred per 1,000 people ages 18-24.

Read a write up about the Innovation Champion award by the Salt Lake Chamber here:

https://utahpolicy.com/index.php/features/today-at-utah-policy/9398-innovating-the-beehive-state

Find CTA’s full report here:

https://cta-scorecard.herokuapp.com/resources/2016final.pdf

Consequently, the Governor’s Office of Economic Development (GOED) has programs to support most of the 10 competencies ranked by the CTA.  While the Broadband Outreach Center nurtures the development of Utah’s fast Internet networks, the STEM Action Center works to implement best practices for STEM education and help develop our future workforce.  Other competencies, like tax-friendly policies, attracting investment, supporting entrepreneurial activity, and developing a tech workforce are priorities for economic development in Utah.  GOED’s programs for corporate recruitment, small business development, and grants for commercializing innovative technologies are evidence of Utah’s active efforts to support innovation.

Innovation and disruption are common words we hear from the tech sector.  High-speed Internet is a vital driver for these creative movements.  A 2013 report from McKinsey Global Institute, titled, “Disruptive Technologies: Advances that will transform life, business, and the global economy,” lists mobile Internet and the Internet of Things as two of twelve potentially economically disruptive technologies.

The report quantified the potential economic impact of these twelve disrupters as between $14-$33 trillion per year by 2025, and analyzed implications for individual quality of life, health, patterns of consumption, organizational structure, new products/services, regulatory/legal changes, and more.  The authors commented, “Business leaders need to be on the winning side of these changes.  They can do that by being the early adopters or innovators or by turning a disruptive threat into an opportunity.”

Find McKinsey’s report here:

https://www.mckinsey.com/business-functions/business-technology/our-insights/disruptive-technologies