A core component of Gov. Murphy’s policy agenda is an “innovation economy.” We agree, as other states, countries and regions, looking to redefine their own economies, have become increasingly aggressive in attracting investment from innovator industries. If the bidding for Amazon’s second headquarters is any indication, the competition will only intensify.
The recipe for a successful innovation economy is clear and compelling: Combine great universities, great companies and a great workforce, add strong state support, and produce great ideas that yield great innovations.
An innovation economy is driven by a vibrant innovation ecosystem sustained by a state’s public, private and academic sectors. As we’ve seen elsewhere (California, Massachusetts, North Carolina), public and private research universities — bolstered by their state governments — are the hubs that support the research and development needs of innovator industries, with their companies setting up shop nearby on the spokes.