In a Nutshell
- Economists agree that economic innovation is critical to achieving long-run economic growth and rising living standards and research shows public policy interventions can help foster more of it.
- An analysis of budget and financial data shows Michigan invests less than its neighbors in I&E programs that aim to improve the state’s entrepreneurial ecosystem.
- The report identifies revenue options to increase both one-time and ongoing support for I&E programs in Michigan. The pending creation of a new Michigan Innovation Fund should help provide a funding boost in the coming years.
Economic innovation is a critical factor in long-run economic growth. The development of new innovative products and processes makes workers more productive. This, in turn, boosts incomes and living standards. Recognizing its importance, both the federal government and states administer programs designed to foster greater innovation. A new Citizens Research Council of Michigan report examines existing research on the efficacy of these programs. It then evaluates Michigan’s state funding for innovation and entrepreneurship programs (I&E) relative to five neighboring states. The study finds that Michigan spends less relative to the size of its economy than four of the five comparison states.
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