The twelfth annual Michigan Entrepreneurship Score Card – 2016 Edition reports the state continues to advance its post-recession entrepreneurial economy, although the rapid pace of growth exhibited over the previous five years has slowed. This report uses 137 different metrics to track Michigan’s entrepreneurial vitality, climate and growth. The Entrepreneurial Change Index which measures the direction and momentum of growth ranks Michigan #12 out of the 50 states for the second year in a row, up from 44 ten years ago.
The Michigan Entrepreneurship Score Card, analyzing data from 2004 to 2014, was released on (February 22, 2016) by MiQuest, a Lansing-based nonprofit organization serving Michigan’s entrepreneurial community.
Michigan continues to invest in areas critical to future technology-based entrepreneurial growth. Throughout the 2000s, Michigan’s public and private sectors continued to invest heavily in R&D, innovation (measured by patents filed), STEM education, and job creation in technology fields. The state is especially strong in Workforce Preparedness metrics including Physical Science and Engineering Workers and High Tech Manufacturing Employment. Perseverance has paid off in Michigan’s current rankings among the 50 states:
- Physical Science and Engineering Workers − #1
- High Tech Manufacturing Employment̶#1
- Industry R&D − #5
- 4-Year + Technology Credentials − #5 (Percent of bachelor’s and above degrees/certificates earned in technology-related fields)
- University R&D Performance − #6
- Michigan’s Quality of Life metrics point to several strengths conducive to economic mobility and tech growth, including ranking #3 in Home Ownership.
“The Score Card mirrors what we hear from entrepreneurs – businesses are growing and hitting new levels of sales, there’s a high demand for technical talent, and there’s increasing enthusiasm about the opportunities being created in Michigan’s urban centers,” says Diane Durance, President of MiQuest.
To review the key findings from the report, Click Here for the full press release from MiQuest.
To download an electronic copy of the report Click Here.