Lovell, MiKE team up to improve, measure Milwaukee’s regional innovation index

Posted on Dec 03, 2015

From the Marquette Wire
Published December 3, 2015

University President Michael Lovell will work with the Greater Milwaukee Committee’s Innovation in Milwaukee (MiKE) initiative to develop a way to measure the intangible quality of innovation in the city of Milwaukee.

Lovell, a co-chair of MiKE, first learned about the regional innovation index after attending a meeting of the Coalition of Urban and Metropolitan Universities, where he saw a presentation that discussed the regional innovation index.

“Innovation is something we’ve always striven to measure at MiKE, but given its rather broad definition, we’ve had a hard time finding a way to accurately measure innovative activity in the region,” said Michael Hostad, executive director of Innovation in Milwaukee, in an email.

Hostad said an innovation index will give the region a measurement to allow for comparisons with other areas around the country.

“This index will allow us to coordinate our efforts and measure our effectiveness,” Hostad said. “A highly innovative region can bolster economic growth while attracting and retaining top talent.”

MiKE is following the lead of researchers at Indiana University to define specific metrics that will create an index to measure innovation in Milwaukee.

The four metrics that make up the index are human capital, resources and support available for entrepreneurs, productivity/employment and economic well-being. Based on the four components of the regional innovation index, Milwaukee County currently has an innovation index number of 91.4 out of 100, according to the index on Stats America.

Read the full article here.