Monday, April 18, 2016

San Diego's Innovative Market Continues to Rise

San Diego's innovative market continues to rise to capitalize on new market opportunities. As the city progresses down its path of becoming a leading innovative market in the telecommunications, military, pharmaceuticals, life sciences, and technology industries it will go through a number of transitions. Increased patents are a good sign for things that currently are as well as those things that will come to be. Keeping the city thinking forward and focused on developing its industries can help it grow.

A nice story on KPBS helps highlight the innovative abilities of San Diego. The weather seems to be adding to the creative thinking of residents...ok...well sort of. The unique mix of San Diego's telecommunications industry mixed with pharmaceuticals and other life sciences are a hot item on the international market and encourage innovation and patents. The weather is just a bonus for all those smart people who were recruited here.

After surfing and beach lounging these smart people actually got some things done. According to the U.S. Patent and Trademark Office San Diego generated 34,605 patents between 2000 and 2014. The years from 2010 to 2014 were some of the most innovative years and this corresponds to the rest of the country. . San Diego represented around 2.6% of all patents in the country.

As a top 10 place for innovation this should lead to greater economic activity. Cities regularly follow national economic trends. As the nation grows so will the opportunities within the area. If San Diego grows faster than the rest of the country then we know it is doing something right in its push for greater global relevance. At present, it seems like things are going  pretty well.

Innovation is not possible without a highly skilled labor market, strong higher education system, and an infusion of investment dollars. The market will determine if San Diego's industry clusters are competitive mix that encourages greater international interest in locally produced products. Patents are a good sign that the economy will continue to adapt and grow.   Attracting top talent is always a top priority...the weather only helps.

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