A new “innovation index” developed by researchers at UM-Dearborn contains some good news for Michigan. According to the index, innovative economic activity in Michigan increased 2.8% between mid-2006 and mid-2007. According to the Great Lakes IT Report, the report looks at a number of factors, including the employment of “innovation workers,” trends in venture capital, trademark registrations, incorporation activity, small business loans and job creation. Plans are to make this a quarterly index, providing another good measurement of whether we’re making the leap to an innovation economy.

This provides yet more evidence of the changing nature of the Michigan economy. We all have been affected by the decline in manufacturing, which has hit Michigan especially hard due to our historic strengths in that sector. Less reported are the efforts underway – and some of our initial successes – in diversifying our state’s economy, taking advantage of our strengths and new national and international trends to build a future even better than our past. We have a long ways to go, and it certainly won’t be easy, but both the creation of this new index and the information it contains show that we’re taking steps in the right direction.