Hawaii embarked on a long-term quest to transform and diversify its economic base to be less dependent on just two or three major industries. Hawaii’s strategy for transformation and diversification includes developing its capacity to support innovative economic activity, helping to develop innovative businesses in the technology and creative sectors, and encouraging the dispersion of high skills and technology throughout the economy.
To ensure that this effort is effective, we must be able to measure the progress in each of the phases of transformation. The set of innovation indicators, compiled and analyzed by DBEDT’s Research and Economic Analysis Division, is meant to serve as that measurement tool. It provides pivotal metrics that will tell us how well our innovation capacity is developing, how this capacity is translating into an innovation sector, and how this capacity and the development of innovation economy is raising our overall productivity, competitiveness and standard of living.