The study combines the number of businesses in a state investing in R&D and how well those investments are paying off. Minnesota ranks second only to California.
“California and Minnesota rose to the top— both have the kind of successful industry clusters that states have spent billions trying to recruit.”
This good news comes as we also learn that Minnesota is adding more businesses than in previous years. So far this year, 54,680 new business have been filed with the Secretary of State office. This is on pace to make 2014 the third-highest ranking year of new business filings in Minnesota history.
Not only is Minnesota adding more businesses, but those businesses’ investments in R&D are paying off, fostering more innovation. This all adds up to excellent news for Minnesota’s economy and working families.