Researching Business Innovations in North America

Comprising Canada, Mexico, and the United States, North America boasts a 500 million inhabitants. With 28% of world economic output accounted for, this area is well-known for its great economic activity.1: With closely integrated supply lines, the area is also among the biggest free trade zones in the world. Using their respective labor forces, infrastructure, innovation capacity, and industry strengths, the three nations have also developed a partnership including both high- and low-wage sectors. The upshot of this cooperation is a rather competitive economic zone. This relationship might turn North American industrial value chains into fierce worldwide rivals on par with those of Asia. North America is so likely to rise to be a major player in worldwide innovation and manufacturing. Website and graphical user interface

Description created automatically. Apart from the three countries, the capacities vary among their 92 states and provinces as well. 

This study evaluates North American states' capacity for growth in the innovative economy of today. Analyzing how much each state's economy is oriented toward knowledge, globalization, and innovation, the North American Subnational Innovation Competitiveness Index (NASICI) employs a total collection of 13 variables across three sectors. These metrics are then aggregated to get composite scores ranging from 0 to 100, therefore reflecting the degree of innovation economy performance of every state. After a quick introduction, this paper explores and reports on the 13 indicators. The paper then explores the important economic linkages between several areas, especially between states in the United States and Mexico as well as between states in the United States and Canadian provinces. Among the 92 states/provinces of North America, the report offers numerous suggestions to increase innovation, manufacturing, and supply chains links. North America boasts a varied spectrum of creative ecosystems Leading the way in national innovation statistics such per-GDP expenditure on research and development (R&D) or the number of patents is the United States; second follows Canada and third Mexico. Still, every nation has federal systems that assign responsibilities to national government and subnational states/provinces. This helps states to evaluate a wider spectrum of policy choices so that they may pursue different innovative projects. Policy discussions on the innovative economy of North America occasionally overlook the unique features of different regions. Rather, they would rather concentrate on whole nations or notable tech hubs as Silicon Valley, Route 128, Waterloo, Canada. This article misfits innovation as limited to a few sectors and industries and overlooks the growing variety of North America's innovation ecosystem. Actually, the output of every area of the economy is substantially influenced by technical developments. This helps states with mostly agricultural economy to be competitive in the contemporary society.

Mexico City boasts a big population and commercial activity and is a hive of professional opportunities as well as an incubator for entrepreneurial endeavors. 

Silicon Valley and other innovation hotspots in southern California gain from their close proximity to big research facilities such Stanford, Caltech, and the University of California, San Diego. Maryland is known as a center for educated people who visit Washington, D.C. and work in scientific, technical, and professional fields. Supported by many government contracts, the state is well-known for its efforts at research and development. Washington state is well-known for its outstanding performance in a range of fields, including high-tech exports, creative tech companies drawing foreign investment, patent development in fields including artificial intelligence (AI) and cloud computing, and the digitizing of the service sector. Some Canadian provinces also score highly. Top Canadian province is Ontario; British Columbia comes in sixth and Quebec comes in ninth. Rising as a top foreign investment destination, Ontario has drawn national headquarters from major tech giants including Uber, Intel, LG, and Samsung. The Toronto-Waterloo Corridor, Canada's most innovative hub, calls Ontario home. With about 15,000 companies and 5,000 startups, its tech scene is strong. It also hosts the most developed quantum computing center worldwide.3. British Columbia's highly educated workforce and appeal to knowledge professionals looking to move are well known. With around 100,000 technology professionals, Vancouver continues to be a vibrant digital center in Canada. This has greatly helped British Columbia be successful in generating R&D employment and attracting big foreign direct investment. Though by a little margin (61st out of 92 states), Nuevo León emerges as the most competitive Mexican state while Mexico trails behind the United States and Canada. Mexico City likewise shows good performance, almost matching in degree of competition. 

Start-ups and bigger businesses trying to be more visible in Latin American markets have flocked Mexico City. 

Betweethe United States and the rest of the continent, it serves as both a political and economic gateway.5 These factors have let Mexico City draw a lot of knowledge workers from abroad as well as a foreign investment higher than that of numerous US states. Whereas 11 US states perform more like Nuevo León/Mexico City than the national average, Nuevo León and Mexico City outperform the national average by 10 points. Rising as a significant manufacturing hub in Mexico, Nuevo León is south of Texas. The area has attracted large foreign direct investment (FDI), as companies—especially with the North American Free Trade Agreement (NAFTA) established—have sought plentiful and cheap skilled labor. The manufacturing value of the state sadly is quite low per worker. Like Jaloco, Guadalajara, Mexico is seeing a tech explosion. It makes significant contributions to the industries of manufacturing and information and communication technologies and employs a large workforce. Its tech employment are less than those of most other states, nevertheless, and the value added per person in these sectors is also less. Though total index scores and GDP per capita have a significant correlation (0.73), it is important to keep in mind that a state's competitiveness in the innovation economy is influenced by factors other than only its wealth. Nationally, these scores indicate a smaller correlation with wealth. When we just take Canadian provinces into account, the relationship between index values and GDP per capita becomes 0.22. In the United States only, the link is 0.46; in just Mexican states, it climbs to 0.51. For instance, New York ranks not in the top ten North American states even if it is among the richest states in the United States in terms of total and per capita GDP. New York State scores lower generally even with New York City's substantial FDI and the presence of notable venture capital firms, university institutions, and corporate research labs (including Microsoft). This is primarily owing to the continuous outflow of knowledge workers in professional services and advanced manufacturing to nearby states such New Jersey and Connecticut, both of which score higher than New York.