WILKES-BARRE — Institute chief operating officer Jill Avery Stoss said this week that demonstrating technology and innovation as a regional strength will lead to greater economic resiliency, opportunity and quality of life.
Technology and innovation is one of the topics covered in the institute’s 2024 Annual Indicators Report. Avery Stoss said the data provides insights into related jobs and industries, clinical trial funding, venture capital investment and academic research. These indicators, when demonstrated as regional strengths, can signal economic resilience and opportunity, as well as improved quality of life.
“But it’s difficult to directly measure innovation in the region’s businesses, health care, and education institutions,” Avery Stoss says. “Some data sets are limited, and a lot of development may occur uncounted. For example, there is no single systematic data source that tracks venture capital investments, so the numbers we have don’t capture all of the venture capital funding supporting entrepreneurship in the region, but we know there is at least $15.4 million in such investment.”
Avery Stoss noted that information is available about clinical trials, which are biomedical or health-related studies conducted on human subjects according to predetermined protocols.
“Clinical trials are a sign of innovation,” Avery Stoss said. “They create jobs and sometimes lead to the development of new and improved medicines and medical devices, which can ultimately improve quality of life and generate more business opportunities.”
Avery Stoss said Luzerne County has 108 testing sites and Lackawanna County has 66, with both numbers increasing from 2022 onwards.
There is also data on occupations and industries related to science, technology, engineering, and mathematics (STEM).
Avery Stoss said the number of STEM occupations in the region in 2023 decreased for the first time since 2020. The number of architecture and engineering occupations, life sciences, physical sciences and social science occupations increased from the previous year, but the number of computer and mathematics occupations did not increase.
Overall, the region employs 9,977 STEM professionals. When it comes to wages for STEM occupations, all three categories offer higher wages than the regional average.
“We are also aware of the associated public funding that has been put into our region and state,” Avery Stoss said. “Funding from the National Science Foundation (NSF) supports math and science, biological sciences, geosciences, cancer research and genomics research. Funding is provided primarily to institutions of higher education.”
In 2023, Northeastern Pennsylvania received more than $4 million in NSF funding, an increase from the previous year. This total is the highest amount the region has ever received. However, at the state level, NSF funding decreased slightly.
Avery Stoss further noted that the U.S. Small Business Administration has awarded grants to states through its Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. SBIR supports research and development with commercial potential, while STTR encourages joint ventures between small businesses and nonprofit research institutions.
Pennsylvania’s SBIR grant allocations reached a record high in 2022, exceeding $186 million. Increases were also notable in the STTR program, with these grants exceeding $23 million. The total number of SBIR and STTR grants also increased.
“Change is happening rapidly at every level, both locally and globally,” Avery Stoss added. “Our continued commitment to innovation, as demonstrated through these actions and investments, will help Northeast Pennsylvania keep up with these advancements.”
Bill O’Boyle can be reached at 570-991-6118 or on Twitter @TLBillOBoyle.
