Category: Draper Innovation Index News

How Both the DII U.S. and DII Global Have Evolved in 2024 2024 has been a transformative year for the Draper Innovation Indices (DIIs) because it’s been a transformation year for the global economy. The DII Global has reflected significant economic, social and political change experienced worldwide, most notably the increasing tensions in the Middle East, Russia’s war in Ukraine, worldwide inflationary pressures, economic uncertainty in Europe and political change in the United States. Despite economic optimism following the US election, uncertainty remains regarding the depth of future policy shifts and their potential impacts on the global economy and financial markets.   The year also saw many reasons for optimism. The United States economy remains  the world’s strongest and most resilient, while Argentina’s Milei administration has pushed the country out of its longstanding inflationary malaise into economic growth and job creation.  Technological advances – including artificial intelligence (AI), machine learning (ML), and further integration of Bitcoin and other cryptocurrencies into the global economy and financial systems – promise to fuel future  innovation and economic opportunities.  In response to these changing circumstances, the Draper Innovation Index has made a number of advancements and enhancements to both its  data inputs and algorithms. For example, to better reflect current economic trends, both the DII US and DII Global now integrate total monthly and annual  investment growth in artificial intelligence/machine learning industries into its algorithm. LLMs and Generative AIs such as ChatGPT, Gemini, Perplexity, Notebook LM, and Deep Mind have captured the attention of everyone from high school students to Fortune 500 CEOs, promising the potential to supercharge innovation, operational efficiency, and cost savings across the global economy.  Cryptocurrency is also a growing part of the global economy; to reflect this, the DII Global has replaced Chainanalysis’s Crypto Adoption Index datasets with Triple-A’s Cryptocurrency Ownership Data, which ranks countries and territories based total cryptocurrency ownership. These datasets help the DII better reflect the positive efforts taken by many governments to increase cryptocurrency adoption. For the DII US, the US News Opportunity Scores (previously used to measure a state’s social environment) have been replaced by Social Progress Imperative’s Social Progress Index, which grades state performance across 50 different indicators in three primary categories: Basic Human Needs, Foundations of Wellbeing, and Opportunity. While monthly indicators continue to track overall investment growth, cryptocurrency/blockchain-related investment growth and monthly Business Formation Statistics, additional metrics are constantly being evaluated for their potential inclusion. DII Global Shifts in Top 20 Ranks The DII Global has seen significant change in terms of rankings over the past year. While the top three countries remained the same, Norway fell completely out of the Top 10 and Australia fell to 8th place.  Canada and Sweden rose to 4th and 5th place, respectively, while Denmark rose from 8th place to 6th. Singapore and Finland each rose by two places, with the latter breaking into the Top 10. New Zealand remained in 10th place. DII Global Notable Movements Shifts in DII US Top 20 Ranks The DII US Top 10 has also remained fairly consistent during 2024, with Utah overtaking Texas for second place and North Carolina and Colorado swapping places at 4th and 5th, respectively. DII US Largest Gains and Declines The Draper Innovation Index (DII) will release monthly updates to continually reflect the latest developments in global innovation and entrepreneurship, available here. About BizWorld BizWorld.org is a global non-profit organization based in Oakland, CA, whose mission is to enable youth from all backgrounds to unlock the power of entrepreneurship to create career opportunities, inspire self-reliance, and build confidence that drives economic prosperity globally. Founded over 25 years ago by Silicon Valley venture capitalist Tim Draper, BizWorld.org programs teach students real-world 21st century skills and leadership that encourage them to become responsible leaders and entrepreneurs of tomorrow. More than 850,000 students in more than 100 countries have participated in BizWorld programs. https://www.bizworld.org/

BizWorld Updates Monthly Draper Innovation Index GlobalNations Compete to Land in Top Ten of Best Places Globally to Launch a Startup Oakland, California – BizWorld announces its December 2024 update to the Draper Innovation Index Global (DII Global), which evaluates each nation’s ability to develop, support, and retain entrepreneurs, innovators, startups, and investors. First published in 2021, the DII Global provides the most well-rounded and up-to-date look at entrepreneurial environments across the globe. “This month is a first for the DII Global,” said BizWorld founder Tim Draper. “For the first time, there was absolutely no movement in the top ten. However, there was quite a bit of movement outside the top ten and it had a lot to do with AI/Machine Learning-related investments, or the lack thereof. These technologies have transformative potential in pretty much every industry and are a foundation for innovation and entrepreneurship going forward. Because of this, attracting investment in this space should be a key strategic priority for nations.” Top Takeaways from the DII Global December 2024 Update “While it’s natural to acknowledge the potential of new technologies automating existing occupations, and to prepare for potential labor market and economic impacts, the reality is that they will also create new jobs and economic growth,” said  BizWorld Economic Advisor Dr. Wallace Walrod. “The trick, of course, is to minimize the former and maximize the latter.  AI and Machine Learning, major factors on this month’s rankings, have tremendous potential for growth and innovation, if supported by strong talent workforce pipelines and the right regulatory frameworks.”  The DII Global will release monthly updates to continually reflect the latest developments in global innovation and entrepreneurship, available here. About BizWorld BizWorld.org is a global non-profit organization based in Oakland, CA, whose mission is to enable youth from all backgrounds to unlock the power of entrepreneurship to create career opportunities, inspire self-reliance, and build confidence that drives economic prosperity globally. Founded over 25 years ago by Silicon Valley venture capitalist Tim Draper, BizWorld.org programs teach students real-world 21st century skills and leadership that encourage them to become responsible leaders and entrepreneurs of tomorrow. More than 850,000 students in more than 100 countries have participated in BizWorld programs. https://www.bizworld.org/

BizWorld Updates Monthly Draper Innovation Index U.S.States Compete to Land in Top Ten of Best Places to Launch a Startup Oakland, California – BizWorld announces the December 2024 update to the Draper Innovation Index U.S. (DII US), which evaluates each state’s innovation environment and entrepreneurship climate. Published monthly since 2021, the DII US provides the most well-rounded, up-to-date ranking of entrepreneurial locations, reflecting both traditional and emerging economic metrics, from taxes and regulations to venture capital investment, cryptocurrency friendliness, and blockchain investment trends. “Growth in venture capital was a major factor in DII US movements this month,” said BizWorld Founder Tim Draper. “Both overall venture capital investment levels and specific cryptocurrency/blockchain-related investments pushed states either up or down the rankings, which speaks to the importance of growing new investment opportunities in cutting-edge, innovative industries of the future. As shown in a recent McKinsey report, innovative industries have both the highest rates of investment returns and the highest long-term revenue growth trends, which means that supporting those industries by attracting entrepreneurs and investors should be a strategic priority for all states.” Top Takeaways from the DII US December 2024 Update “Despite being by far the largest U.S. state-level economy, California fell to 17th place in the DII US rankings this month,” said BizWorld Chief Economic Advisor Dr. Wallace Walrod. “This was due in large part to weak business formation statistics, a worrying sign because entrepreneurship and start-up formation is critical integral to innovation and overall economic growth. How can states boost new business formation? One obvious lever to pull is removing regulatory and tax barriers for new businesses. Another would be supporting and expanding entrepreneurship-related educational programs.” The DII US will continue to post monthly updates which can be accessed here. About BizWorld BizWorld.org is a global non-profit organization based in Oakland, CA, whose mission is to enable youth from all backgrounds to unlock the power of entrepreneurship to create career opportunities, inspire self-reliance, and build confidence that drives economic prosperity globally. Founded over 25 years ago by Silicon Valley venture capitalist Tim Draper, BizWorld.org programs teach students real-world 21st century skills and leadership that encourage them to become responsible leaders and entrepreneurs of tomorrow. More than 850,000 students in more than 100 countries have participated in BizWorld programs. https://www.bizworld.org/

BizWorld Updates Monthly Draper Innovation Index U.S.States Compete to Land in Top Ten of Best Places to Launch a Startup Oakland, California – BizWorld announces the November 2024 update to the Draper Innovation Index U.S. (DII US), which evaluates each state’s innovation environment and entrepreneurship climate. Published monthly since 2021, the DII US provides the most well-rounded, up-to-date ranking of entrepreneurial locations, reflecting both traditional and emerging economic metrics, from taxes and regulations to venture capital investment, cryptocurrency friendliness, and blockchain investment trends. “Missouri, Vermont and Washington saw the largest jumps this month,” said BizWorld Founder Tim Draper. “In all three cases, improved business formation statistics were a major reason why. This points to something important. While policymakers and other government leaders can do a lot to build a welcoming entrepreneurial environment, it’s ultimately up to the entrepreneurs themselves to start businesses and innovate, as well as early-stage investors who fuel this critical economic growth.” Top Takeaways from the DII US November 2024 Update “While California is by far the largest U.S. state economy and ranks at or near the top in multiple metrics, it ranks only 16th in the DII US; at the same time, New York is the third largest state economy but recently fell to 36th,” said BizWorld Chief Economic Advisor Dr. Wallace Walrod. “This is due to both states ranking in the bottom three in Small Business Policy and Tax Environment and points to something important – one of the best strategies for improving a state’s entrepreneurial environment is by addressing the most glaring weaknesses, as shown in DII US rankings. For California and New York, improving statewide entrepreneurial climates will have to involve improving their Small Business Policy and Tax Environment rankings.” The DII US will continue to post monthly updates which can be accessed here. About BizWorld BizWorld.org is a global non-profit organization based in Oakland, CA, whose mission is to enable youth from all backgrounds to unlock the power of entrepreneurship to create career opportunities, inspire self-reliance, and build confidence that drives economic prosperity globally. Founded over 25 years ago by Silicon Valley venture capitalist Tim Draper, BizWorld.org programs teach students real-world 21st century skills and leadership that encourage them to become responsible leaders and entrepreneurs of tomorrow. More than 850,000 students in more than 100 countries have participated in BizWorld programs. https://www.bizworld.org/

BizWorld Updates Monthly Draper Innovation Index GlobalNations Compete to Land in Top Ten of Best Places Globally to Launch a Startup Oakland, California – BizWorld announces its November 2024 update to the Draper Innovation Index Global (DII Global), which evaluates each nation’s ability to develop, support, and retain entrepreneurs, innovators, startups, and investors. First published in 2021, the DII Global provides the most well-rounded and up-to-date look at entrepreneurial environments across the globe. In this month’s update, the DII Global saw several of its annual metrics updated including: the United Nation’s Development Program’s Human Development Index, World Intellectual Property Organization’s Global Innovation Index, and Foreign Direct Investment (World Bank.) “Singapore rose from 9th place to 7th in the DII Global due to a variety of factors,” said BizWorld founder Tim Draper. “It attracted more foreign direct investment, rose in the UN Human Development Index, and boosted AI and Machine Learning-related investments. Foreign direct investment remains a critical driver of economic growth. Boosting foreign direct investment, which often involves removing barriers to foreign capital investment, is a powerful strategy for rapidly improving a nation’s entrepreneurial climate.” Top Takeaways from the DII Global November 2024 Update “Weak venture capital investment trends were a major factor in a number of declines rankings in the DII Global rankings this month,” said BizWorld Economic Advisor Dr. Wallace Walrod. “China, Hungary, Ireland, Zimbabwe, Suriname, and others fell for this reason, while countries like Singapore and New Zealand rose because of improved venture capital momentum, especially in AI/Machine Learning. The obvious connection between venture capital to entrepreneurship means that policymakers need to consider strategies for making their economies more inviting to domestic and international venture capitalists, such as through favorable tax and cryptocurrency policies.”  The DII Global will release monthly updates to continually reflect the latest developments in global innovation and entrepreneurship, available here. About BizWorld BizWorld.org is a global non-profit organization based in Oakland, CA, whose mission is to enable youth from all backgrounds to unlock the power of entrepreneurship to create career opportunities, inspire self-reliance, and build confidence that drives economic prosperity globally. Founded over 25 years ago by Silicon Valley venture capitalist Tim Draper, BizWorld.org programs teach students real-world 21st century skills and leadership that encourage them to become responsible leaders and entrepreneurs of tomorrow. More than 850,000 students in more than 100 countries have participated in BizWorld programs. https://www.bizworld.org/

BizWorld Updates Monthly Draper Innovation Index GlobalNations Compete to Land in Top Ten of Best Places Globally to Launch a Startup Oakland, California – BizWorld announces its October 2024 update to the Draper Innovation Index Global (DII Global), which evaluates each nation’s ability to develop, support, and retain entrepreneurs, innovators, startups, and investors. First published in 2021, the DII Global provides the most well-rounded and up-to-date look at entrepreneurial environments across the globe. “Both major U.S. presidential candidates have backed cryptocurrency-related regulatory frameworks,” said BizWorld founder Tim Draper. “The crypto-related SuperPAC Fairshake has emerged as a major player when it comes to funding campaigns. These two headlines point to the unprecedented political importance of cryptocurrency during this campaign cycle, and this importance is not limited in the United States or 2024. In the coming years, you can expect to see cryptocurrency as a major plank in the platforms of parties all around the world because it’s a forward-thinking, golden global opportunity to stand out from political rivals.” Top Takeaways from the DII Global October 2024 Update “Local currencies’ performance relative to Bitcoin continue to drive drops in the DII Global rankings,” said BizWorld Economic Advisor Dr. Wallace Walrod. “For instance, it played a major role in Mexico and Russia’s declines. As the cryptocurrency industry continues to grow and mature, Bitcoin and other cryptocurrencies will become larger and larger considerations for multiple aspects of economic policy – not just crypto-specific regulations but also more broadly fiscal policy.” The DII Global will release monthly updates to continually reflect the latest developments in global innovation and entrepreneurship, available here. About BizWorld BizWorld.org is a global non-profit organization based in Oakland, CA, whose mission is to enable youth from all backgrounds to unlock the power of entrepreneurship to create career opportunities, inspire self-reliance, and build confidence that drives economic prosperity globally. Founded over 25 years ago by Silicon Valley venture capitalist Tim Draper, BizWorld.org programs teach students real-world 21st century skills and leadership that encourage them to become responsible leaders and entrepreneurs of tomorrow. More than 850,000 students in more than 100 countries have participated in BizWorld programs. https://www.bizworld.org/

BizWorld Updates Monthly Draper Innovation Index GlobalNations Compete to Land in Top Ten of Best Places Globally to Launch a Startup Oakland, California – BizWorld announces its September 2024 update to the Draper Innovation Index Global (DII Global), which evaluates each nation’s ability to develop, support, and retain entrepreneurs, innovators, startups, and investors. First published in 2021, the DII Global provides the most well-rounded and up-to-date look at entrepreneurial environments across the globe. “As you can see, AI- and Machine Learning-related investments, or the lack thereof, were a major factor in which countries climbed up or fell down the DII Global ranks this month,” said BizWorld founder Tim Draper. “Beyond all the hype is the reality that these rapidly emerging technologies do have tremendous economic potential, and investing in them should be a part of any country’s long-term research, innovation, and economic strategies. National economies need to consider ways to make these investments a key priority or risk getting left behind.” Top Takeaways from the DII Global September 2024 Update “Bitcoin has become a major factor for individual nations’ performances on the DII Global,” said BizWorld Chief Economic Advisor Dr. Wallace Walrod. “It might not make headlines as often as in the past few years, but cryptocurrency has become an important component of leadership in the global economy, and something to be taken strongly into consideration when shaping economic and financial policy. The local currency’s performance against bitcoin should be a factor in these policies because the days of cryptocurrency as a just a novelty are long gone.”  The DII Global will release monthly updates to continually reflect the latest developments in global innovation and entrepreneurship, available here. About BizWorld BizWorld.org is a global non-profit organization based in Oakland, CA, whose mission is to enable youth from all backgrounds to unlock the power of entrepreneurship to create career opportunities, inspire self-reliance, and build confidence that drives economic prosperity globally. Founded over 25 years ago by Silicon Valley venture capitalist Tim Draper, BizWorld.org programs teach students real-world 21st century skills and leadership that encourage them to become responsible leaders and entrepreneurs of tomorrow. More than 850,000 students in more than 100 countries have participated in BizWorld programs. https://www.bizworld.org/

BizWorld Updates Monthly Draper Innovation Index U.S.States Compete to Land in Top Ten of Best Places to Launch a Startup Oakland, California – BizWorld announces the September 2024 update to the Draper Innovation Index U.S. (DII US), which evaluates each state’s innovation environment and entrepreneurship climate. Published monthly since 2021, the DII US provides the most well-rounded, up-to-date ranking of entrepreneurial locations, reflecting both traditional and emerging economic metrics, from taxes and regulations to venture capital investment, cryptocurrency friendliness, and blockchain investment trends. “Several states, including Texas, Montana and Idaho, rose across all three DII US scenarios,” said BizWorld founder Tim Draper. “In all three cases, this across-the-board rise was due to a combination of multiple strengths in different areas. This points to something essential – the necessity of pursuing multiple different avenues of growth rather than depending on a single strategy. While cryptocurrency and blockchain-related investments are increasingly impactful on DII US rankings, fundamental strategies like tax policy, business-related regulations and attracting overall venture capital investment remain extremely important in driving performance in our rankings.” Top Takeaways from the DII US September 2024 Update “Montana enjoyed the biggest improvement this month,” said BizWorld Chief Economic Advisor Dr. Wallace Walrod. “It rose up the ranks across all three scenarios and is now in 13th place in the Balanced scenario. Despite having the nation’s 44th largest population and its 48th largest GDP, Montana is rising rapidly when it comes to the best states for entrepreneurship. From the beginning, one of this project’s main goals was to reflect multiple aspects of what it means to be the best states for innovation and entrepreneurship, not just in traditional major economic hotspots. Montana’s rise reflects this. It also reflects how even the smallest state economies can take steps to become better environments for innovators, entrepreneurs, and investors.” The DII US will continue to post monthly updates which can be accessed here. About BizWorld BizWorld.org is a global non-profit organization based in Oakland, CA, whose mission is to enable youth from all backgrounds to unlock the power of entrepreneurship to create career opportunities, inspire self-reliance, and build confidence that drives economic prosperity globally. Founded over 25 years ago by Silicon Valley venture capitalist Tim Draper, BizWorld.org programs teach students real-world 21st century skills and leadership that encourage them to become responsible leaders and entrepreneurs of tomorrow. More than 850,000 students in more than 100 countries have participated in BizWorld programs. https://www.bizworld.org/

BizWorld Updates Monthly Draper Innovation Index U.S.States Compete to Land in Top Ten of Best Places to Launch a Startup Oakland, California – BizWorld announces the August 2024 update to the Draper Innovation Index U.S. (DII US), which evaluates each state’s innovation environment and entrepreneurship climate. Published monthly since 2021, the DII US provides the most well-rounded, up-to-date ranking of entrepreneurial locations, reflecting both traditional and emerging economic metrics, from taxes and regulations to venture capital investment, cryptocurrency friendliness, and blockchain investment trends. “Colorado rose to third place in the DII US this month on the back of strong performance across a wide variety of our data metrics and analytics,” said BizWorld founder Tim Draper. “Florida, Utah, and Texas’s long-running monopoly on our top three has finally been broken. Colorado broke into the top three through success on both sides of the entrepreneurship coin, investment – including crypto and blockchain-related investment – and new business formation.” Top Takeaways from the DII US August 2024 Update “California and New York, two of the three largest state economies, both fell down the ranks again this month,” said BizWorld Chief Economic Advisor Dr. Wallace Walrod. “This was due to weakness on a number of metrics, including a declining performance in Regulatory and Tax metrics for California. Both states have some of the nation’s highest tax rates, which have had a clear,  absolute knock-on effect on investors and entrepreneurs.” The DII US will continue to post monthly updates which can be accessed here. About BizWorld BizWorld.org is a global non-profit organization based in Oakland, CA, whose mission is to enable youth from all backgrounds to unlock the power of entrepreneurship to create career opportunities, inspire self-reliance, and build confidence that drives economic prosperity globally. Founded over 25 years ago by Silicon Valley venture capitalist Tim Draper, BizWorld.org programs teach students real-world 21st century skills and leadership that encourage them to become responsible leaders and entrepreneurs of tomorrow. More than 850,000 students in more than 100 countries have participated in BizWorld programs. https://www.bizworld.org/

BizWorld Updates Monthly Draper Innovation Index GlobalNations Compete to Land in Top Ten of Best Places Globallyto Launch a Startup Denmark and Singapore Rise in Top DII Global Top 10, Finland FallsNetherlands Moves into Top 10, New Zealand Falls OutChina Falls 7 Places to 64thSouth Korea Rises to 17thKyrgyzstan, Belize, and Tunisia ClimbBangladesh, Turkey, and Lebanon Fall Oakland, California – BizWorld announces its August 2024 update to the Draper Innovation Index Global (DII Global), which evaluates each nation’s ability to develop, support, and retain entrepreneurs, innovators, startups, and investors. First published in 2021, the DII Global provides the most well-rounded and up-to-date look at entrepreneurial environments across the globe. This month’s update includes an update replacing Chainanalysis’s Global Crypto Adoption Index with Triple-A’s Global Cryptocurrency Ownership metrics, the inclusion of investments by country into Artificial Intelligence (AI) and/or Machine Learning, and the quarterly update of the World Uncertainty Index. These additional and updated metrics both provide improved detail on global innovation and reflect investment trends into new and emerging technologies. “China fell across all three scenarios due in large part to our incorporation of Triple-A’s Global Cryptocurrency Ownership rankings,” said BizWorld founder Tim Draper. “Despite being the world’s largest country and the second largest economy, it is currently just 64th in our DII Global Balanced Scenario and 136th in Government Quality. If you look at this month’s top ten, on the other hand, it features much smaller economies such as Finland, Netherlands, and Singapore. Sheer size in terms economic activity, in other words, doesn’t necessarily lead to innovation and entrepreneurship. You also need a supportive government, regulatory, and social environment.” Top Takeaways from the DII Global August 2024 Update “The U.S. State Department’s ‘Do Not Travel’ advisories pushed two nations down the DII Global ranking leaderboard this month,” said BizWorld Chief Economic Advisor Dr. Wallace Walrod. “There are currently 21 countries with ‘Do Not Travel’ advisories. All rank near the bottom across all three DII Global scenarios, even those with larger economies like Russia. Even in a post-pandemic, digitally connected world, travel and in-person meetings are still deeply important for any economy – and getting cut off from global travel due to safety concerns affects a country’s overall economic outlook, particularly for investors, innovators, and entrepreneurs.” The DII Global will release monthly updates to continually reflect the latest developments in global innovation and entrepreneurship, available here. About BizWorld BizWorld.org is a global non-profit organization based in Oakland, CA, whose mission is to enable youth from all backgrounds to unlock the power of entrepreneurship to create career opportunities, inspire self-reliance, and build confidence that drives economic prosperity globally. Founded over 25 years ago by Silicon Valley venture capitalist Tim Draper, BizWorld.org programs teach students real-world 21st century skills and leadership that encourage them to become responsible leaders and entrepreneurs of tomorrow. More than 850,000 students in more than 100 countries have participated in BizWorld programs. https://www.bizworld.org/