Friday, June 23, 2017

Statistics Institute Report: Puerto Rico No. 3 in innovation

By on March 13, 2017

SAN JUAN – Sixty seven percent of the manufacturing companies with 10 workers or more operating in Puerto Rico are firms that innovate products, processes or both, a number that is higher than in the mainland United States and the European Union.

The information is contained in Statistics Institute survey, which states that Puerto Rico, when compared with other countries, is third in the innovation indicator. In the mainland United States, the proportion is 33% and in the European Union it is 36%, both lower than Puerto Rico.

The Innovation in Manufacturing Ventures, which was released Monday, is an analysis of fiscal year 2015 that uses standard methodology outlined by the Organization for Economic Co-operation and Development and the UNESCO, the United Nations Organization for Education, Science and Culture, which allows for comparisons, according to an institute statement.

Other results show that:

1-The proportion of manufacturing companies that make innovations exceeds 50% in each of the types of innovation analyzed: product (51%), process (57%), organizational (58%) and marketing (56%).

2-Innovative companies are especially high among manufacturing companies with more than 50 employees (90%) and those with their main market outside of Puerto Rico (83%).

3- 40% of the companies surveyed indicate that their innovative products are new to their market. In fact, 8% stated that their company was the first to introduce this product worldwide and 17% indicated that they were the first to introduce it in the United States.

4- Among the most frequently mentioned activities to develop product innovations are the acquisition of machinery, equipment and software (59% of the companies mentioned them) and the training aimed at this purpose (36%).

5- On average, 25% of the total sales of innovative companies by 2014-15 comes from products that are new to the company’s market, and an additional 23% comes from products that are new to the company itself but that already existed in the market.

6-The innovations are motivated by the company’s interest in improving the quality of the goods they offer (33% mention it); in reducing material and energy costs per unit of production (29%) and in entering new markets or increasing participation in their current markets (28%).

 

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