“The report of my death was an exaggeration.” Mark Twain
“the doomsayers and declinists, the Debbie Downers and double-dippers are too pessimistic by half…” Daniel Gross
Part three shows that California is a leader in innovation, which derives from the fact that Californians on average are well educated.
Californians are granted a disproportionate share of U.S. patents—nearly 25 percent in 2010. Moreover, the share originating in California has been increasing steadily since the1980s.
By being home to the Silicon Valley, California receives an inordinately large share of U.S. venture capital investments-about 48 percent in 2010, 51 percent in 2011 and 55 percent in the first half of 2012. This is about 5 times greater than the next most popular recipient, Massachusetts.
California has a well-educated workforce
California has an above average level of education attainment. In 2009, only 13 states and Wash. D.C. posted higher levels of college-degreed adults.
California is home to a large share of the nation’s leading research universities (8 out of the top 50). Most of these are part of the University of California system which also manages three U.S. Department of Energy national laboratories. This educational system is responsible for attracting many talented people from around the world, many of whom stay here to work and start new innovative companies.