Technology/innovation point to economic resilience, opportunity

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WILKES-BARRE — Jill Avery-Stoss, chief operating officer at The Institute, this week said technology and innovation point to economic resilience, opportunity, as well as improved quality of life, if demonstrated as regional strengths.

Technology and innovation are among the topics covered in The Institute’s 2024 annual Indicators Report. Avery-Stoss said this data offers insights into related occupations and industries, funding for clinical trials, venture capital investments, and academic research. These indicators can point to economic resilience and opportunity, as well as improved quality of life, if demonstrated as regional strengths.

“Innovation in regional businesses, healthcare and educational institutions is difficult to measure directly, however,” Avery-Stoss said. “Some data-sets are limited, and many developments are likely to occur without being counted. For example, there is no single, systematic data source tracking venture capital investments, so the figures we do have may not account for all the venture capital funding that supports entrepreneurship in the area, but we are aware of at least $15.4 million in such investments.”

Avery-Stoss pointed out that there is information available regarding clinical trials, which are biomedical or health-related research studies in human beings that follow pre-defined protocol.

“Clinical trials are signs of innovation,” Avery-Stoss said. “They create jobs and sometimes lead to new and improved pharmaceuticals or medical equipment, which may in turn improve quality of life and create more business opportunities.”

Avery-Stoss said there are 108 trial sites in Luzerne County and 66 in Lackawanna County — both numbers have increased since 2022.

There is also data for occupations and industries related to science, technology, engineering, and mathematics (STEM).

Avery-Stoss said in 2023, the number STEM-based occupations in the region decreased for the first time since 2020. Although the numbers of architecture and engineering occupations as well as life, physical, and social science occupations increased from the prior year, the number of computer and mathematical occupations did not.

Overall, the region employs 9,977 STEM professionals. As for STEM occupation wages, all three categories offer higher wages than the regional averages.

“We are also aware of some relevant public funding that has been infused into the region and the state,” Avery-Stoss stated. “Funding from the National Science Foundation (NSF) supports math and sciences, biological sciences, geosciences, cancer research and genome research. Funding primarily goes 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 the region has received to this point. At the state level, however, NSF funding decreased slightly.

Furthermore, Avery-Stoss said the U.S. Small Business Administration has awarded grants to the state through the Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (STTR) program. SBIR supports research and development with the potential for commercialization and STTR encourages joint ventures between small businesses and nonprofit research institutions.

Allocations for SBIR awards in Pennsylvania reached a new high in 2022, exceeding $186 million. Increases were evident in the STTR program as well; these awards surpassed $23 million. Total numbers of SBIR and STTR awards have risen too.

“Change occurs rapidly at all levels, on local and global scales,” Avery-Stoss added. “A continued commitment to innovation, as shown through these activities and investments, will help Northeastern Pennsylvania keep pace with such advancements.”