Room to improve

See where Texas falls among most innovative states in the U.S.

Texas has some room to improve when it comes to being innovative. Getty Images

Texas isn't among the top 10 innovative states in the United States, according to a new study, but it isn't too far off. The Lone Star state ranked as the country's No. 15 most innovative state, as reported by WalletHub.

All 50 states and the District of Columbia were evaluated across 24 metrics two dimensions: human capital and innovation environment. Texas ranked No. 18 for its human capital and No. 14 for its innovation environment.

Texas' star shined bright across a few categories and made it in the top 10 in:

  • Business churn
  • Jobs in new companies
  • Entrepreneurial activity
  • Industry-cluster strength (refers to the level of high employment specialization of a cluster, which is defined by the U.S. Cluster Mapping Project as a "regional concentration of related industries in a particular location")
  • Average internet speed

The state performed the worst in the following categories:

  • Scientific-knowledge output (measures the number of peer-reviewed articles published per $1 Million of Academic S&E research and development)
  • Open roads and skies friendly laws
  • Average annual federal small-business funding per GDP
  • Share of households with internet access
  • Research and development spending per capita
  • Research and development intensity

The U.S. is expected to spend a reported $581 billion on research and development, according to WalletHub, which is more than any other country in the world. Some states, the study found, are better at pulling their weight. Massachusetts, Washington, D.C., Maryland, and Colorado make up the top five, in that order, while Tennessee, Iowa, West Virginia, Louisiana, and Mississippi round up the bottom of the list.

While there's much to learn from other innovative ecosystems, copying them is not the best plan, says expert on the study Joseph Tranquillo, Bucknell University professor and author.

"Trying to replicate an innovative ecosystem that has worked somewhere else never seems to turn out well," he says. "Like biological ecosystems, they must be homegrown from the strengths that already lie within."

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Building Houston

 
 

You can now hop online and invest in this promising cell therapy startup. Photo via Getty Images

A clinical-stage company headquartered in Houston has opened an online funding campaign.

FibroBiologics, which is developing fibroblast cell-based therapeutics for chronic diseases, launched a campaign with equity crowdfunding platform StartEngine. The platform lets anyone — regardless of their net worth or income level — to invest in securities issued by startups.

The funding, according to a press release, will be used to support ongoing operations of Fibrobiologics and advance its clinical programs in multiple sclerosis, degenerative disc disease, wound care, extension of life, and cancer.

"We're excited to partner with StartEngine on this campaign. StartEngine has over 600,000 investors as part of their community and has raised over half a billion dollars for its clients," says FibroBiologics' Founder and CEO Pete O'Heeron, in the release.

"This is an exciting time at FibroBiologics as we continue progressing our clinical pipeline and developing innovative therapies to treat chronic diseases," he continues. "This new funding will fuel our growth in the lab and bring us one step closer to commercialization."

The campaign, launched this week, already has over 100 investors, at the time of publication, and has raised nearly $2 million, according to the page. The minimum investment is set at around $500, and the company's indicated valuation is $252.57 million.

In 2021, FibroBiologics announced its intention of going public. Last year, O'Heeron told InnovationMap on the Houston Innovators Podcast of the company's growth plans as well as the specifics of the technology.

Only two types of cells — stem cells and fibroblasts — can be used in cell therapy for a regenerative treatment, which is when specialists take healthy cells from a patient and inject them into a part of the body that needs it the most. As O'Heeron explains in the podcast, fibroblasts can do it more effectively and cheaper than stem cells.

"(Fibroblasts) can essentially do everything a stem cell can do, only they can do it better," says O'Heeron. "We've done tests in the lab and we've seen them outperform stem cells by a low of 50 percent to a high of about 220 percent on different disease paths."


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