Economic Diversity

Definition

Economic diversity captures the variety of available resources in the ecosystem for the generation of new ideas and business ventures. This indicator measures diversity along two dimensions – people and processes.

• People – the share of foreign-born residents in the county as a reflection not only of a higher propensity for entrepreneurship, but also to capture the presence of cross-country and cultural networks that facilitate the introduction of new ideas and resources into the entrepreneurial ecosystem.
• Processes – the diversity of inter-related economic production processes at work in the county. This estimated measure provides an idea of how well aligned different industrial activities are to one another, such that entrepreneurs can more effectively ‘bricolage’ existing knowledge and resources for innovation.

Significance

A measure of the socio-cultural and economic diversity that supports and spurs entrepreneurial activity.

Trends

Rank 17th
(out of 58 counties)