Product Innovation and Race or Ethnicity of Primary Business Owner

Innovation is central to improvements in living standards and can have important impacts on individuals, businesses, and entire economic sectors. The Annual Business Survey is cosponsored by the National Center for Science and Engineering Statistics within the National Science Foundation and by the Census Bureau, and measures product innovation as “ the introduction of new or improved products ( goods or services ) that differed significantly from the business ’ s previous products or processes. ” Minority-owned companies demonstrated higher rates of innovation ( 10.8 % ) than did nonminority-owned companies ( 8.5 % ) . Hispanic or Latino – owned companies demonstrated higher rates of innovation ( 10.8 % ) than did companies owned by persons who were not Hispanic ( 8.8 % ) .

Source: NSF - Statistics on U.S. Science and Engineering Resources - May 23, 2023 Category: Statistics Source Type: news