What do the electric light bulb, the internal combustion engine and the transistor have in common? They are all examples of how innovative ideas can bring rapid change and growth to our economy. Innovation has long been recognized as an important driver of economic growth.  New ideas can spark wave upon wave of new goods and services that literally transform the economy, making it more robust and vibrant.

What exactly is innovation? A precise explanation can be elusive, but common to every definition is the idea of realizing commercial value by creating something that did not previously exist. And, while economists agree that innovation is important for economic growth, actually measuring it is quite a challenge. Innovation is what’s known as an intangible asset. It’s hard to quantify. Understanding the role of intangible assets–and thus the role of innovative activity in general–is critical to understanding the modern economy.

President Obama recently laid out plans in his State of the Union address to foster an economy that’s built to last by ensuring that America has the highly skilled workers necessary for 21st century jobs. Yesterday, Acting Deputy Commerce Secretary Rebecca Blank traveled to Madison, Wisconsin, where she visited the Madison Area Technical College, a training ground for students that leads directly to skilled manufacturing jobs nationwide. Blank met with students and sat in on a training class focused on hybrid vehicle technology. Blank also delivered remarks on science, technology, engineering and mathematics (STEM) workforce training and met with business and university leaders. Commerce’s Economic Development Administration recently teamed up with Madison College to provide mobile technical training opportunities both on-campus and throughout the region. The training focused on advanced manufacturing and automotive technology.

Blank also visited with several business and academic leaders, who are vital partners in the area of technical training at the Wisconsin Institutes for Discovery.

Guest blog post by Francisco Sánchez, Under Secretary of Commerce for International Trade, International Trade Administration

It’s always good to be back in my hometown of Tampa, Florida.

This morning, I was proud to participate in a powerful and productive discussion at a White House Hispanic Community Action Summit, which took place at the University of Tampa. It was another great opportunity for Obama administration officials and community leaders to exchange thoughts and perspectives about the challenges currently facing our nation.

Although a number of topics were discussed, there was one that was near the top of everybody’s agenda—the economy.

Sure, there’s been a lot of good news lately; all of us were very encouraged by today’s jobs report which showed that 257,000 private sector jobs were created in January and the unemployment rate fell to 8.3 percent.

Thanks to President Obama’s leadership, the United States has had 23 straight months of private sector growth, for a total of 3.7 million jobs over that period.

But, there’s still a lot of work to do to ensure that everybody who wants a job can get one.

Two days after President Obama laid out plans in his State of the Union address to support innovation and bolster U.S. manufacturing, Acting U.S. Deputy Commerce Secretary Rebecca Blank visited Tech Town, a premier commercial technology campus, in Dayton. There, she toured UA Vision and Persistent Surveillance, startup companies that are commercializing federally-supported research, and delivered remarks about the importance of investing in innovation and a skilled labor force to create jobs in a 21st century economy.

While in Dayton, Blank also participated in a roundtable with local business leaders to discuss how Department of Commerce resources can help them become more innovative and competitive. In addition, she toured the Wright-Patterson Air Force Research Laboratory, a major area job magnet which conducts critical research and development work, among other services.

The Commerce Department is also working hand-in-hand with local companies to continue innovating and exploring. Through the Ohio Manufacturing Extension Partnership, Commerce has worked with more than 300 companies in southwest Ohio. Commerce’s Economic Development Administration even teamed up with the state to help build Tech Town.