This paper tries to study the relationship between crowd-making space investment and regional technology innovation development, with the contribution rate of scientific and technological progress to measure the technological innovation capability index, based on the linear regression method and the vector autoregressive model, first analyzes the innovation effect of the crowd-making space investment in Xi"an, then studies the relationship between the innovation effect and the contribution rate of scientific and technological progress of Xi"an. The results shows that increasing the input of crowd-making space project can remove the efficiency of crowd-making space hatching better and produce good innovation effect which have a long-term positive correlation with technological innovation. Scientific and technological innovation contributes greatly to the prediction variance of innovation effect indicators of crowd-making space. The crowd-making space contributes less to the prediction variance of technological advancement. It is suggested to adopt reasonable financial model and policy combination, encourage building crowd-making space, use suitable operation to promote the enhance entertainments profitability of crowd-making space, expected to get the innovation benefits and social benefits of crowd-making space.