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Innovation redefined for 21st Century

The way innovation is measured in the UK is out of date, according to a national funding body. The current innovation assessment methods were developed decades ago, when the economy was “fundamentally different”, according to NESTA, the National Endowment for Science, Technology and the Arts.

Today NESTA is launching a new project which will measure innovation ‘in the round’, a programme they are calling the Innovation Index.

Lord David Currie, Chairman of Ofcom, will Chair the Index Advisory Board. He said: “Traditional innovation measures that were developed for a manufacturing economy are now less relevant to a modern UK economy that depends far more on services. Innovation has advanced where measurement has not and this new framework is being developed to help bridge the gap.

“This is just the beginning of the process, we want to create debate and work closely with industry to shape the Index and ensure that it contains clear insight for the main innovation actors in the UK.”

Jonathan Kestenbaum, CEO of NESTA said: “Traditional metrics do not link innovation to the economic and social value that it creates. The Index will be rigorous, accurate and authoritative and over time will drive up levels of UK innovation.”

Businesses of all sizes, universities, policymakers, innovation specialists and members of the public are all being asked to join in the development of the Index. For more information about the project, visit innovationindex.org.uk.

This was posted in Bdaily's Members' News section by Ruth Mitchell .