NESTA is developing the Innovation Index, a major project that will improve the way the UK measures investment in innovation and its effects.
The aim is to make a significant improvement on existing metrics, both by making clear the contribution of innovation to productivity and growth, and by capturing 'hidden innovation'.
NESTA was asked by David Willetts, Minister of State for Universities and Science, to work with BIS in the preparation of the Annual Innovation Report 2010.
A key component of the report is NESTA’s Innovation Index project. The Index measures the investment in intangible assets and demonstrates the importance of these investments in driving economic growth.
A parallel work stream to measure innovation in the public sector has been developed. This is an area where metrics are not as well developed, but where innovation is nonetheless essential. Read the detailed report of the pilot survey: 'Innovation in Public Sector Organisations'.
In March 2008, the Government published the White Paper 'Innovation Nation'. In the Paper, the Government asked NESTA to develop a new Innovation Index, which would more accurately measure innovation in the UK's increasingly important services sectors, creative industries and in the delivery of public services.
The pilot Index was launched in November 2009; the Index will be ready in its final form in the autumn of 2010.
The Pilot Index has three components:
For further details please visit the Innovation Index website.
"NESTA will develop a new Innovation Index to measure the UK's performance as an Innovation Nation. A pilot index will be published in 2009, with a fuller system in place by 2010." 'Innovation Nation' White Paper.