Innovation Index

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'.

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:

• A measure of the amount of investment in innovation in the UK and its effect on economic growth and productivity.
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• A tool to understand innovation at firm level that captures 'Hidden Innovation' and reflects the different ways that innovation occurs in different  sectors.
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• A set of metrics that can be tracked to assess how favourable a climate the UK is for innovation.
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A parallel work stream to measure innovation in the public sector is also underway. This is an area where metrics are not as well developed, but where innovation is nonetheless essential.

For further details please visit the Innovation Index website.