Business updates

Measuring the pace of innovation

Measuring the pace of innovation

MCCI 10 Feb 2015

It is a recurrent theme that when it comes to measuring performance, what gets measured, gets done! The same would apply to innovation metrics. Innovation measurement is not new in the EU with the EU Innovation Union Scoreboard now being published for several years. A new Indicator for Innovation Output was released last year which focuses only on four outputs unlike the previous scoreboard which assessed performance against a set of 24 metrics. The new indicator focuses solely on:

- Technological innovation measured by patents
- Percentage of jobs in knowledge intensive sectors
- Competitiveness in knowledge intensive sectors
- Employment in fast growing companies in innovative sectors

The MCCI visiting professor  under the Fullbright programme , Dr Brynteson, taught us last year how to foster innovation at enterprise level, it is about "pushing the systemic, strategic, and innovative thinking of individuals and groups so that they might reach their goals, dreams, and visions"

Indeed  as Bruno Lanvin from INSEAD rightly put it “ Beyond the obvious ingredients for innovation- public, private investment, education and R&D – there is an ecosystem that needs to be built around factors that may be more difficult to define and measure, which have to do with the fact that innovation is not just the result of innovation, but it is also a mindset“.

Raju Jaddoo
Secretary General