NESTA to redefine innovation

The public body charged with spearheading innovation in the UK has criticised current methods for measuring innovation as out of date and launched its own alternative.

NESTA, the National Endowment for Science, Technoloy and the Arts, is hoping the Innovation Index will become the standard form of measurement for creativity in the economy.

The problem with the current metrics is that they are decades old, when the structure of the UK economy was based on manufacturing. Today, it is much more dependent upon the services industry.

Jonathan Kestenbaum, CEO of NESTA said: “Current innovation measures do not capture innovation in the UK’s increasingly important service sectors, such as creative services and in the delivery of public services. Perhaps most importantly 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.”

The Index was launched at NESTA’s head offices in Holborn in early July. Lord Currie, chairman of communications industry watchdog Ofcom, will chair the Index Advisory Board.

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 by logging on to the NESTA website and joining the forum to discuss the question in the call for ideas