Archive for the Tag 'competitiveness'

Innovation Metrics

Point: Measure innovation from a variety of lenses, not just one

Story: The Information Technology and Innovation Foundation (ITIF) conducted a 40-country study of innovation, ranking countries on competitiveness. The ITIF used 16 metrics grouped into 6 categories:

  1. Human Capital
    * Higher Education Attainment
    * Science & technology Researchers
  2. Innovation Capacity
    * Corporate Investment in R&D
    * Government Investment in R&D
    * Share & Quality of World’s Scientific and Technical Publications
  3. Entrepreneurship
    * Venture Capital
    * New Firms
  4. Information Technology Infrastructure
    * E-Government
    * Broadband Telecommunications
    * Corporate Investment in IT
  5. Economic Policy Factors
    * Effective Corporate Tax Rates
    * Ease of Doing Business
  6. Economic Performance
    * Trade Balance
    * Foreign Direct investment Inflows
    * GDP per Working-Age Adult
    * Productivity

Action: Translate these country-level metrics to your organization. For example, Human Capital metrics: the education level of your employees, the skills employees must have to meet customer needs; Innovation Capacity: how much do you invest in R&D or in innovation? How well do you understand your industry, technology and the specific markets where you compete? Entrepreneurship: do you encourage employees to suggest ideas? Do you have processes in place to evaluate and fund those ideas? IT Infrastructure: do you invest in IT and software to let your employees communicate and collaborate easily? Economic Policy: do you minimize barriers to innovation, like bureaucracy and silos? Economic Performance: how many innovations do you have per employee?

For more information, see the ITIF’s report The Atlantic Century: Benchmarking EU & US Innovation and Competitiveness

5 Comments »Innovation, Metrics, Productivity