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