The UK's National Endowment for Science Technology and the Arts (NESTA) has released its new pilot Innovation Index . As the press release states:
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'.The index is now in its pilot form with launch of its final form due in the fall of next year. The Index is actually three reports.
The first report provides a growth accounting framework, built in part on the measurement of intangible assets as formulated by Corrado, Hulten and Sichel in the US and Marrano, Haskel and Wallis in the UK (see previous postings).
The second report is a follow on to their earlier report of "hidden innovation" - that is innovation in industries where levels of traditional R&D investment are low. These include: architectural services: accounting; business and management consultants; legal services; software and IT services; automotive industry; construction; energy; and design services. The report shows that low R&D intensive industries are not necessarily low in innovation. And even in areas were industry wide innovation may be low, successful companies are more innovative than their peers.
Original Article: UK Innovation Index - The Intangible Economy