Governments today face complex societal problems beyond the reach of lone inventors or research facilities. Problems like these demand integration and coordination of industries, companies, standards, technology and inventors, all innovating toward a common goal.
Intellectual Ventures’ Innovation MegaProject methodology is a new strategy for governments that seek to build vibrant innovation ecosystems that can address the world’s most challenging problems while also driving economic development and national competitive advantage.
Intellectual Ventures serves as the Innovation Architect, bringing its expertise in building an invention ecosystem, and connecting and coordinating the people, groups, technology and capital required to deliver it.
To learn more about Innovation MegaProject, please contact firstname.lastname@example.org.
Wanted: Innovation Metrics
Measuring innovation is a challenge for governments of all sizes, at municipal, regional, and national levels. Traditional economic indicators, such as gross domestic product (GDP) and foreign direct investment (FDI), tend to undervalue the role of innovation in economic growth and fail to account for its favorable impact on sustainability, resource usage, and other important elements of development.
Over-reliance on traditional macroeconomic metrics may even sabotage efforts to establish and promote innovation ecosystems. That's because government officials in most parts of the world are judged by their ability to improve on the traditional measures. This creates an incentive to favor the development of low-wage, capital-intensive sectors such as manufacturing over innovative, knowledge-based ecosystems, which have a negligible impact (at first) on traditional indicators of growth.
We are investigating ways to quantify the economic value of innovation in its early stages. As part of this effort, we'd like to hear from economists who are interested in developing key performance indicators (KPIs) that identify the characteristics of early-stage innovation most likely to drive future economic growth. Innovation KPIs would capture the value of new ideas long before traditional metrics do, enabling governments to better plan and manage competitive 21st-century economies.
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Edward Jung speaks with MIT Technology Review about the need for a new model of innovation that meets the scale and scope of 21st century challenges.