NESTA Redefines Innovation for the Twenty First Century

07/07/2008

The UK’s innovation metrics are out of date says NESTA, the National Endowment for Science, Technology and the Arts. Current metrics were developed decades ago when the structure of the economy was fundamentally different. Work by NESTA has established that they fail to capture the full range of innovations that takes place in the UK. Today NESTA is launching a new project which will measure innovation ‘in the round’ – the Innovation Index project.

Lord (David) Currie, Chairman of Ofcom, will Chair the Index Advisory Board. He commented: “Traditional innovation measures that were developed for a manufacturing economy are now less relevant to a modern UK economy that depends far more on services. Innovation has advanced where measurement has not and this new framework is being developed to help bridge the gap. This is just the beginning of the process, we want to create debate and work closely with industry to shape the Index and ensure that it contains clear insight for the main innovation actors in the UK.”

Jonathan Kestenbaum, CEO of NESTA commented: “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 will be launched at NESTA’s head offices in Holborn. David Currie will chair the event and a panel of high profile speakers including Ian Pearson MP, Vicky Pryce, Director General, Economics (BERR) & Joint Head, UK Government Economic Service, Mark Britnell, Director General, Commissioning and System Management at the Department of Health and Ben Verwaayen, outgoing CEO of BT.

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 http://www.innovationindex.org.uk/

If you would like to attend the event or would like to interview Lord Currie, or more information, email katharine.preece@geronimocommunications.com or call Katharine Preece on 020 7299 8778 or after office hours on 07818868722 or contact Chani Hirsch on 07967 800 494.

About NESTA

NESTA is the National Endowment for Science, Technology and the Arts - a unique and independent body with a mission to make the UK more innovative. It invests in early-stage companies, informs and shapes policy, and delivers practical programmes that inspire others to solve the big challenges of the future.
www.nesta.org.uk