Albert Bravo Indizea Asamblea Innobasque
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Transcript of Albert Bravo Indizea Asamblea Innobasque
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Measuring Innovation: Nesta’s Innovation Index Project Albert Bravo-Biosca Innobasque, May 14th
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“What
doesn’t gets measured
doesn’t gets done”
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“What
doesn’t gets measured
doesn’t gets done”
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Innovation is more than high-tech and R&D
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Why was Apple the most valuable company of all time?
Buildings Machines
Design Brand
Software
Business model
Intangible assets
Patents
One thing in common: Intangible assets
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But intangible assets are difficult to measure
Accountants are more conservative Firms’ balance sheets don’t include most intangible assets (Apple market value 5x its book value)
National accounts ignore most type of intangibles Official investment statistics mostly about buildings and machines
Stock market prices capture the value of a company’s intangibles… (if you still believe in efficient markets!)
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Nesta Innovation Index
• Multi-year research programme to improve the measurement of innovation in the private and public sector
• Measure investment in intangible assets in the UK and estimate its contribution to economic growth
• Use a methodology consistent with the national accounts, with data from:
– Intangible assets survey – Input-output tables – Several ONS surveys
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The UK economy∗ is 10 per cent larger counting intangibles
Source: Nesta Innovation Index
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R&D is only 13 per cent of intangible investment
Source: Nesta Innovation Index
Investment in intangibles by type, 2009 (£bn)
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The UK invests more in intangibles than tangibles
Source: Nesta Innovation Index
£ billion (current prices)
tangibles
Intangibles / IP
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Large cross-country differences on intangible investment
Source: OECD
Intangible to tangible investment ratio
1,64 1.60
1,23 1,20
0,89 0,89 0,86 0,84 0,73 0,71
0,65
0,46 0,44 0,40 0,30
0,23
0,0
0,5
1,0
1,5
2,0
Uni
ted
King
dom
Uni
ted
Stat
es
Swed
en
Finl
and
Denm
ark
Fran
ce
Germ
any
Cana
da*
Japa
n*
Port
ugal
*
Aust
ria
Spai
n
Aust
ralia
Czec
h Re
publ
ic
Italy
Slov
ak R
epub
lic
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Source: OECD
Intangible to tangible investment ratio
1,64 1.60
1,23 1,20
0,89 0,89 0,86 0,84 0,73 0,71
0,65
0,46 0,44 0,40 0,30
0,23
0,0
0,5
1,0
1,5
2,0
Uni
ted
King
dom
Uni
ted
Stat
es
Swed
en
Finl
and
Denm
ark
Fran
ce
Germ
any
Cana
da*
Japa
n*
Port
ugal
*
Aust
ria
Spai
n
Aust
ralia
Czec
h Re
publ
ic
Italy
Slov
ak R
epub
lic
Innovation Leaders Innovation Followers Moderate Innovators
European Innovation Scoreboard Grade:
Large cross-country differences on intangible investment
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There are large differences across sectors
Source: Nesta Innovation Index
Investment in intangibles relative to gross value added in the sector
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The relative importance of intangibles also varies
Source: Nesta Innovation Index
Intangible-tangible investment ratio by sector, 2007
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Each sector innovates in a different way
Share of intangible investment by sector and type, 2007
Source: Nesta Innovation Index
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Innovation support policies are not sector neutral
Source: Nesta Innovation Index
Share of intangible investment by type and sector, 2007
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Innovation makes a large contribution to growth
Source: Nesta Innovation Index
Contribution to productivity growth, % 2000 - 2008
0 1 2 3
7%
30%
23%
40%
Intangible investment TFP
Labour quality Capital
investment
2.24
0.90
0.51
0.67
0.16
Total
Total factor productivity (inc. wider benefits of
innovations)
Investment in intangibles
Capital investment
Labour quality