Innovation is an important driver of long-term prosperity for all types of economies. Measuring the impact of government investment in innovation is of key interest to government agencies, as it helps inform policy decisions and programming to drive further economic growth, as well as other wellbeing indicators.
The innovation system is vast and complicated to measure. However, the development and use of an Innovation Measurement Framework (IMF) can assist to outline metrics, measurement strategies and data sources to monitor the state of innovation and/or impact of innovation policies, programs and activities.
The Guidance Note provides general suggestions for approaching the development of an IMF and how it can be used as part of the program and policy lifecycle.
Some key tips for developing an IMF include:
- a well-defined scope and purpose
- building on existing frameworks and knowledge
- ensure metrics are relevant and realistic
- the framework is fit for purpose.
The example IMF for Queensland was developed by the Department of Tourism, Innovation and Sport (DTIS) in 2022, following targeted consultations across the government and university sectors.