Prof Jonathan Haskel was part of the Business School team
Business School research teams played a leading role in the OECD's new Innovation Strategy
New OECD Innovation Strategy Draws on Work by Imperial Researchers
Researchers from Imperial College Business School played a major role in the Organisation for Economic Co-operation and Development's new Innovation Strategy.
Described as a step-change in economic thinking, the new strategy radically revises methodologies of measuring innovation and calls on OECD governments to urgently adopt new policies that will foster innovation.
Formally launched in Paris by ministers today, it draws on extensive work from Business School teams.
Explains Prof Jonathan Haskel: "Since the 2000 Lisbon target of research and development (R&D) spend of three per cent of GDP, much innovation has been narrowly measured by looking at this, which in turn is largely concentrated in defence and big pharma.
"But some of the most innovative companies have minimal or no traditional R&D investment. Not a scientist in a white coat or a patent in sight.
"Think of EasyJet who have invested in intangibles such as process engineering, branding, software and organisational capital - by the old measures they would not be regarded as innovative at all. Likewise Apple, surely one of the world's most innovative companies, invest in some R&D but rely mostly on brilliant design and marketing.
"Imperial's work has been concentrated in trying to understand the innovation ecosystem in its entirety in knowledge economies, both the "scientific" and non-scientific elements of it. That now informs the new strategy."
The OECD report recommends better measurement of innovation using these wider measures and policies that understand the broader locus of innovative activity: both in firms, universities and by consumers. They recommend a modern innovation infrastructure, of information, open networks and freedom from burdensome regulation.
It states: "Policies that are vertical in nature and target a particular field, sector, technology or location no longer suffice on their own. They need to be complemented by a horizontal - whole of government - policy approach to innovation."
And the report has views on the public sector too in particular universities. They recommend a "greater focus of policy makers on ensuring independence, competition, excellence, entrepreneurial spirit and flexibility in universities."
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Notes to editors
About Imperial
Consistently rated amongst the world's best universities, Imperial College London is a science-based institution with a reputation for excellence in teaching and research that attracts 14,000 students and 6,000 staff of the highest international quality.
Innovative research at the College explores the interface between science, medicine, engineering and business, delivering practical solutions that improve quality of life and the environment - underpinned by a dynamic enterprise culture. www.imperial.ac.uk
About the OECD
OECD brings together the governments of countries committed to democracy and the market economy from around the world to:
Support sustainable economic growth
Boost employment
Raise living standards
Maintain financial stability
Assist other countries' economic development
Contribute to growth in world trade
The Organisation provides a setting where governments compare policy experiences, seek answers to common problems, identify good practice and coordinate domestic and international policies. www.oecd.orgFor further information and interview bids contact Mark Howard on 0207 594 9154 or 07725 159796 email mark.howard@imperial.ac.uk
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