Exploring an Untapped Potential: Can We Contribute Toward the Evaluation of Innovation

The capability of an entity to innovate is regarded as the most important determinant of a rm’s or an economy’s performance. With groundbreaking developments taking place in genomics and nanotechnology, innovation is becoming increasingly prominent.

Despite the economic downturn, global research and development spending was projected to be $1,143.2 billion in 2009, a 3.2% increase compared to its 2008 spending (Vasilash, 2009). The ability to innovate is a strategic priority because the success of a product or service assures the organization of its competitive advantage, higher earnings per share for stakeholders, market share dominance, and so on. With vast investments directed toward innovation, how do you measure innovation?