Business Week has an article called “How to Measure Innovation”, wherein it discusses a British team and their goal to create an index to asses innovativeness in each industry.
Claiming that the original standard of money invested in R&D does not correlate properly with innovations, since banking and other industries spend very little on R&D yet have made some of the largest leaps in their field. Some of proposed criterion for this new innovation index:
investment in management and skills training
competitive performance over time
a peer review in which company executives both help to define the innovation indicators and rate each other.
“Innovation today is multidirectional, not only about producing new products but also about services, technical standards, business models, and processes.”
So I guess this is considered “innovative innovation”?