I’m delighted that we have this week published our new performance reports, through a series of videos:
These don’t use new data, however, they represent a new way of presenting the data we have, showing clearly and transparently where our funding goes in the UK, and the types of organisations it goes to.
Whilst this isn’t revolutionary, it is a key step forward in being transparent and open about what we do, and communicating this to the public. Our data can be cut in multiple ways and we have aimed to pull out the most relevant aspects here.
Where Innovate UK’s funding goes
It reveals some key elements of the way we work:
- We focus on supporting SMEs, although recognise the importance of large companies collaborating with them and with academics
- We fund excellence, no matter where in the UK that is
- We require all businesses who receive a grant to put in some of their own money as well, in match funding
- We are funding a lot of innovative projects! 2,400 projects were live as of April 1st 2016 and 700 projects completed in the last financial year
It’s great to be able to publish this data in an accessible, clear format, and we’ll be publishing regular updates. But we want to go further.
Next step: show impact of Innovate UK’s funding
This data demonstrates where our funding is going. The next step is to demonstrate the impact our funding has.
We’ve implemented an evaluation plan which will demonstrate the full economic impact of our activities in a robust, independent manner. We’ll be publishing our evaluation strategy in March.
This year we will also be rolling out a new monitoring system to collect consistent data from each participant in each project on the:
- outputs around each project
- expected future impact of the innovations being developed
As this data is gathered, we will be able to update our performance report to show not just our inputs, but what those inputs add to the UK economy and innovation system.
Get in contact
The new performance reports are a small part of our economics and performance work, but for me it is an exciting step forward. I’m looking forward to several more steps in the coming months.
If you have any comments on the performance reports, please do get in touch.
Follow Dan Hodges on Twitter: @EconDanH
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