Novelty Quest has signed a deal for a contract research project together with Interactive Institute for the City of Uppsala. The purpose of the project is to research and develop a model for benefit analysis of innovation investments for the city. There are already different economic models for evaluating the cost-benefit ratio of spending, but since investments in innovations – that more often come with a much more uncertain outcome – separate themselves from traditional investments, and since the public sector needs to make evaluations of other values than just financial, a new approach is required.
To speed up the development we will also apply the developed model in two pilots by evaluating two recently piloted digital innovations for the elderly. If things are successful the model may later be implemented as a standard for projecting and evaluating innovative investments, which is basically the fundamental arguments for improving innovation.
The project is planned to start on May 9 and the first draft model will be presented by the end of June. High tempo and a good challenge, just the way we like it.