Measuring value in social innovation
Seminar on 23 October at Brunel University, “Adding Public Value”. The talk by Paul Waller will describe a field-tested methodology for investment appraisal in social innovation that incorporates a stakeholder/beneficiaries framework and benefits framework along with techniques for assessing project value.
The methodology addresses challenges and shortcomings arising in much current research on, and practice of, social innovation relating to measuremnet and evaluation of innovation projects. It also draws attention to the importance of project selection and implementation in the social innovation process – areas often overlooked in research and practice. The approach brings together established public sector methods for business case development, emerging concepts such as public value and social return on investment, principles of multi-criteria decision making analysis, innovative methods for commercial investment appraisal and approaches for project evaluation employing the theory of change. The method comprises a number of steps that progressively build up the analysis necessary to create a robust investment case for an innovation.