“Innovation” needs fixing
The word “innovation” has been cheapened. It’s applied to quirky apps that make no money and to ambitious breakthroughs like SpaceX – with little distinction. It’s time for a reinvention. Created by Fortune 100 innovator econovator Steve Faktor, the Econovation ScoreTM is based on his provocative book about capitalizing on America’s shift from consumerism to “producerism”.
Is it an “innovation” or an econovation?
True innovation must have impact. An EconovationTM is an “innovation” + measurable economic and societal impact.
What is the Econovation Score?
A social, predictive rating system and index for measuring (and analyzing) the likely future impact of a given invention or innovation.
What can be rated?
Inventions, new products and services, startups, and even legislation
The Econovation Score measures impact at three levels:
- Country: create jobs or efficiencies
- Company: create growth/profit opportunities for one or multiple companies
- Consumer: improve quality of life or solves a problem
How do category scores work?
Measured on a scale of -1 to 3, each category has qualitative and quantitative component. Below is the qualitative scoring. (The quantitative analysis will be offered as a premium service):
Overall scores
Overall (aggregate) scores are sums of the three category scores and will be used in creating mini scorecards.
What’s next?
Follow IdeaFaktory and Steve Faktor’s Forbes column for future articles rating emerging innovations. We will also be creating detailed premium reports and partnering with some interesting players to bring the Econovation Score to life. If you’re interested in partnering, licensing or learning more, contact us at 646-504-IDEA or email.
