UCL Institute for Innovation and Public Purpose: “…The 21st century is becoming increasingly defined by the need to respond to major issues facing society, the environment around us and the possibility of developing a prosperous equal economy. Sometimes referred to as ‘grand challenges’, these include climate change, ageing societies, preventative healthcare, and generating sustainable growth for the benefit of all.
Innovation has not just a rate but also a direction. How that direction is set — not just by the government but by different actors and socio-political forces — is a key aspect of IIPP’s work. But how should we decide which direction? We use the concept of public value as a way to think about which direction innovation and industrial policy takes. Public value is value that is created collectively for a public purpose — this requires citizens to engage in defining purpose, nurturing capabilities and capacities, assess the value created, and ensure that societal value is distributed equitably…(More)”.