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Innovation is so important that most senior executives say that it's integral to their company's success. Because companies invest so much in it, getting a return is critical. Poor measurement practices result in bad or incomplete information, wasted resources, and a lower return on innovation investments. This article explains that most companies recognize the importance of measuring innovation and readily admit their shortcomings, but relatively few companies seem to be working as aggressively as they need to be to improve their capabilities in this area. The author suggests some metrics in order to measure the innovation of a firm.

IEEE's report "Patent Power" lists the top companies ranked by number of patents: is it really the best way to measure innovation? Shouldn't be better to measure the introduction of new products, and rank them by novelty and by widespread acceptance, in some way that reflects a more substantial measure of innovation and its impact on the economy?