This chapter describes the third phase of KIE, as related to evaluating performance and outputs of KI ventures, in relation to this proposition: Evaluating the performance and outputs of KIE and KIE ventures requires a more nuanced understanding of how KIE can drive innovation, growth and societal development. There are different measurement techniques, and a handful of indicators are often used but may be poor indications of the performance and outputs of KIE. Moreover, at the level of KIE ventures and of society, the performance measures should include a dynamic and systemic element, as they often undergo dramatic shifts over time. This third overall phase and topic is of great interest as the fundamental interest in KIE is based on the understanding that KIE creates positive and above-average benefits for society. That is one reason why public policy often focuses upon entrepreneurship as a means to promote growth and societal well-being. Another interest in KIE relates to the market mechanisms, and the possibility to start new companies and become millionaires in the so-called Silicon Model of the modern economy. This chapter primarily discusses evaluating outcomes, and especially indicators and measurements of KIE. We first consider the trade-offs between quantitative and qualitative measuring techniques and indicators. As visualized in Figure 5.1 evaluating performance and outcomes primarily relates to new firm formation, growth performance, patents and knowledge creation. After discussing each variable in turn, we address the evaluation of dynamic and systemic effects in the concluding section.
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