Review of modern regional innovation measurement tools and proposal of a business excellence barometer: Implementation and conclusions for the Region of Western Greece

The creation of innovation in Europe is a key issue for the development of a competitive economy in a globalized business world. Apart from creating innovation, a systematic way for its measurement is needed, in order to set strategies and policies at both European and national levels. The present research reviews the existing innovation measurement indicator methodologies, used by the European Union, in order to determine best practices and encourage enterprises to use them. A critical report and evaluation of these methodologies is completed, which leads to the conclusion that new ways of managing and measuring innovation need to be created and implemented at regional level. Finally, a new methodology is applied in the Region of Western Greece and generates results and conclusions. This new methodology includes the use of a new innovation indicator, as part of an overall indicator, which will be open to receive new measurable features of the enterprises and new applications for measurement, aiming at their subsequent synthesis. The enhanced indicator will provide further inputs to the way towards business excellence.