Tackling the grand challenges of the 21st century requires the public, private and third sectors to work together to drive innovation. In this endeavor, the public sector cannot be limited to fixing market failures and 'de-risking' business. It needs to actively co-create and shape the markets of the future, and welcome the underlying process of experimentation and exploration. This requires building new forms of competencies and adaptive dynamic capabilities inside public institutions, which are oriented towards producing public value.
Launched in August 2017, the Institute for Innovation and Public Policy (IIPP) is a new University College London (UCL) institute providing radical thinking about public policy driven by public purpose. IIPP will offer a new lens through which to approach these grand challenges.
As of late 2017, Smart Prosperity Institute (SPI) and IIPP have established a collaboration focusing on mission-oriented innovation, green industrial policy and green innovation financing. Additionally, IIPP founder and director, Professor Mariana Mazzucato, has been named an SPI Global Fellow in the Global Fellows and Clean Innovation Research Program for 2017-2018.
Stay tuned for the release of joint research, policy briefs and webinars over the coming months.