Key performance indicators (KPIs) and / or other assessment mechanisms help HEIs monitor and evaluate how well they are performing. An entrepreneurial and innovative institution may wish to combine institutional self-perception, external reflection and an evidence-based approach in its assessment processes. Such methods of assessment might include the use of self-assessment tools, such as HEInnovate, skills and competence assessments (for example the Entrepreneurial Potential and Innovation Competences (EPIC) course assessment tool, available at https://heinnovate.eu/en/epic/dashboard), reviews of the entrepreneurial and innovative HEI’s contribution to regional engagement and to the SDGs, surveys of students, staff and partners from the external ecosystem just to name a few. The HEI can design or adopt existing relevant measurement tools for standardised collection of data to suit its purposes. The current measurements typically focus on the quantity of spin-offs, the volume and quality of intellectual property generation and research income generation, rather than graduate entrepreneurship, teaching and learning outcomes, retaining talent, the contribution to local economic development or the impact of the broader entrepreneurial agenda. It is, however, key to have associated indicators for all the objectives of the entrepreneurial and innovative agenda and measure the success of the implementation.
The selection of the qualitative and quantitative indicators should be feasible to collect, and data collection should be incorporated into routine activities associated with the entrepreneurial and innovative agenda. HEIs should develop a monitoring and evaluation framework that defines the areas of change the institution wishes to measure with relevant key performance indicators (KPIs) assigned, their baseline established, and progress reviewed at key milestones. The results should be reported upon to senior leadership as part of the strategy cycle, and achievements and successes should be widely communicated. The results will also help to improve future strategy, policy and new target setting.
