Innovation Policy Learning from Korea: The Case of Monitoring and Evaluation (M&E)

Monitoring and Evaluation (M&E) is considered a necessary function of modern management systems, given that it addresses the requirements of accountability on one hand and the need to determine the results of implemented policies and learning outcomes on the other. In the field of innovation policy, M&E is particularly critical to enable policy learning and adaptation policy learning and adaption given the uncertain nature of innovation processes and outcomes. M&E of innovation policy interventions tends to be complex owing to a range of issues on both the governance and technical levels. The Korea experience presents an innovation policy M&E mechanism that has kept learning, evolving, and adapting to increasingly sophisticated policy practices and that, over the decades, has responded dynamically to the needs of business innovation in the country. The analysis demonstrates that Korea is a practical example for developing countries not only because of how successfully it has managed to achieve certain M&E objectives but also because of its "imperfection” and how it operated in a reality with limitations and constraints. The review of Korea’s experience and international practices offer useful takeaways for developing countries on how to address the M&E challenges, especially those in governance and in capacity and resources.