Institutional strategies for capturing socio-economic impact of academic research

Evaluation of socio-economic impact is an emerging theme for publicly-funded academic research. Within this context, the paper suggests that the concept of institutional research capital be expanded to include the capture and evaluation of socio-economic impact. Furthermore, it argues that understanding the typology of impacts and the tracking from research to impact will assist the formulation of institutional strategies for capturing socio-economic impact. A three-stage approach is proposed for capturing and planning activities to enhance the generation of high-quality impact. Stage one outlines the critical role of user engagement that facilitates the tracking of such impact. Stage two employs an analytical framework based on the criteria of 'depth' and 'spread' to evaluate impacts that have been identified. Stage three utilises the outcomes of the framework to devise strategies, consisting of either further research (to increase depth) or more engagement (to increase spread) that will improve the generation of higher quality impact.