The UCL Institute for Innovation and Public Purpose (IIPP) is undertaking a research project with the BBC to examine how to research and co-design new assessment methods for public value.
About the project
The UCL Institute for Innovation and Public Purpose is undertaking a short research project over summer 2020 with the BBC to examine how to research and co-design new assessment methods for public value. Better understanding how to reimagine, practice and evaluate public value is key to the mission of IIPP, so we are delighted to be taking part of this project.
Key to our understanding of public value is the need to understand the public sector not just as a market fixer but a market shaper. This means co-creating value. This faces a bottleneck as the notion of value is often confused with price, and is dictated by market ideals of efficiency and cost reduction as opposed to long-term value creation and purpose.
At IIPP we argue that public value is co-created and co-shaped by a diversity of actors that include the state, business and the third sector. The BBC is perhaps the UK’s most visible public value creator — and an example of the entrepreneurial state — with a trusted global brand that is synonymous with the highest quality media content. The Corporation’s remit to “act in the public interest, serving all audiences through the provision of impartial, high-quality and distinctive output and services which inform, educate and entertain” is comprehensive and aspirational. But this value is sometimes hard to convey in measures that are reliant on cost alone.
Understanding value as co-created requires a market shaping logic rather than market fixing one. As an innovative public institution, the BBC creates huge public value, but in some debates about the institution there is an implicit accusation that the broadcaster is ‘crowding out’ the market through the scale and quality of its services. In this short project, IIPP is working with the BBC to consider dynamic new ways to assess its contribution as market creator. Rather than beginning with a market failure framework, which sees public organisations like the BBC as only relevant in their capacity to fix market failures (such as public goods that are not invested in by the private sector), we will look at the BBC through a market shaping framework. We argue that the criteria for evaluating and assessing public organisations that stem from such a framework are very different from those that stem from a market failure one. Over summer 2020, we will be developing and testing metrics that assess how the BBC delivers against its mission, creating public value and in the process co-creating and shaping markets.
Reimagining public value with the BBC
27 April 2021, 6:00 pm–7:00 pm
In this webinar, Clare Sumner, Director of Policy at the BBC and Mariana Mazzucato, founding Director of IIPP, discussed the dynamic new ways the BBC can look at its value as a market creator.
Seeing the bigger picture at the BBC, Rowan Conway, Mariana Mazzucato
- In the Media
Don’t defund the BBC, Project Syndicate, 22 Feb 2021, Mariana Mazzucato
‘The Future of the BBC’, speech on the report, delivered to the Westminster Media Forum by Clare Sumner, CBE, Director of Policy at the BBC
- On public purpose
IIPP is changing how public value is imagined, practised and evaluated to tackle societal challenges. Read our brochure.
- On market shaping
Kattel, R, Mazzucato, M, Ryan-Collins, J., and Sharpe, S. (2018), ”The economics of change: Policy and appraisal for missions, market shaping and public purpose”, UCL Institute for Innovation and Public Purpose Working Paper, (IIPP WP 2018-06) https://www.ucl.ac.uk/bartlett/public-purpose/sites/public-purpose/files/iipp-wp-2018-06_0.pdf
- On public value
Mazzucato, M. and Kattel, R. (2019) ‘Getting serious about value’, UCL Institute of Innovation and Public Purpose (IIPP Brief 07). https://www.ucl.ac.uk/bartlett/public-purpose/publications/2019/jun/getting-serious-about-value
- On public value and market shaping
Mazzucato, M. and Ryan-Collins, J. (2019). “Putting value creation back into ‘public value’: From market fixing to market shaping”, UCL Institute for Innovation and Public Purpose, Working Paper (IIPP WP 2019-05). https://www.ucl.ac.uk/bartlett/public-purpose/wp2019-05
- Previous work on the BBC
Mazzucato, M. and O'Donovan, C. (2016) "The BBC as market shaper and creator" in Rethinking the BBC: Public media in the 21st Century, Seth-Smith, N., et. al. (eds.), Commonwealth Publishing. http://commonwealth-publishing.com/shop/rethinking-the-bbc-public-media-in-the-21st-century/