Design Business Chamber Singapore and Consulus launch the ‘Design Power Index’
The Design Business Chamber Singapore and Consulus have launched the ‘Design Power Index’ – a new framework that quantifies the economic and social impact of design.
Described as an Asia-first by the two organisations, the framework addresses one basic but important question: how to measure the contribution of design to economic growth and social impact in business and society?
“We live in an age where economies are being redrawn by AI, shifting trade flows, and climate change, and yet design still sits in the blind spot of most economic models. The Design Power Index has been created to prove that design is not just decoration, but a driver of growth and long-term advantage,” said Chee Su Eing, Chairperson of the World Design Business Organisation, a global body that champions the design profession around the world.
In the first phase of the Index, it quantifies the economic and social impact of design at a company-level, with organisations evaluated on four dimensions:
- Business of Design – Growth through intellectual property created by design
- Market of Design – Creation of new business categories
- Technology of Design – Innovation and user behaviour shaped by design
- Societal Impact of Design – Societal change driven by design
Over the next years, the Design Business Chamber Singapore – the nation’s design chamber – and Consulus– a management, creative and change consultancy firm – will expand the framework and launch the company benchmark in other countries in Asia, Europe, and North America.
Hong Khai Seng, President of the Design Business Chamber Singapore, said that the framework not only aims to capture the economic value of design, but also inform future investments, policies, and strategies for resilience and growth.
“Every product, every service, no matter how small, has the potential to create ripples of social, ecological, and economic impact,” he said. “We want to spotlight the early visionaries already practising this ethos, and invite others to consider what ‘flourishing by design’ could mean for them. This is not just about making better designs, but about designing for better lives.”
The value of design?
The unveiling of the Design Power Index comes at a time of growing interest in the value design can bring to products and services. Traditionally a niche discipline within the wider world of innovation, design principles are increasingly being embedded in product development, digital applications, and a broad range of consumer and citizen experiences.
According to a 2018 study by McKinsey & Company, companies that place design at the core of their innovation efforts achieve higher revenues and greater shareholder returns than those that continue to rely on legacy models.
