Assessing an experimental approach to industrial policy evaluation: Applying RCT+ to the case of Creative Credits

•The paper explores the value of experimental methods in industrial and innovation policy evaluation.•We propose a new experimental policy evaluation approach combining randomised assignment, longitudinal and mixed-methods data collection.•This methodology is applied to Creative Credits a B2B voucher scheme to stimulate creative partnerships.•Results suggest the value of an experimental (and longitudinal) approach to innovation policy evaluation. Experimental methods of policy evaluation are well-established in social policy and development economics but are rare in industrial and innovation policy. In this paper, we consider the arguments for applying experimental methods to industrial policy measures, and propose an experimental policy evaluation approach (which we call RCT+). This approach combines the randomised assignment of firms to treatment and control groups with a longitudinal data collection strategy incorporating quantitative and qualitative data (so-called mixed methods). The RCT+ approach is designed to provide a causative rather than purely summative evaluation, i.e. to assess both ‘whether’ and ‘how’ programme outcomes are achieved. In this paper, we assess the RCT+ approach through an evaluation of Creative Credits – a UK business-to-business innovation voucher initiative intended to promote new innovation partnerships between SMEs and creative service providers. The results suggest the potential value of the RCT+ approach to industrial policy evaluation, and the benefits of mixed methods and longitudinal data collection.