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Thanks all you guys for the expert review. I guess one of the solution to measure Diversity as a factor of innovation is to consider the pre and post economic performance (Ceruzzi, 2000), following diversity introduction in innovation. After all, in the real world the amount and value of innovation is governed by the variation it can cause in the market. The market variation can be a simple iterative innovation to a disruptive innovation.

Background: The word “diversity” is shorthand for a vast effort to remake society to include everyone—not just those in privileged positions—in medicine, IT, politics, culture and the pursuit of happiness. This ambition goes well beyond the scope of innovation.  We have stayed within the realm of science and its activities. Because we prefer to look at the evidence, we take the opportunity to focus on the empirical grounding of diversity, which often gets lost in the larger conversation. Diversity, it turns out, goes to the heart of how to do research and innovation effectively.

Measurement In a connected world, especially technology driven healthcare, it is essential that diversity is addressed upstream so that the outcomes/outputs are embedded in respect (people/cultures), benefit (limit the risk of poor scoping of diversity) and justice (fair representation).

In terms of measurement, the gender diversity although can be included based on numeric value, I am not a strong proponent of gender quotas. 

 A diversity of representation can possibly be measured by a formula using the subfactors such as 1) influence, 2) job level 3) execution power 4) participation, in the numerator, divided by the context of the market, nature of the product/service, and business goals.

Diversity in Innovation =  

Function of (Crowdsourcing* design thinking social capital…..) X productivity

                                                    (Number of diverse people* influence*power*joblevel)

Analyzed in the context of market share, nature of product within the business goals.

Thanks to Irina, Fernando, AJ Kennedy et al., who have helped to shape this better