A joint initiative between federal and private-sector business leaders is seeking to better gauge the impact of innovation on the U.S. economy, organizers announced this week.

The initiative, led by Secretary of Commerce Carlos M. Gutierrez, IBM CEO Sam Palmisano and Kauffman Foundation chairman Carl Schramm, aims at fostering innovation by examining its beneficial effects on both productivity and the marketplace, among other issues.

Gutierrez said the initiative follows recommendations set out in a recent report by the Advisory Committee on Measuring Innovation in the 21st Century Economy. He called on other federal agencies and trade groups to participate, including the Bureau of Economic Analysis and the National Science Foundation.