Managing Innovations – Three Keys for Successful Idea Management

In the previous blog we discussed that evaluating ideas and investing is critical factor for business success. We now review what are the valuation criteria or checklist that management can use in determining the “value” or “benefits of investing in ideas“. (Harvesting must follow)

Three main criteria to consider during idea evaluation are:

1) Revenue potential
2) What is the Probability for innovation (idea) to succeed
3) What are the costs involved

Revenue potential can be assessed on several counts, key factors being – What’s the potential for licensing, how many licensees can be there, who will derive the value, is their competition? and is patent / licensing going to be enforceable?

What is the Probability for innovation (idea) to succeed – Some of the critical factors to consider are – inventor profile (champion), is the area ‘hot’? Is it being built on previous successes, what stage of development is the idea or product?

What are the costs involved – Typical costs include – Patenting costs, IP Protection costs, Licensing, monitoring & Administration costs.

These considerations will provide superior outcome on the potential investment in harvesting the captured ideas. Once you have decided to invest on particular idea or invention, PatFolio can extend help in drafting patent applications and filing to patent office.

Take Away – To successfully manage innovations you need to capture ideas (Ideation) and then evaluation the revenue potential, assess the probability for idea / innovation to succeed and importantly estimate the costs involved in filing patents and getting IP Protection.

Kameshwar Eranki is CEO of VajraSoft Inc.

About VajraSoft Inc. – VajraSoft Inc. is Intellectual Property (IP) Management Software company, helping customers manage innovations and monetize IP’s. Our award winning products empower businesses and IP law firms to manage invention disclosures, global patent portfolio and maintaining them. PatFolio helps customers to capture ideas, automation of Invention Disclosures Management, Draft Patent Applications & file, manage patent prosecution and patent maintenance. IP Cost-O-Meter automates the patent cost estimation process.

VajraSoft Inc. is Master Class Intellectual Property (IP) Solutions provider, and its products won several Cloud awards including – UP Start Awards for Best Industry Application for 2012. Silicon India magazine listed VajraSoft Inc. as Top 100 Technology companies in US for 2013. VajraSoft Inc. is also Finalist of StartmeupHK Venture Program, conducted by the Govt. of Hong Kong and UP Start Cloud Award for Best BI / Analytics Application for 2013.

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Invention Disclosure Management

What is Invention Disclosure? What does Invention Disclosure contain? Should i have Invention Disclosure Management System?

You need information on proposed invention / innovation in several aspects.
1) Invention Description – This includes: Title, summary of invention, drawings, Conception, what is that the innovation is going to address, where can the innovation be applied, what are the product or services that could be developed using this innovation, what are the novel aspects, what is the “value add” of the innovation (be specific)
2) Gather information on like products, technologies (if any) or competitors –
3) How are you going to validate the relevancy / need and commercial viability (present what you know – there is no need to do deep dive analysis on this, at this point of time)
4) Do you know or can assess / suggest who can be potential commercialization partners or can license it?
5) Basic facts around invention – Have you disclosed it in public – such as publication, abstract, thesis, web post, blog, presentation or orally? If so, provide the information – date announced, where to whom (audience).
6) Inventor Details – Include Name, Position, Department, Role, Address, Contact Tel Fax, email, Residency / citizenship information

Is there a need to automated Invention Disclosure Management process?

Obvious answer is “Yes”. There are several benefits in doing so.
a) Growth of Innovation
b) Capture ideas, innovations, inventions across the org, using standard tool
c) Derive consistency in all submissions / disclosures
d) Centralized repository of innovation for review committees / experts to review and approve.
e) Facilitates effective evaluation of innovation resulting in better IP protection.
f) Collect prior art, literature and non-literature of interest related to the innovation and evaluate it in specific context. This has downstream benefits as well.

As benefits out weigh the cost of automating IDMS, the Return on Investment (ROI) is quick and obvious.

Take Away – Now you know what to include in Invention Disclosure and announce your invention or innovation. Next, you see the value of automating Invention Disclosure Management process – it is simple, capture your organization’s ideas, innovations, inventions for now and beyond. Revisit, analyze, prioritize and position yourself to get the greatest value.

Kameshwar Eranki is CEO of VajraSoft Inc.

About VajraSoft Inc. – VajraSoft Inc. is Intellectual Property (IP) Management Software company, helping customers manage innovations and monetize IP’s. Our award winning products empower businesses and IP law firms to automate the patent filing cost estimation process of creating cost estimation quotes for filing a patent in any country globally. VajraSoft Inc. PatFolio helps customers with Invention Disclosures Management, Drafting Patent Applications, filing, managing patent prosecution life cycle and patent maintenance.

VajraSoft Inc. is Master Class IP Solution provider, and its products won several Cloud awards including – UP Start Awards for Best Industry Application for 2012. Silicon India magazine listed VajraSoft Inc. as Top 100 Technology companies in US for 2013. VajraSoft Inc. is also Finalist of StartmeupHK Venture Program, conducted by the Govt. of Hong Kong and UP Start Cloud Award for Best BI / Analytics Application for 2013.

Ideation – Critical Success Factors for Managing Innovations

Klien Knight in his paper points to Morgan Stanley estimate that – of the $2.7 trillion that companies invested into technology in the year, more than $500 billion is wasted largely part due to implementation failure. So, the importance and scope of Idea Management (Ideation) or simply Invention Disclosure Management System (IDMS) is obvious.

What are the critical factors for ensuring success of Innovations Management?

The critical aspects are:

  • Capturing Ideas / Invention Disclosures
  • Evaluating and Approving ideas / inventions for Patent filing
  • Seeking IP Protection in global markets

PatFolio – for example, allows you to manage innovation by capturing the Invention Disclosure. The Invention Disclosure Management System in PatFolio allows prospective inventors to  disclosure / submit their proposed inventions.

Management can take evaluate all submissions, and based on commercial viability and strategic benefits can decide to invest in creating business “value“. The scope of innovations can be – Product Innovation or Service Innovation or Process Innovation.
Enterprises can manage all ideas / invention disclosures in centralized idea repository.All inventors can submit their proposed inventions online for evaluation by patent review committee – constituting Business experts, Technical experts, IP Experts, Strategic Business Unit heads and Top Management or Executive sponsor.

This ensures organizations solid returns in terms of competitive advantage and ability to monetize innovations and improve business “value”.

Kameshwar Eranki is CEO of VajraSoft Inc.

About VajraSoft Inc. – VajraSoft Inc. is Intellectual Property (IP) Management Software company, helping customers manage innovations and monetize IP’s. Our award winning products empower businesses and IP law firms to automate the patent filing cost estimation process of creating cost estimation quotes for filing a patent in any country globally. VajraSoft Inc. PatFolio helps customers with Invention Disclosures Management, Drafting Patent Applications, filing, managing patent prosecution lifecycle and patent maintenance.

VajraSoft Inc. is Master Class IP Solution provider, and its products won several Cloud awards including – UP Start Awards for Best Industry Application for 2012. Silicon India magazine listed VajraSoft Inc. as Top 100 Technology companies in US for 2013. VajraSoft Inc. is also Finalist of StartmeupHK Venture Program, conducted by the Govt. of Hong Kong and UP Start Cloud Award for Best BI / Analytics Application for 2013.

Rise in EPO filings in 2013

Despite the economic turmoil in Europe, there is a huge uptick in European Patent Office (EPO) filings in 2013. European Patent Office (EPO) received more than 265,000 patent filings in 2013. The primary reasons for the upswing are:

– EPO Applications filings from Asia – with Japan leading the pack with 52,300 filings and China – with 22,000 filings, followed by South Korea, with 16,900 application filings.
– 35 percent of application filings originated in Europe. Rest of the filings primarily came from US, Japan and China.

Germany remains the top country of origin of patent filings at the EPO (32,000 applications) followed by France (with 12,200 application) and Switzerland (8,000 applications).

For more details refer to EPO website.

Kameshwar Eranki is CEO of VajraSoft Inc.

About VajraSoft Inc. – VajraSoft Inc. is Intellectual Property (IP) Management Software company, helping customers manage innovations and monetize IP’s. Our award winning products empower businesses and IP law firms to automate the patent filing cost estimation process of creating cost estimation quotes for filing a patent in any country globally. VajraSoft Inc. helps customers with EPO Validations and any translations needed for validation in specific countries across Europe.

VajraSoft Inc. is Master Class IP Solution provider, and its products won several Cloud awards including – UP Start Awards for Best Industry Application for 2012. Silicon India magazine listed VajraSoft Inc. as Top 100 Technology companies in US for 2013. VajraSoft Inc. is also Finalist of StartmeupHK Venture Program, conducted by the Govt. of Hong Kong and UP Start Cloud Award for Best BI / Analytics Application for 2013.