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.