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.