There is nothing to stop you evaluating your own ideas to see if they are worth developing. Find out about the different steps involved in the process and learn how.
Evaluating ideas is an essential step in innovation. It demonstrates to you, as the inventor, that there is potential in developing and commercialising your idea.
However, more importantly, it provides the information and feedback to your potential investors, project partners and customers that you and your idea are the real deal and makes them interested in either partnering with you or buying your product.
Every idea is different. The stage at which to approach an investor, a project partner or potential customer varies from project to project as does the information and progress that they need in order to effectively evaluate your idea.
Some examples of the type of results and information an investor requires from the innovation process:
Some examples of the type of information a patent agent requires:
The evaluation process should continue throughout the development and commercialisation process, as there are always opportunities to improve on technology, reduce costs or enter new markets with existing technology.
However, at the beginning, there are some fundamental stages that we can now look at in more detail:
Smart Idea Store
August 24, 2012