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Innovation Development Early Assessment System

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English, J 2007 , 'Innovation Development Early Assessment System', in Parikshit Basu and Grant O'Neill and Antonio Travaglione (eds.), Engagement and Change: Exploring Management, Economic and Finance Implications of a Globalising Environment , Australian Academic Press, Bowen Hills, Queensland, pp. 215-226.

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Abstract

An innovation is a complex series of activities in which an idea is conceived, proceeds through a succession of developmental steps and culminates in a product, a process, or a service that is accepted in the marketplace. It starts with an idea, or initial discovery, that needs to be assessed, developed and tested. Everything, from the smallest incremental improvement to the most radical innovation, starts with an idea. Prospective innovators generally believe that the leap from an idea to market entry is only a short distance and they often do not recognise how complex, costly, and time consuming the process can be. Consequently, it is important to be able to assess the commercial feasibility of new ideas very early in the innovation process, because it is the least costly stage in which to identify and eliminate likely failures (English & Udell, 2004). Inasmuch as many new ideas turn out not to be commercially feasible, indiscriminately investing time, money and effort in them only dilutes the resources available for projects with genuine potential. Innovation is not a democracy in which all ideas are created equal. It is a meritocracy in which those ideas with demonstrated commercial merit should be developed further.

Item Type: Book Section
Authors/Creators:English, J
Keywords: Innovation Development Early Assessment System; IDEAS; commercial feasibility
Publisher: Australian Academic Press
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