The article covers new methods of comparing innovation projects with the help of MindDecider decision-making software.
Comparison analysis of innovation projects is a very complex task where dozens of numeric and non-numeric technical, social and economic parameters need to be taken into account. There cannot be just one all-covering parameter to describe the whole variety of project's specifics. So, how to estimate a number of projects as fully and effectively as possible and not to waste heaps of time and resources on that?
In 2009 Tomsk Innovation Support Center (TISC, Russia) has developed unique express methods to analyze innovation projects. The methods were originally designed for funding organizations that finance perspective innovation projects in high-tech, bio-, nanotechnologies and electronic-related industries. Application scope, however, were further enhanced to cover innovation companies that at a certain point of their growth faced a choice of the most effective way of their technological progress. It is clear that modern economic conditions and fierce competition now make such companies think twice before initiation of large innovation projects and try to minimize all possible organizational and financial risks.
The procedure supposes 3 main parts:
1. Projects questionnaire: brief analysis of projects (general description, project managers, technology overview, market details, project financials, intellectual property protection, partnerships and collaborations, project social benefits and environmental implications).
2. Business analysis based on the following documents: project’s business plan, potential buyers’ reviews, marketing statistics, technological documents for the product, patents and novelty proofs.
3. Making a decision on one or several projects. Choice of innovation projects is based on 2 basic criteria groups: project attractiveness and risk estimation.
Attractiveness of a project is evaluated by market trends and product analysis, project profitability, novelty and competitiveness of technological solutions, number of new jobs and generated social effect of project realization.
Risks include estimation of project’s scientific, technological, market and financial potentials, evaluation of company's activity, analysis of project team collaboration and experience.
Recently the methods were tested on a MindDecider program base which has led to increased effectiveness of analysis and selection of variants. TISC specialists found that the use of MindDecider has significantly reduced the time and enhanced the possibilities to find effective innovation projects out of multitudes of applicants. Moreover, software's functionality allowed to involve time analysis of the projects as well as to adapt the methods to a specific region or country by a simple change of criteria and their possible estimates.
Express estimation methods are available for view via MindDecider program shell. You may download MindDecider project file here: http://www.minddecider.com/downloads/ComparingInnovationProjects.mdp (240 kb)
MindDecider’s page: http://www.minddecider.com
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