A MODEL OF IDEA EVALUATION AND SELECTION FOR PRODUCT INNOVATION
Editor: Christian Weber, Stephan Husung, Gaetano Cascini, Marco CantaMESsa, Dorian Marjanovic, Francesca Montagna
Author: Stevanovic, Milan (1); Marjanovic, Dorian (2); Storga, Mario (2)
Institution: 1: Markot.tel, Croatia; 2: University of Zagreb, Croatia
Section: Innovation and Creativity
Product innovation is one of key strategic guidelines for sustainable business and competitive advantage. The process of innovation takes significant resources, and it is extremely important during the front-end of innovation to choose a concept with high innovation potential. There is a consensus among researchers that the evaluation and selection of ideas is critical to innovation success. Current research indicates that companies carry out the selection of ideas ad hoc or intuitively, and that only a small number has defined methods and/or the methodology.
In this paper, we propose a rational and effective model of evaluation and prioritization of ideas, on the basis of which it is possible to make a choice of ideas. The model emphasizes a set of criteria for evaluating the efficacy of innovation, and defines the attributes for determining the value of each of the criteria. The proposed model represents a level in the methodology and can be applied separately or as part of the methodology. The development model is based on extensive research of the literature, empirical research and practical work. The application of the model was presented by the analysis of one practical case.