What are the benefits of an innovation assessment?
- The assessment is done early in the concept stage of the innovation process before large amounts of resources have been expended.
- The assessment will help you decide if you should make additional investments into the invention, improve the marketability of your invention by making changes or invest in a different idea.
- If the innovation receives a high probability of success rating you can present your assessment report to potential investors or buyers.
Do I need a patent for my product before getting an evaluation?
No, due to the cost of obtaining a patent we recommend getting an evaluation before deciding to move ahead with the patent process.
How long does an assessment take?
About 8 weeks.
Do I need a prototype before I submit the assessment?
No, we provide an early stage market assessment at the idea stage. Our assessment provides an objective evaluation before you invest additional funds in your project. Technical drawings and any other visuals are helpful for expert analysis and recommendations.
Do we provide engineering testing?
The technical feasibility portion of our research is preliminary. The technical experts will review the material submitted by the inventor and comment on manufacturability, operational performance issues, and competition.
Where does your assessment fall in the innovation process?
Our assessment falls in the first research stage of the commercialization process. In this stage the product goes from concept to engineering application. Our report will cover market development in the areas of customer needs analysis, industry analysis, internal strengths and weaknesses, and competition.
What is good score?
An overall success rating of 50% or better is considered adequate to continue with commercialization. 60% is considered a good rating.
What help will you give me after I get my assessment report? Will you help us develop a prototype and find potential industry partners?
If your assessment scores a 50% or greater overall probability of success rating then you will be eligible for 20 hours of business consulting that may include providing resources for prototype development and licensing partners. Please note that the evaluators are anonymous and will not be considered industry partners in the business consulting stage. We will not buy your idea or give you money.
I don’t need an assessment but I would like to get some help in developing my invention.
Contact the nearest Small Business Development Center. A directory can be found at: http://www.wsbdc.org.
