VALUING IDEAS

VALUING IDEAS

Definitions:

• Opportunity assessment: Ability to evaluate the content structure of opportunities to accurately determine their relative attractiveness (Morris et al, 2013). • Valuing ideas refers to the “process of evaluating and selecting high quality opportunities and ideas and acting on them to provide value to others. It is relevant because it normally triggers the decision to start the new venture.” (Learned, 1992, cited in Shook et al., 2003). • Claiming novel ideas “is about managing different kinds of intellectual property issues such as patenting, licensing, trademarking, branding, copyrights, and trade secrets. Its main purpose is to allow for individuals and organisations to protect their intellectual creative outputs from unethical exploitation by others” (Lackéus et al., 2020).

Hint: • Make the most of ideas and opportunities.

Descriptors: • Judge what value is in social, cultural and economic terms. • Recognise the potential an idea has for creating value and identify suitable ways of making the most out of it. • Protect intellectual creative outputs. Thread as in EntreComp

FOUNDATION

Discover – Explore Relying on support from others

INTERMEDIATE

Experiment-Dare Building independence

ADVANCED

Improve-Reinforce Taking responsibility

EXPERT

Expand-Transform Driving transformation, innovation and growth

Recognise the value of ideas. Identify ideas and opportunities that have value for myself and others. Decide on which type of value to act on (economic value, influence value, harmony value, social value, enjoyment value) and then, choose the most appropriate pathway to do so. Assess the value of an opportunity or idea, considering the different factors and stakeholders involved (expected rewards/outputs, risks and returns, available resources, competitors…). Find the right balance between the time spent in valuing ideas and moving fast to take competitive advantage. Develop strategies to assess the value of ideas based on

data-driven processes and iterative

assessment of the ideas with interaction with the environment and different stakeholders.

Share and protect ideas. Explain that ideas can be shared and protected by different mechanisms. Choose the most appropriate licence for the purpose of sharing and protecting the value created by my ideas. Outline a dissemination

and exploitation plan

with the involved partners. Develop a strategy on intellectual property rights, considering the growth of the venture and geographic requirements. .