1.4 Valuing ideas

5. External/Additional material: Additional material (Peak Case Study)

1. Module Overview The module “Valuing ideas” describes the process of evaluating and selecting high quality opportunities and ideas and acting on them to provide value to others. Valuing ideas is very important when it comes to starting a new business. The participants will be able to judge what value is in social, cultural and economic terms and to recognize the potential an idea has for creating value and identify suitable ways of making the most out of ideas and opportunities.

- Main compete nce: - Additiona l compete nce(s) covered by the module: - Learning

Outcome s: Valuing ideas

Spotting opportunities; Creativity; Vision; Ethical and Sustainable Thinking; Design; Mobilizing Resources; Financial and Economic Literacy; Taking the Initiative; Planning; Coping with Uncertainty, Ambiguity, and Risk; Learning through Experience

Recognize the value of ideas: - I can identify benefits for myself and others in ideas and opportunities identified (basic). - I can decide on which type of value to act on (economic value, influence value, harmony value, social value) and then choose the most appropriate pathway to do so (intermediate). - I can assess the value of ideas, considering the different factors and stakeholders involved (advanced). - I can find the right balance between the time spent in valuing ideas and moving fast to take competitive advantage (advanced). - I can develop strategies to assess the value of ideas based on data-driven processes and iterative assessment of the ideas in interaction with the environment and different stakeholders (advanced). Share and protect ideas: - I can explain how ideas can be shared and protected digitally and legally (basic). - I can choose the most appropriate license for the purpose of protecting the value created by my ideas (intermediate). - I can effectively outline a dissemination and exploitation plan with the involved partners and ensure its application. I can develop a tailored strategy on

intellectual property rights, considering the growth of the venture and geographic requirements (advanced).

- Target Group: Suitable for business trainers and educators - Proficien cy level: Suitable for all proficiency levels - Workloa d (virtual

ECTS): As this module fosters also other competences such as “Spotting opportunities, Creativity, Vision, Ethical and Sustainable Thinking, Design, Mobilizing Resources, Financial and Economic Literacy, Taking the Initiative, Planning, Coping with Uncertainty, Ambiguity and Risk, Learning through Experience”, digital badges would be recommended for successfully completing the module.

The workload could be estimated in ECTS as follows:

Basic level: You are able to detect benefits for yourself and others in ideas and opportunities identified, and you know how to share and protect ideas digitally and legally (1 ECTS).

Intermediate level: You are able to decide on which type of value to act on (economic value, influence value, harmony value, social value, enjoyment value) and then, to choose the most appropriate pathway to do so. Furthermore, you are capable to choose the most appropriate license for the purpose of protecting the value created by your ideas (3 ECTS).

Advanced level: You are able to assess the value of ideas, considering the different factors and stakeholders involved. You are known to find the right balance between the time spent in valuing ideas and moving fast to take competitive advantage. You are able to effectively outline a dissemination and exploitation plan with the involved partners and ensure its application. You are able to develop strategies to assess the value of ideas based on data-driven processes and iterative assessment of the ideas in interaction with the environment and different stakeholders. Furthermore, you are capable to develop a tailored strategy on intellectual property rights, considering the growth of the venture and geographic requirements (5 ECTS).

- Assessm ent: Basic level: Visualization of the generated idea, identification of the benefits, and knowing how the idea can be shared and protected digitally and legally.

Each participant elaborates an idea and presents the identified benefits and how the idea can be shared and protected digitally and legally in front of the instructor and the other participants.

Evaluation: - Quantitative: Elaborated one idea (20%) - Qualitative: The idea is clear and well structured, the benefits are formulated clearly, and the digital and legal protection is well-explained (60%) - Format: The visualization of the idea is well-structured (20%)

Intermediate level: Identification of the different values of the idea (economic, social, etc.) and choosing the most appropriate license for protecting the value created by the idea.

Each participant presents an idea based on which they can apply what they have learned about different values of ideas and licenses.

Evaluation: - Quantitative: Presentation of one idea (20%) - Qualitative: The participants are able to decide on which type of value to act on and choose the most appropriate pathway to do so. The presentation includes all relevant arguments. The participants can explain why they chose a certain type of license. The chosen type of license is appropriate (60%) - Format: The presentation is clearly structured (20%)

Advanced level: Assessment of the value of ideas, taking into account the different factors and stakeholders involved. Finding the right balance between the time spent in valuing ideas and moving fast to take competitive advantage. Outlining a dissemination and exploitation plan and ensure its application. Development of a tailored strategy on intellectual property rights, considering the growth of the venture and geographic requirements.

Each participant develops a written assessment of the value of the idea, outlines a dissemination and exploitation plan with the involved partners, and ensures its application. The document also outlines a tailored strategy on intellectual property rights, considering the growth of the venture and geographic requirements. In addition, each participant presents their work

to the lecturer and the other participants using a PowerPoint presentation and answers questions.

Evaluation: - Quantitative: Written work and presentation (20%) - Qualitative: The written work and the presentation are clearly and logical structured and cover all important points. The arguments are coherent and understandable (60%) - Format: The written work and the presentation are clear and conclusive (20%)

- Format: - offline / online - ~15 participants - 1 instructor / 15 participants 3 sessions: Introduction to the topic “Valuing ideas” (60 minutes); interactive part involving the participants (240 minutes); presentation (20 minutes per participant); evaluation (20 minutes per participant); the module can be offered in blocked format

2. Instructor

Manual (Learning

Path):

The module “Valuing ideas” is based on recognizing the value creation potential of an idea and identifying suitable ways of exploiting the idea by developing an intellectual property strategy tailored to the respective idea.

Since this module consists of three different performance levels, the teaching and learning methods differ.

Basic level:

STEP 1: The basic level starts with an overview on the main topics:

- How can ideas be generated? - How can an idea be valuated? - What means the term “value” in social, economic and cultural terms? - How can ideas be shared and protected digitally and legally?

Background material is available in the resource section below.

STEP 2: Task for the participants

1) Generating ideas is about developing creative thinking, as creativity helps generate ideas of value. Sometimes it is difficult to generate ideas that will matter in social, economic and cultural terms. The participants should make a mind map and listing their ideas and try to cluster them (social, economic, cultural).

Valuable ideas are ideas that - matters - have a market - solve a social problem - are economically viable and create profit - are financially sustainable 2) The participants should reflect on past experiences when they have developed ideas. How did they do this? The participants should think about and discuss with the other participants what value means to them.

What are their values?

3) Sharing and protecting ideas digitally and legally is a very important point when it comes to protect an idea.

The participants will learn about the different ways of sharing and protecting ideas and how to use them.

STEP 3: Presentation and evaluation

Each participant elaborates an idea and visualizes the identified benefits and how the idea can be shared and protected digitally and legally. Each participant presents their ideas to the instructor and the other participants and discuss the generating process as well as the outcome.

Intermediate level:

STEP 1: The intermediate level starts with an overview on the main topics: - How can an idea be valuated? - What means the term “value” in social, economic and cultural terms? - What is the most appropriate license for the purpose of protecting the value created by an idea?

Background material is available in the resource section below.

STEP 2: Task for the participants

1) Valuation of an idea:

An entrepreneurial mindset means making the best of ideas and opportunities. However, having a brilliant idea is not enough. Often even brilliant and excellent ideas are dismissed because investors and customers cannot see the potential and the value of the idea. It is therefore crucial not only to generate new ideas, but also to evaluate what potential they have (economically, socially and culturally).

Here are two examples for exercises:

Exercise 1:

Split the class into four or five groups (depends on the size of participants). Let them think of ideas and let them spend five minutes on the idea, brainstorming on the following parameters: - What facts do we know about the idea? - What is positive about the idea? - What is negative? - What kind of feelings do the participants have when they realise the idea?

Afterward, each group presents their answers and conclusions.

The aim of this exercise is to be conscious, that every idea has different points and aspects.

Exercise 2: - In a first step, let the participants in groups create a mind map with different aspects of an idea and what aspects should be considered (economic, social and cultural). - In a second step, the participants are asked to develop strategies to make most out of the idea. Afterward, each group presents their results.

The first step to be able to identify good ideas is to assess their time-adjusted value. There are two key questions to ask, when making this assessment:

How valuable is the idea? - How differentiated is the product or service idea? - What is the future market size: how large is the market actually, how fast is it projected to grow? - Does the idea generate a new market? How large could this become? - When could the new product or service be launched?

How quickly does an idea lose value? - How quickly could the competitors respond? - How else could the benefit of the idea be delivered?

2) The term “value” in social, economic and cultural terms:

Social and cultural value:

Social and cultural value is about people and the positive and negative impact their actions have on other people, society, business, economy and the environment. Social value has an impact on health, wellbeing, diverse thinking and inclusion, innovation and on productivity. Social value is not about “doing or being good”. It is about the value people, the business sector and industry create for the society, economy and environment. Social value underlines that all decisions and actions have an impact on other people, the society, economy and the environment.

Economic value:

Economic value is the value that a person attaches to a good or service based on the benefits they derive from it. In terms of evaluating ideas, this means that an idea that has economic value has the potential to generate profits. The value of the win can be measured by how much money could be made. Ideally, the idea should create a sustainable profit over time.

3) Appropriate license for the purpose of protecting the value created by an idea:

To protect an idea it is crucial to secure the appropriate type(s) of intellectual property, i.e. licenses, patents, trademarks, copyrights, trade secrets. If the idea is not protected or not protected in the right way, the ownership of the idea could be loosed. A good overview on all forms of protecting ideas gives the World Intellectual Property Organization (WIPO, https://www.wipo.int/portal/en/).

STEP 3: Presentation and evaluation Each participant presents an idea based on which they can apply what they have learned about different values (social, economic and cultural) of ideas and licenses.

Advanced level

STEP 1: The advanced level starts with an overview on the main topics of it and the related literature. Background material is available in the resource section below.

STEP 2: Task for the participants

The assessment of the value of ideas takes into account the different factors and stakeholders involved. It is about finding the right balance between the time spent in valuing ideas and moving fast to take competitive advantage. The assessment of the value of ideas includes the outlining of a dissemination and exploitation plan and to ensure its application. It requires the development of a tailored strategy on intellectual property rights, considering the growth of the venture and geographic requirements.

Each participant develops a written assessment of the value of the idea, outlines a dissemination and exploitation plan with the involved partners, and ensures its application. The document also outlines a tailored strategy on intellectual property rights, considering the growth of the venture and geographic requirements. In addition, each participant presents their work to the lecturer and the other participants using a PowerPoint presentation and answers questions.

STEP 3: Presentation and evaluation

3. Resource

(materials) for educators and

Results of the module “Valuing ideas”: - Basic level: Visualization and presentation of the generated idea - Intermediate level: Presentation of the identification of the different values of the idea (economic, social, etc.) and choosing the most appropriate license for protecting the value created by the idea. - Advanced level: Written work and presentation Each level ends with presenting and discussing the results. Evaluation can be done in a written form or personally.

Resources for the introduction: - Quality instead of quantity: Assessing ideas for innovations. Retrieved from:

business trainers:

https://www.trendexplorer.com/en/about-us/ideaassessment/ (Accessed 28 July 2022) - How can I estimate the value of new product ideas?

Retrieved from: https://www.aha.io/roadmapping/guide/ideamanagement/how-can-i-estimate-the-value-of-newproduct-ideas (Accessed 28 July 2022)

Resources for idea assessment: - Idea assessment worksheet. Retrieved from: https://www.business.qld.gov.au/runningbusiness/growing-business/becominginnovative/developing-products/evaluatinginnovation/idea-assessment (Accessed 28 July 2022) - Evaluate your business idea. Retrieved from: https://sba.ubc.ca/business-basics/evaluating-yourbusiness-idea (Accessed 28 July 2022) - Idea evaluation – living the innovation definition. Retrieved from: https://learnfrominnovators.com/ideaevaluation-living-the-innovation-definition/ (Accessed 28 July 2022)

Resources for tailored strategy on intellectual property rights: - World Intellectual Property Organization (WIPO): https://www.wipo.int/portal/en/

4. Resources

for participants : 5. External/Ad ditional material:

Online access to the external materials detailed below.

All levels: 6. Bacigalupo, M., Kampylis, P., Punie, Y., & Van den

Brande, G. (2016). En-treComp: The Entrepreneurship

Competence Framework. Luxembourg: Pub-lication office of the European Union; EUR 27939 EN; doi:10.2791/593884; https://publications.jrc.ec.europa.eu/repository/bitstream/J

RC101581/lfna27939enn.pdf

Basic level: 7. Value Ideas: https://www.entrepreneuracademy.eu/training/value-ideas/

- What is an Idea Worth?: https://ideascale.com/what-isan-idea-worth/