Innovation Due Diligence®
Developing ideas and research results into commercial products or services is lengthy, expensive and uncertain – all in all presenting a considerable risk that causes many innovators to hesitate. To secure public or external funding for research projects, it is mandatory to provide evidence that your idea fills a real need in the market and has long-term potential.
Innovation Due Diligence (IDD) is a structured method to map the market potential for products and services at an early stage in the product development process, saving both time and resources.
Innovation Due Diligence is trusted with more than 300 ideas every year from the private, public and academic communities. The method is used by Luleå University of Technology, RISE (Research Institutes of Sweden) and EIT (European Institute of Innovation & Technology).
- Innovation overview – a critical analysis of current state
- Business potential – market identification, testing and prioritization
- Strategy roadmap – comprehensive commercialization/go-to-market strategy going forward.
Read more about Innovation Due Diligence (IDD)
Innovation Due Diligence is a great tool no matter if your idea is at an early stage or you have been working on it for a while – but of course the earlier you test your idea, the greater savings in time and money.
The method derives from a market or end user perspective, and is useful for both commercial and public/non-profit products or services. Perhaps your idea is a new technology, a smart way to make society more sustainable, a children’s book or a personal safety running belt. Unlike other methods, Innovation Due Diligence is adaptable to young startups, consortiums, research institutes or large companies. The method is even designed to work for SME’s.
The method is built to work for your specific industry. Perhaps your idea is a new technology, a smart way to make society more sustainable, a children’s book or a personal safety running belt. Unlike other methods, Innovation Due Diligence is adaptable to young startups, consortiums, research institutes or large companies. The method is even designed to work for SME’s.
1. Your innovation may be an idea for a new product, service or process. Your idea may be at very early stages or maybe you have already done some market research and prototyping.
2. We start the process by discussing your idea and deciding the scope of analysis that is needed to determine market potential.
3. LTU Business takes care of analyzing the market and designs the ideal business model and pricing strategy for your idea.
4. You also get recommendations on next steps forward and a facts to help you make the critical decisions.
5. Many idea owners proceed to incubators or other types of entrepreneurial support, or seeking private investors. We will help you with contacts and recommendations of where to go for help.
The method was developed by LTU Business and is free to use under the Creative Commons license. More info at (www.innovationduediligence.com)