Evaluating innovation ideas

Steve Jobs, Nikola Tesla or Bill Gates are a few of the entrepreneurs who have significantly contributed to our society through their innovations. They brought yesterday’s innovation to today’s reality. Innovation is basically the translation of ideas into services or goods that will create value for the society.

Deliverables

Phase 1: Regional Competition – Concept framing

The following deliverables are required to qualify for the regional competition and semi-finalist qualifier:

  1. Registration form (including contact information)
  2. Idea Overview form (you can find more info under Innovator Resources

Phase 2: Semi-Finalist – Business case build up

Semi-finalist will receive mentor support to develop their ideas further. At the end of the mentorship phase, they will be required to submit:

  1. Business case framework document

Phase 3: Grand Final – Business case pitch

Due Dec 11th as a judge pre-read:

  1. Updated Business Case + MVP template
  2. Marketing Pamphlet (1 page, front and back)
  3. EIA journey blog submission
  4. A 2 min video pitch

During the Grand final event the 3 Finalist teams will need to deliver digitally in front of the judges:

  1. A 20 min live presentation (10 minutes presentation, 10 minutes for questions)
  2. The 2 min video pitch previously submitted

Post-Competition:

The winning team may be asked to meet in person or virtually with media representatives from Ericsson or other publications.

Judging overview

Three main criteria: desirability, feasibility and viability.

Feasibility

The degree to which a solution is possible to develop based on  skills, capabilities and scope.

An idea for a solution needs to be practically possible to develop. Can the idea be implemented in real life?

An idea should provide a basic overview of a possible implementation and if required technologies and competencies are available and affordable, or if not, when they are expected to become available and affordable.

Viability

The degree to which the commercial potential of a solution makes business sense for investors.

In order to be a viable innovation the solution must show potential to become a scalable and sustainable business for an investor.

This is impossible to know from start, which is why this criteria is weighted very low in the beginning and then get increased significance later in the process. Nevertheless, it is useful to have a ballpark sense about the potential size of your target market.

Desirability

The degree to which a solution is relevant by addressing the needs, objectives, and priorities of someone.

An effective way to do successful innovation is to have a user-centric approach from the beginning. Our most important evaluation criteria are about the potential relevance and impact of a proposed solution.

To ensure that your solution solves a problem that addresses a real need, you need to be specific about who the user is and how the solution solves a problem that contributes to addressing that user's need. We look at the potential scale of impact of a solution; if it is just an added feature or if it makes the cause of a problem to go away entirely.

Judging by phase

Phase 1 : Regional Competition – Idea Overview

  1. Understanding of the customer – identifying groups of potential customers
  2. Problem statement pointing towards a real existing challenge
  3. The solution describes the use of innovative technology
  4. Overview of potential market & business value

Phase 2: Semi-Finalist – Business case build up

In addition to criteria from previous phase, a developed business case including

  1. Customer: specific users explicitly expressed and/or observed need is verified
  2. Clearly stated and well described problem statement
  3. Solution/Innovation tackles something at its root cause and can solve an actual problem/global challenge
  4. Technology description
  5. Viability of the idea/innovation

Phase 3: Grand Final – Business case pitch

In addition to criteria from previous phase:

  1. Business case + MVP
  2. Marketing pamphlet
  3. Proposed 10 min pitch

View the Ericsson Innovation Awards Terms & Conditions