A Quick Quiz: Do you have what it takes to realize the potential of a new innovation or IP asset?

By Mary Adams

We had a really fun opportunity offered to us late last year. It came from an unexpected source but we were thrilled to do it.

The opportunity was to build a “QuickScan” for business professionals to analyze the strength of a business opportunity. The request came from the folks at Transfer Pricing Associates, a global practice based in the Netherlands. They wanted to include this tool on their new site, IPR Plaza (worth checking out, it’s a great site)

Their offer was unexpected because most people dealing with intellectual property rights (IPR) have a very IP-centric view of business. So we were thrilled to work with people that understand the need to plan, build and monetize IP with a more holistic view.

We came up with a simple set of 20 questions that go a long way to framing a business opportunity for any organization with a new piece of IP (including any new idea, technology or innovation) that they want to commercialize. The questions are grouped in four categories:

• Human Capital: Do your management and employees have the competencies and knowledge needed to successfully exploit and continue to renew this IP?
• Structural Capital: Do you have the processes needed to support the production, marketing and sale of this IP?
• Relationship Capital: Do you have the right networks to get access to target customers and partners? Is this IP a good fit with your existing brand?
• Strategic Capital: Is there a good market opportunity for this IP and do you have a business model in place to take advantage of this opportunity?

We hope that, collectively, these questions are a quick way to frame the question:

Do you have what it takes to realize the potential of a new innovation or IP asset?

So do you have what it takes? You can take the assessment here.  The link to get started is on the lef-hand side of the page. After you’re done, you’ll get a custom report with a graphic that hopefully shows better balance than the one shown here.

And if you have a colleague that might benefit from this assessment please share this with them!

[This post originally appeared at: i-capitaladvisors.com.]