Help with your bright ideas

People in business often have bright ideas about new or improved products, services or processes. Generating ideas and being innovative are important contributors to business success. Research has shown that innovation, when properly managed, can produce a higher rate of return than many other forms of investment. The NSW Government is committed to advancing innovation and provides assistance and services to promote the adoption of innovation in business.

What qualifies as an innovation?

Any original concept, new or improved device, product, material, business process or service falls within the definition of innovation and will be considered for assistance at NSW Innovation Advisory Services.

Why evaluate or assess an innovation?

Only a very small number of innovations end up making money in the marketplace. Many factors can contribute to this low success rate, such as:

·         the innovation is not technically feasible;

·         there is little demand for the innovation;

·         the development of the innovation has been poorly planned;

·         it is unable to be produced at competitive prices;

·         inadequate knowledge of the marketplace and competitors;

·         inadequate management skill to commercialise the innovation.

All these factors can be addressed by looking ahead and by getting good advice. If you have a new idea, or a new product that you think may be marketable, the Innovation Advisory Service can help.

                                        Innovation Advisory Services

There are a range of services to help you make your idea more marketable and profitable. Services include:

The Innovation Advisory Service is your first step along the path to successful commercialisation. It will help you begin your planning with advice and self-assessment.

The assessment/evaluation process

The Innovation Advisory Service will assist you with an objective assessment/evaluation of your innovation to determine its chances of success. Innovation Advisory Services available include:

Self-assessment analysis (free service)

Access to a specially-designed computer program which asks you 32 pertinent questions regarding your innovation. A confidential print-out of the questionnaire will assist you with further research required.

 
Business advice and referral (free service)

Practical advice and referral on how to proceed with further development of your innovation. You may be referred to a technical assessor (see below), or a Department of State and Regional Development Business Development Manager, or to other organisations or individuals that can help you to commercialise your innovation.

 
Technical and/or commercial assessment (subsidised service)

A technical and/or commercial assessment can be conducted to answer the question, "Does the innovation work?" The assessment is offered at a subsidised cost to NSW innovators and consists of an initial consultation, analysis and written report. These assessments include:

·         Security status of intellectual property;

·         Technical aspects and manufacturing processes;

·         Potential applications and markets;

·         Competing products and technologies;

·         Business arrangements;

·         Other relevant issues.

Innovation market review (subsidised service)

An innovation market review takes analysis one step further from the technical/commercial assessment. The review provides a preliminary evaluation of the market with quantitative information regarding potential competitors, demand, licensees and market size.

Confidentiality

The information you provide is confidential.

Visit the Hunter Innovation Advisory Service Innovation Gallery to see some New South Wales innovators to receive help developing their bright ideas.