Criteria for Evaluating Innovative Solutions

If you are trying to evaluate an investment in a new Web 2.0 solution for your business you might consider using the list below to guide your decision making process.

Peter Drucker's book Innovation and Entrepreneurship really does a great job of distilling criteria for any new venture or business idea you are considering but it also does a great job of helping you evaluate any technology solution you are considering implementing within your business.  The following ideas represent solid ways to evaluate whether or not a solution will help your business meet its needs:

1. It creates new utility for you the customer

2. Price is related to the value not the cost to produce

3. The product/service responds to your unmet realities/needs or problems

4. Delivers attributes not products

5. Reasonable speed to market is possible (How long will it take to implement?)

6. Simple and focused- does one thing, satisfies one need

7. Obtains a leadership position in the market or niche quickly (Important that the company is built to last so that you can count on solid customer service and a long term relationship with the vendor.)

8. Not too clever for market or too far ahead of market

9. Consistent with your organization's strengths, customer focused and not too diverse.  (Bottom line: Does the vendor's solution enable you to improve your business and productivity and care enough to be there for you when something isn't working with the technology and help you fix it?)