Home  Journals  Economic Analysis: Theory and Practice  21(420) - 2015 June

Analysis of methods to assess the innovative capacity of an invention

Vol. 14, Iss. 21, JUNE 2015

Article PDF Version

Available online: 11 June 2015

Subject Heading: SCHOLAR DISPUTE

JEL Classification: 

Pages: 55-67

Importance Under the transition to creative economy, innovation becomes a major factor of economic development. Therefore, it is crucial to choose perspective inventions both from technological and economical points of view. In this context, methods for assessment of innovative potential of inventions become particularly important.
     Objectives The objective of the research is to select the most optimal and universal technique from those currently available to assess the innovative potential of inventions. The task was to analyze expert, quantitative and complex methods of assessment, to figure out their merits and demerits, and to evaluate the possibility of their practical application.
     Methods The methodological basis of the research is the study of the latest economic literature and the use of structural analysis.
     Results I studied and analyzed the most common methods for assessing the innovative capacity of inventions. The analysis failed to reveal an optimal and universal technique. Moreover, I established that at present the scientific community does not have a uniform understanding of the concept of innovative (economic) capacity. Therefore, I present a logical flowchart of the innovative capacity concept.
     Conclusions and Relevance The study shows that today there is no optimal and universal methodology to assess the innovative potential of inventions. The reason for this is disagreements of scientists over the definition of the essence of fundamental concepts of the innovation theory. To fill up the gap, it is necessary to attract the attention of relevant researchers to the lack of universal techniques for assessing the innovative capacity of inventions and a clear definition of the economic substance of the fundamental concepts of the innovation theory, which would be perfectly appropriate for the majority of the academic community.

Keywords: innovation, invention, innovative product, innovative capacity, economic strength, potential, assessment methods

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