1. December 2009 1 The Quotec Assessment Tool  History 1980/90s - NEDC Innovation Toolkit 2004 - Small Business Service – Investigating an Innovative Idea/Assessing an Innovative idea Tool 50 innovation tools/practitioners Excel/VBA based tool Honed on Due diligence on technical investments Due diligence on business proposals/products Technology Strategy developments

2. December 2009 2 Project Plan Market Strategic Fit PeopleFinancesManagement Competition Environment Risk Key Elements of Assessment Plans Resources Externals

3. December 2009 3 Assessment Outputs  Red – stop and rethink: major problem area  Amber – don’t go yet: fix minor problems first  Green – OK to go

4. December 2009 4 Project Plan Market Strategic Fit People Finances Management Competition Environment Risk Project Plan  Ideal scenario: The project is clearly defined with milestones and review points.

5. December 2009 5 Project Plan  There is a clear, concise statement of the project which can be understood by customers and stakeholders.  The plan is costed, with timelines and milestones and deliverables.  There are review points, with options to change direction if needed.  The technologies and practices which will be developed have been compared with those used by other businesses such as competitors and/or partners. (competitor analysis)  Industry standards have been/are being utilised to ensure compliance. (regulatory compliance)

6. December 2009 6 Project Plan Market Strategic Fit People Finances Management Competition Environment Risk Market  Ideal scenario: The market has been thoroughly researched and is accessible.

7. December 2009 7 Market  A realistic market need for the proposed product/service has been quantified.  The unique benefits of the product/service have been defined.  Potential customers or end users have been consulted (directly or indirectly).  Overall trends in the chosen market are well understood.  Route to market is adequately researched and accessible.  The regulatory requirements of the market are understood.

8. December 2009 8 Project Plan Market Strategic Fit People Finances Management Competition Environment Risk Strategic Fit  Ideal scenario: The project provides a good fit with the strategy of the business and the business is clear how it will maximise its benefit from the project.

9. December 2009 9 Strategic Fit  The project provides an essential contribution to the strategy of the business.  The appropriate steps have been taken, or identified, to protect the business benefit (including IP protection).  Any dependence of the project on other work currently underway in the business or its partner organisations has been identified and appropriately addressed in the risk assessment.  The new project will provide synergistic benefits with existing business.  Alternative options for investment have been assessed.

10. December 2009 10 Project Plan Market Strategic Fit People Finances Management Competition Environment Risk Human Resources  Ideal scenario: The human resources are in place and their skills are adequate/appropriate for the project.

11. December 2009 11 Human Resources  The skills needed have been defined.  The people with the required skills are in place or are earmarked and accessible.  The people who will work on the project have adequate time scheduled to deliver their required contribution.  Senior management is involved and fully behind the project (and is seen to be so), with the necessary skills for the role.  A project manager with the required experience is in place.

12. December 2009 12 Project Plan Market Strategic Fit People Finances Management Competition Environment Risk Financial Resources  Ideal scenario: The business is financially sound and will be able to complete the project and its subsequent commercialisation without undue adverse impact on current income streams.

13. December 2009 13 Financial Resources  The business is financially sound.  The finance available is adequate for the project (including any new equipment which is required).  Necessary contingencies have been allowed for.  Adequate allowance has been made for any adverse impact on income in existing operations.  The necessary resources for commercialisation are in place (or there is a clear and credible strategy for obtaining them).

14. December 2009 14 Project Plan Market Strategic Fit People Finances Management Competition Environment Risk Project Management  Ideal scenario: There is credible project management in place, which includes appropriate allowance for the complexity of the business.

15. December 2009 15 Project Management  A project manager is in place.  There is a business/project/marketing plan with strategic goals.  The management structure is commensurate with the size and complexity of the business/project.  Any partnerships/strategic alliances needed are identified.  The level of complexity of the work is clearly understood.  Appropriate steps to deal with complexity have been included in the business plan.

16. December 2009 16 Project Plan Market Strategic Fit People Finances Management Competition Environment Risk Competitive Position  Ideal scenario: Business and project are in a well understood and protected segment of market, able to withstand competitors' response.

17. December 2009 17 Competitive Position  The existing competition is well understood.  The business has thought about their competitors' responses to the new product/service and has taken the appropriate steps.  Potential new competitors have been identified.  The business has thought about all forms of intellectual property protection and established an appropriate plan for intellectual property arising from the project.

18. December 2009 18 Project Plan Market Strategic Fit People Finances Management Competition Environment Risk Environment  Ideal scenario: The project will have a positive impact on the wider business environment.

19. December 2009 19 Business Environment  Impact on the physical environment has been assessed.  Social impact has been assessed.  Fit with regional/national and international priorities for action (and funding) has been assessed.  Legal and political aspects have been considered.

20. December 2009 20 Project Plan Market Strategic Fit People Finances Management Competition Environment Risk  Ideal scenario: The risks and rewards have been carefully assessed and the business is comfortable with the levels of risk.

21. December 2009 21 Risk  Risks have been assessed and are understood.  Strategies for minimising the risks are in place.  The benefits are clear and justify the investment.  The return on investment exceeds other possible risk weighted investments.  Key stakeholders understand the risks and are comfortable with them.  The size of the risk in relation to the overall business is known.

22. December 2009 22 Typical Tool Output