Multiple skills are required to evaluate innovations. If you are a business manager or an investor, find a partner or key manager with for the qualifications and understanding of technology involved.
For example, I combine my technical, engineering, business startup, and international experience with investors who have local, direct knowledge of the proposed innovators. In China and Singapore, for example, local investors and technical persons have provided vital knowledge and understanding of Asian opportunities we have evaluated. This combination increases the probability of success into angel investing and venture capital.
The necessary tasks include the following:
Investigate each potential investment, interview key technologists and managers, evaluate management skills, validity of the technology, consider if the technology is defensible against competition, consider the benefits of the invention, software or technology, evaluate the potential for sales growth, competition, financial forecasts. Evaluate international considerations such as effective international management, customers in other countries, intellectual property, foreign governments, cultural biases, and risks.
When required, reorganize a struggling enterprise into a successful company.
Develop business plans, evolving company schedules, budgets, mitigate risks, implement control systems, and objective reporting.
Start-up enterprise development, identify and explain: unknowns, financial analysis, risks, problems, and create solutions. Apply extensive, practical project experience to new technology, new innovators, new managers, and a new enterprise. This process is completely different than routine annual budgets by accountants and financial persons.
Review, research and explain complex new technologies to investors, bankers, lawyers and accountants.