Indian Journal of Science and Technology

Abstract

Background/Objectives: The main goal of the research is development of methodology of criterial assessment of idea management efficiency and development of innovation at an early stage of innovative process as the basis for creating an instrument of information support for idea management and innovation development ensuring economy modernization and enhancing competitiveness among the Russian Federation subjects in the context of higher education institutions. Methods/Statistical analysis: To evaluate individual indicators of efficiency, we used rating method which is in full compliance with IREG principles, the mathematic model of which was approbated earlier when evaluating efficiency of educational institutions in Tambov region and the method of expert survey. To assess the costs we applied the method of substitution, replacement cost method, and initial cost method. To detect expected revenues from intellectual property we used the method of Discounted Cash Flow (DCF), direct capitalization method and residual revenue method. Findings: The results of our study on the base of screening models and innovation rating allowed us identify performing algorithms and criterial instruments providing the process of evaluating idea and innovation effectiveness at all stages of innovative activity: from idea generating to their commercialization and building a developed business with a high level of financial stability. Methodical and consulting support for introducing the system of informative support and innovation management with regard to industry features of each Russian Federation subject is the area for further application of the results of the study. Applications/Improvements: The results of the study will be used at the further stages of the project “Development of the instrument providing informative support for idea management and innovation development leading to economy modernization and competitiveness raise among the Russian Federation subjects within higher education institutions” as methodological and technologic foundation for designing informative system and its further testing in Russian higher education institutions.
Keywords: Commercialization of Intellectual Activity Results, Fundamental Research Potential, Innovations in Higher Education Institutions, Idea Management, Innovation Development