What are the best tools and methods for evaluating and selecting innovative ideas?

1 Criteria matrix

A criteria matrix is a simple tool that allows you to compare and rank different ideas based on a set of predefined criteria that reflect your goals, needs, and constraints. You can use a spreadsheet or a table to list your ideas in rows and your criteria in columns, and assign scores or weights to each cell. Then, you can calculate the total score for each idea and sort them from highest to lowest. This way, you can identify the ideas that meet your expectations and eliminate the ones that don't.

2 Dot voting

Dot voting is a quick and easy method that involves giving each team member a set of stickers or dots that they can use to vote for their favorite ideas. You can display your ideas on a wall or a board, and ask your team to place their dots on the ones they like the most. You can also use different colors or sizes of dots to indicate different levels of preference or importance. The ideas that receive the most dots are the ones that have the most support and potential.

3 SWOT analysis

SWOT analysis is a strategic tool that helps you analyze the strengths, weaknesses, opportunities, and threats of each idea. You can use a four-quadrant chart to organize your findings and visualize the pros and cons of each idea. This way, you can assess the internal and external factors that affect the feasibility and viability of each idea, and identify the ones that have the most advantages and the least risks.

4 Prototyping and testing

Prototyping and testing are essential methods for validating and improving your ideas before investing too much time and money in them. You can create low-fidelity prototypes, such as sketches, mockups, or models, that represent the key features and functions of your ideas, and test them with real or potential users, customers, or stakeholders. You can collect feedback and data on how well your prototypes meet the needs, preferences, and expectations of your target audience, and use them to refine or pivot your ideas.

5 Scoring model

A scoring model is a more advanced tool that allows you to assign numerical values to different aspects of your ideas, such as desirability, feasibility, viability, impact, novelty, alignment, etc. You can use a formula or a algorithm to calculate the overall score for each idea based on the weighted sum or average of the individual values. You can also use a graphical representation, such as a radar chart or a spider web diagram, to compare and contrast the different dimensions of your ideas. This way, you can quantify and rank your ideas based on multiple criteria and indicators.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?