“If I develop ideas for new products and features, then I should be able to make some money from it, but I don’t know how to convert ideas to solutions, nor distribute those solutions so that they are profitable.”
Some types of information assets are more readily turned into cash than others. When information assets are close to being turned into cash, it's easy enough to recognize it as the intellectual capital of a firm or person. As information moves further and further away from liquidity, it may become harder and harder to recognize it as intellectual property, or an information asset.
In the diagram above, having a complete launch plan, with a set of developed requirements, a release roadmap, a business plan containing a market analysis, the set of problem statements you intend to address, and supporting market evidence, would be worth more than just a single piece of undeveloped market evidence. Under normal conditions this is correct.
The diagram illustrates 7 processes (illustrated as gears) and 7 repositories (cones) or ‘Warehouses’ filled with information assets. One asset is ‘consumed’ or purchased and taken off the market to produce another. These cones together represent the innovation portfolio of the firm or individual, and has real value. One responsibility of Portfolio Management is to maximize the value of this portfolio of innovation assets. Collectively, these warehouses of innovation assets are referred to as the Seven Pillars of Innovation Assets.
The seven types of assets are produced by the activities of each of the Seven Pillars respectively. The asset is a work product of that pillar's process, and is the primary business purposes of that process. The Market Sensing Pillar collects data to produce market evidence. It is typically listed first, or on the far left, because this activity and its corresponding asset, is the furthest from liquidity.
In practice, each of these processes run independently of each other, and there is no head or tail. Individuals start where they have resources to develop other assets. After a launch, you certainly want to do market sensing to determine the success of the past launch.
Now, the warehouses containing your innovation assets are called Vaults within GrandView. The innovation assets within these Vaults are valuable to you and others. If someone desires an asset that you put up to be sold, they pay you for the asset, and the asset is transferred from your vault to theirs.
Whenever a product is sold, any asset linked to it receives a portion of the sale. Some people receive revenue for selling assets, and others from taking the product to market. Just how to create competitive innovation assets are taught in the e-Learning courses.