The Innovation Radar is the European Commission’s data-driven method focused on the identification of high potential innovations and the key innovators behind them in EU-funded Research and Innovation projects. It is based on a methodology developed by the Joint Research Centre. The data gathered by this method is used to categorise EU-funded innovations in terms of market maturity and disruptive potential, based on indicator systems developed by the Joint Research Centre. It supports innovators by suggesting a range of targeted actions to assist them in fulfilling their potential in the market. Based on their maturity level there are four different classifications of Innovation Radar:
(1) Exploring – Innovations actively exploring value creation opportunities;
(2) Tech Ready – Progressing on technology development process (e.g. pilots, prototypes, demonstration)
(3) Business Ready – Putting concrete market-oriented ideas together (e.g. market studies, business plans, end-user engagement)
(4) Market Ready – Outperforming in innovation management and innovation readiness. Considered “Ready for market”
IOTA has been recognised as key innovator in the +CityxChange project to bring Distributed Ledger Technology (DLT) innovation in the Energy Trading Marketplace. This innovative solution is being developed within the project’s framework by our consortium partners, IOTA, Powel AS and ABB AS. It has been assessed by the JRC’s Market Creation Potential indicator framework as having a “Noteworthy” level of Market Creation Potential. Only innovations that are showing multiple signals of market creation potential are assigned a value under this indicator system.
Furthermore, our Bold City Vision Framework, developed by Trondheim Commune, has also been recognised as an important innovation across EU programmes in 2019.
Both solutions are in a Business Ready stage.