Selected aspects of the valuation of innovative undertakings

The paper presents a review of selected approaches and methods of the valuation of innovative undertakings useful for effective innovation management. These methods are based on the concept of the so called staged valuation process. The method of valuating outcomes of an innovative project within a commercial enterprise is presented within the framework of economic assessment of an innovative project. The duration of the competitive advantage achieved due to the implementation of innovations in a company can be one of the methods of measuring gains from innovation. This indicator can be widely applied both for a leader that leaves the competition behind due to the effect of an innovative project and for a company that reduces the distance separating it from the leader.