In a dynamic and complex economic environment, innovations are the dicisive source of growth, of the generation of value and thus of the sustainable protection of a business. On the other hand, the transformation of promising ideas into succesful innovations is a time and cost intensive task, one which is characterized by a high degree of uncertainty and risk. In this context, this dissertation takes as its objective the evaluation at an early stage of an innovation project so that in this way a selection of projects which promise the greatest success can be assured and so that a companyÂs limited resources can be assigned to such projects. In order to achieve a comprehensive view of the effects of the innovation the projects are assessed in terms of qualitative and quantitative evaluation criteria as well as on a kapital teorie based and on a realoptions theorie based approach. A certain minimum level of quantifiable information is essential to evaluate and make decisions on the discontinuation or continued realisation of an innovation project. This dissertation discusses the use of an aggregated risk simulation as a tool for evaluating innovation projects. By this means an earlier quantification of qualitative information can be achieved and in this way the decision-making time can be shortened and the decision-making uncertainty reduced. By employing the tool of the aggregated risk innovation simulation, the innovative enterprise has the advantage on the one hand of a strategic time advantage, which can be translated into corresponding competitive advantage. On the other hand, as a result of the improved quality of decision-making, innovation projects which would ultimately prove unsuccesful can be recognized earlier an discontinued, which means that company resources can be deployed economically. As a consequence of this optimisation of the use of resources, a larger number of innovative ideas can be realised, as a result of which the overall probability of successful innovation is increased and the businessÂs competitive advantage can be extended.