This paper proposes a method that could be of use to developers when considering designs improvements, or to investors considering a range of opportunities. The methodology shows how improvements to designs can be developed using systematic problem solving tools and the Theory of Inventive Thinking (TRIZ). The methodology is demonstrated in this study, using high level functional requirements for a wave energy converter, and a range of commonly used design metrics. The simple example uses baseline data from published developers, and results are calculated, using Monte Carlo analysis, to show potential scenarios that would offer an overall improvement. In this case, the mass, level of control, and load variation are shown to be the parameters with the greatest impact on the overall design score, and are used as initial examples to apply the TRIZ tools.