The Wave Systematic Process and Analysis for Reaching Commercialization (WaveSPARC) project aims to deliver "seed concepte of high-confidence and highperformance in wave energy conversion. The intention is that these seed concepts will subsequently undergo industrial development to full commercial application and economic viability. The activities in the WaveSPARC project include Invention, assessment, identification, verification and validation of novel and high technoeconomic-potential WEC technology concepts. The WaveSPARC project has via Structured Innovation derived several new ideas for WEC concepts. The concepts have been evaluated using a TPL assessment methodology developed as part of the project. At this stage several new ideas for WEC concepts have been derived. When the concept development has reached the desired high TPL score models will be build and tested in model scale. This paper provides a critical review of the Innovation process used. The initial approach includes a specification of requirements for the WEC, selection of critical sub functions and then using the inventive technique TRIZ to find new and innovative sub function solutions combined into a new WEC designs.