The European Commission's Framework Programme constitutes an important share in R&D expenditures in Europe. A number of FP7 projects certainly produce cutting-edge technologies and a significant percentage of these technologies could be commercialized. However, there is a general feeling that not all these technologies and innovations with commercial potential reach the market. The question is why? The Innovation Radar (IR) is a support initiative that focuses on the identification of high-potential innovations in the ICT FP7, CIP and H2020 projects and the key organization in delivering these innovations to the market. The current report documents the details of the IR methodology and the results of its first application. The results of the pilot exercise show that ICT FP7 projects deliver a substantial number of innovations. On average, there are nearly two new or substantially improved products or services developed within each ICT FP7 project. However, further nurturing is needed to bring them to the market and exploit their commercial potential.