Decisions about the further development or termination of innovation fields (IF) have a high relevance for companies. However, due to a lack of information in the front end of innovation (FEI) as well as missing evaluation methods and criteria, selection decisions are often based on personal “gut feeling”. By identifying 24 indicators, which have a relevant influence on the business potential of IFs, the authors present a methodology to evaluate and determine the business potential of IFs in the FEI. This potential is determined by the newly developed Innovation Field Impact Factor (IFIF) combined with a Certainty Factor and depicted in a heat map. The heat map enables the identification of strengths and weaknesses in each IF as well as a comparison of the business potential of different IFs. After developing the methodology, its viability was verified using the example of eleven IFs at a specialty chemicals company. The presented methodology is an interesting approach for companies to develop their own specific indicators for the evaluation and selection of innovation projects and IFs in the FEI.