Dear Tanseem,
The idea of your project could be evaluated based on its originality, feasibility and applicability. In other words, you may ask yourself whether may research question is original. Nobody has done it before. Also, is clear and can be done in my research laboratory? You can discuss your idea with your supervisor and your close friends from your field. But, my advice, if you are working on a Master's Thesis, please keep feasible. This is because,at this stage, you are not supposed to be highly innovative. It is a way to learn the scientific research method, laboratory techniques and academic writing. So, please be plausible! good luck.
One way to measure the level of innovation (at firm level) is by the number of patents applied for/granted. You might also look at R&D spend, number of active projects, or ideas generated per number of employees. It depends what your research question is.
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