A formal feasibility analysis opens doors and opportunities, saves money and reduces risk. Yet it is often passed over or neglected in new product development.
For highly complex ideas and expensive high budget concepts a formal feasibility study can be the most important and most valuable analysis to start with.
Feasibility answers big business questions:
Is it worth moving forward?
Will it actually work and do what we want/wish?
Is IP protection a possibility?
Can a particular unit cost be achievable?
Will the market want and accept this product?
Here are the 5 top study areas:
Technical Feasibility (Can it work, perform and do what you say/want?)
Cost Feasibility (Will the unit cost be reasonable and have good margins?)
Investment Feasibility (Is the overall investment reasonable and affordable?)
Market Feasibility (is it large, is it competitive, is there demand, is it costly?)
Time Feasibility (Are the development and production timeframes reasonable/acceptable?)
Here are some other feasibility areas:
- Size feasibility
- Weight feasibility
- Durability Feasibility
- Longevity/Relability Feasibility
- Compliance and Registration Feasibility
Feasibility Studies are usually conducted by experienced mechanical and electronic engineers. They must be 100% objective with the client’s best interests in mind. Typically, the analysis and findings are based on expert opinions, backed by secondary research, information and deep experience
And what are the levels of feasibility?
- Highly Feasible
- Generally Feasible
- Less than Feasible
- Not Feasible
Parts of a formal analysis can have different levels of feasibility, which helps focus the next steps. Certainly, if the report is mostly feasible or mostly not feasible, pathways are clearer, and busness decisions are easier.
These studies are often super helpful, and eye-opening first steps before design and engineering starts. It informs clients of the realities of their product, and helps them understand costs and time frames for product development work going forward. Additionally, they are excellent tools and foundations that will help in the engineering and product prototyping steps of development.
IDP has conducted dozens of feasibility studies that have saved clients time and money by highlighting the realities of their product idea, and can often times help the inventor redefine some of their product’s requirements and goals to be more successful as well as make better investment decisions.