Is Your New Product Development Idea Realistic And Technically Feasible? And Commercially Viable?

are your product ideas feasible?

So often new product ideas can be wild. Wild and maybe unrealistic. Feasibility studies help to stop the dreamers wasting money on ideas that may not ever be feasible. They can also reveal some extraordinary new opportunities.

Feasibility studies basically help you to understand whether an idea, plan or product is feasible and likely to be a success. This includes considering factors such as whether it can be technically done, if it will cost more to make than the profits that can be made, as well as whether it’s worth the time and effort.

When should I do a feasibility study?

As soon as you’ve come up with your idea or product, jump right in. Weigh up both the negatives and the positives and assess how each one is likely to affect the overall outcome and success of your project. It’s important to be systematic and not too biased, which is why having an independent party give you a hand can be so valuable.

Why is a feasibility study so important?

are your product ideas feasible?It’s easy to get carried away when you have your mind set on something. Although your idea might seem amazing, you need to really figure out whether it will translate well into the real world. If you invest time and money into your idea before investing in finding out whether it is actually feasible, you could lose a lot of precious hard work.

How to go about carrying out a feasibility study

Here at Innovolo, we’ve devised a smart Innovolation Framework for new product development (NPD), and a feasibility study is the very first step. But what are the steps of a feasibility study?

  1. Conduct an initial review
  2. Assess where your product fits in with the current market
  3. Do some basic research to get an idea of what’s out there
  4. Take a look at potential competitors, what’s their activity like? How are they marketing themselves and are they being successful?
  5. Determine an expected return on investment, which may be an estimated range

If you do decide to choose us for your feasibility study needs, you’ll receive a detailed analysis of your project.  This includes an executive summary, technology and marketing suggestions, as well as a schedule complete with financial projections.

Most importantly, you’ll have a breakdown of all our findings as well as our professional recommendation on whether or not we think you should proceed with your idea. After reading our report, you may decide to tweak your plans or go full steam ahead, the choice is yours.

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This is a very hands on service for ideas and new product development. I agree, that having a impartial third party gives you an outsider’s perspective and that feasibility is a key factor in whether or not you should pursue a project. Having a detailed analysis from marketing professionals is a great way to improve your innovation and see where it fits in today’s social climate.

Maybe some of the new product ideas are just too silly, because they sound unrealistic. But it is true that with a feasibility study later you will be able to filter out these ideas which are more realistic to be developed into a new business opportunity.

Despite the article being short, it was compacted with a lot of information. This has helped me get out of my negative mindset when it comes to myths of innovation. Thank you for the article!

This is an awesome service for great ideas and product design. Having a third party is an essential aspect of whether or not you can pursue a project.

Well, I would definitely think running a feasibility study on new product ideas is one of the mandatory requirements before starting a business. Interestingly, Innovolo can provide the need for a feasibility study to find out whether these ideas can work as expected or stop halfway.

Last edited 13 days ago by David Tjoe

I can see why a feasability study is necessary for product development because it’s the best way to take wise desition instead of investing money in an idea that could not be the indicated .

Discarting the fear and myths of innovation, choosing the right idea for a product or service is a serious processs and it needs a feasibility study. Other way companies would lost alot of money and time if the idea doesn’t work as expected.

People are always on the hard of questions that how to make money from my idea is so difficult. I tell them I have ideals for businesses and how to prioritise the ideas in my business should be the major thinks. I love this writeup for its cool content. Thanks for this good Post.

As good as an innovation may sound, without a proper feasibility study it may be bound for failure. The importance of a feasibility study really can’t be overstated.

I think a feasibility study should be part and parcel of new product development. It is integral to the success of a project.

A proper feasibility study can also help with product design. The design can be modified depending on what the feasibility study reveals.

A product development solution is never complete without a feasibility study. An idea may sound good on paper but it may not be practical in the real world.

A lot of mistakes can be made if a company chooses to go into physical product development without doing a feasibility study. This underpins the importance of a feasibility study.

I like the notion of delegating the work of feasibility studies to a third party. It helps prevent biases and also promotes healthy idea generation.

Feasibility studies really ought to be considered whenever looking to create ideas. They help us come up with ideas that can actually work.

All successful new product ideas have a solid feasibility study to back them up. An idea without a feasibility study is as good as dead.

Idea commercialisation can only be realized once a proper feasibility study is done. I much prefer to outsource the feasibility study.

The feasibility study services offered by Innovolo go a long way in promoting innovation in Cornwall. Thank you for being industry leaders in innovation.

A feasibility study should be a requisite for any new product development in the UK. As a matter of fact it should be required by law.

Problem solution is quite hard if companies do not make feasibility studies that will gauge if their current ideas would be successful or will go bust in the long run. Indeed, companies should not make rash decisions just because every other company is doing it.

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