are your product ideas feasible?

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

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

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?

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.

20 thoughts on “Is Your New Product Development Idea Realistic And Technically Feasible? And Commercially Viable?”

  1. 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.

  2. 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.

  3. 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!

  4. 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.

  5. 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 .

  6. 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.

  7. 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.

  8. 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.

  9. 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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