Feasibility Assessment
What is “Feasibility”?
Sometimes an ambiguous term, this principle can mean different things to different people. Individuals also have different requirements for what they need to achieve in order to start, or move forward, a project. Usually, at minimum, there is technical AND market feasibility (see next page for more).
Many times people will view an MVP (minimal viable product) as a deliverable for feasibility – this prototype can be a combination of accomplishing any technical unknowns, being a conduit for early user feedback, or acting as a ‘show-and-tell’ for early investors. For prototyping at this point, the biggest question an inventor should ask his/herself is: “What is the bare minimum I need to have working so that I feel comfortable investing significant time and finances”?
What is the Concept Phase?
The transition between “research” and “development” occurs during this phase. At this time, it is recognized a clear direction for the product exists. The product development process has started, and this phase ends with a ‘concept freeze’. The prototype at this point still may not have all the ‘bells and whistles’ or all sizes/variants.
Thus, even once locking down the concept, the product is not quite ready. There are usually many details and refinements that must be worked out before making ‘production-equivalent’ prototypes to be used for testing in preparation of a regulatory submission. This phase sets up the Development Phase.
Establishing Feasibility
One of the most common questions that is asked early by product developers is whether or not their idea can be designed. Will it work as intended? Will it be too big? Strong enough? A thorough feasibility assessment will also address aspects in addition to design. As a way to mitigate risk and watch cost initially, Kapstone offers a Feasibility Assessment including any or all of the following:
- Product Engineering – Are the concept’s technical features appropriate for the anatomy/physiology? Are there any risks from a technical standpoint with designing and sourcing the components?
- Manufacturability – Where can the device be sourced and customized (if desired)? What would a supply chain look like for this device?
- Regulatory – Are there special regulatory considerations? Quality considerations?
- Market Research – Is there a market for the device? How large is the market and what are the market drivers? Are there strategic buyers? What does the competitive landscape look like?
- Financials – What does a financial model look like as the product is scaled? Cost of goods? Potential revenue? Cash required to ramp up?
- Intellectual Property – Based on the previous search results, what are the areas to stay clear of? Are there areas open for protection?
This question-and-answer process is known as evaluation of an idea’s feasibility, and it involves reviewing and addressing the most pressing risks associated with the product.
When properly planned and executed with an experienced team, a feasibility assessment should motivate you to continue with a higher level of confidence in your idea.
For more details about a custom Kapstone approach for addressing feasibility, contact the team today.
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