Having a great product idea can be exciting and scary in equal measures. But before investing time and money in any development it is a really good idea to conduct a feasibility study which will determine whether your project is do-able.
The prime purpose of the feasibility study is to establish whether the project will achieve the desired effect within the set budget and timeframe. All factors which are likely to have an impact on its success need to be taken into account such as economic, technical, legal and scheduling aspects.
Questions need to be asked and answered. Can the project be adequately funded? Do you have the technical resources to transform your project into reality or will you need to outsource? Will there be any legal considerations or conflicts that arise from the project? Can the expected goals be achieved within the specified deadlines?
To make the best use of a feasibility study, you should collect together all of the relevant information you have relating to the project. Each project will be different but the following should be considered:
- Costings and budget
- Material preferences
- Target market
- Anticipated life cycle of the product
- Aesthetics & Styling
- Pre-existing or problematic Intellectual Property (IP)
- Funding and investment
- Technological requirements
- Legal requirements and standards
- Ethical and recycling (plastics) considerations
- Milestones and deadlines
A picture paints a thousand words - visualising your product helps to communicate your idea quickly and effectively to interested parties, collaborators, stakeholders and users.
The number of images and the techniques used to communicate ideas will vary dependent on time, budget, intended use, and the complexity of the subject. Some which may be used are mood boards, hand-drawn sketches, shaded industrial design illustrations or 3D CGI renders but there are plenty more. Virtual reality being another as it is exciting and a great way to engage people.
If you’ve got an idea you want to take to market, we can help you with your feasibility study. Get in touch to discuss your project and begin the journey.