Feasibility Assessment is about our experienced and qualified commercialisation specialists working with you to provide thorough independent, unbiased and objective research and assessment in the following vital aspects relating to your innovation or new venture to screen whether it has enough commercial merit to move forward or not to market. We spend as much time as needed in researching your innovation or new venture beforehand, then organise a time with you and your colleagues to facilitate a lively interactive process going over the results of this research and the following areas that typically runs for over 60 minutes:
- Technical assessment (if needed) to whether your idea will work;
- Value chain assessment of where potential value and margins are;
- Costs to build or set-up;
- Price to sell, i.e. what is your selling price within Australia and internationally?
- Competitor and substitute research, i.e. who is or could sell your idea or something similar?
- Intellectual property (IP), what have you got, can it be protected?
- Market research to assess which markets are available if any;
- Operational requirements assessed for what is needed to get your idea to identified markets;
- Business and financial modelling to assess varying forecasted financial scenarios, DCF and NPV; and
- Commercial viability, i.e. in light of the above is your idea feasible? Refer to our iNNOVATiON flow chart.
Often through this rigorous screening process we can find the ‘fatal flaw’ that renders an idea unworkable in its current form, which we can generally be overcome by altering the original idea. This process is vitally important in identifying and minimising risk and increasing the commercial probability for a product or business idea, where the results are generally met with “oh, I’m glad we did this” or “this is exceptional feedback”.
The key outcome of this independent screening process where we are not caught up in your thinking, is that you become clearer on what you have developed so far, what may still need to be done and where you need to go. You gain confirmation, validation and confidence in where you are at currently and whether you should progress further to market or not.