Need to assess the technical and commercial feasibility of your innovation?
Are you an SME with a ground-breaking concept, but unsure of its commercial potential? Do you have a platform technology and need to identify new and marketable applications to boost the growth of your company? An initial business plan that needs further elaboration? If so, a feasibility study is key to obtaining these answers!
What is a feasibility study?
Feasibility studies assess the viability of an idea, a technology or a new business. The goal is to map all relevant aspects related to the development of your idea and determine if, after considering all significant factors, the business idea is commercially attractive. Feasibility studies elaborate on the business strategy, potential obstacles, market, competition and the investments needed to bring your innovation to the market. A feasibility study takes a close look at the technical feasibility, market feasibilityand commercial feasibility of your innovation.
This could involve key experiments to determine the technological feasibility of your innovation.
You want to establish a clear idea of the market in which your business will operate and you want to understand the commercial value of your innovation. This includes understanding:
- the demand for your products or services;
- the type of customers and their demands; the number of potential customers; the value proposition of your innovation for your customers; who your competitors are;
- your competitors’ main strengths and weaknesses;
- your unique selling points;
- what the potential barriers to market entry are and how to overcome those.
Once you have determined that there is a market for your innovation, you need to consider the financial requirements to make it viable. Commercial feasibility typically covers:
- the amount of investment you require to bring your innovation to the market;
- your approach to secure the required investments;
- your commercialization strategy and your revenue model.
Other things to consider include understanding the regulatory requirements you need to satisfy, your intellectual property status and whether you have freedom to operate.
Outcomes of a feasibility study
By the end of your feasibility study, you have a clear understanding of the business opportunity for your innovation and the strategy that you need to pursue to make your business successful. You will also know the resources needed to implement it and the risks involved.
Funding to conduct a feasibility study for your company
Did you know that the European Commission provides funding to conduct a feasibility study? You can receive funding to undertake a feasibility study by applying for an SME instruments Phase I grant. It is open for innovators with ground-breaking concepts that could shape new or disrupt existing markets. If awarded, a Phase 1 grant helps you to determine the feasibility of a ground-breaking, innovative idea and develop it into a credible business plan. Projects will receive a lump sum of €50,000 and last for around 6 months. Or you may choose to fund these activities yourself.
Ask for support
Catalyze can help you with your feasibility study and with your SME instruments Phase I application as well. Please contact us to learn how we can help you and your business.