Preparing a Proof of Concept Strategy

The proof of concept stage requires that you develop and test your assumptions about the project.  The four  fundamental tests are:

  1. Is there a market for this product?
  2. Is the project technically feasible?
  3. Is the project economically sound?
  4. Is it financially feasible?

In order to answer these questions you will have to complete a comprehensive market analysis, detail the technical requirements and IP issues, and develop the production plan. You will establish the economic criteria and develop a full financial plan which establishes the profitability expectations and cash flow requirements, and then decide whether the project is able to meet these requirements.

If the answer to all four questions is "Yes" then appropriate IP protection strategies should be implemented. If patents are to be used then a patent agent should be retained, the patent searches completed, and the patent application(s) filed.

If the product concept fails any one of these four tests then the project should be abandoned.