Screening your idea
NOT done often enough, but it is super critical to assess whether your idea for a new product, new service or new technology actually works, can be protected and has potential customers.
Here we assist you to screen in-depth the commercial feasibility of a clearly articulated innovation by carrying out some or all of the following key activities depending on what has already been done:1. Technical assessment of functionality, advantages and benefits.
2. Value chain assessment of where potential value & margins are.
3. Cost to build or set-up and price to sell assessment.
4. Competitor research of existing products and services.
5. Unique intellectual property (IP) is assessed for prior existence.
6. IP is assessed for what should be protected & how best to do this.
7. Customer survey to assess potential customer's thoughts.
8. Market research to assess market environment and conditions.
9. Operational requirements assessed for what is needed.
10. Financial modelling to assess varying forecasted cash flows.
A detailed report on what was assessed and found is provided. Often through this rigorous screening process we can find the 'fatal flaw' that renders the idea unworkable in its current form. When this occurs, we can generally over-come such flaws 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.
Our fee for this process will depend on how much you have done so far. Please don’t become part of the business failure statistics maintained by the ABS, contact us now on 1300 273 824 for your professional and confidential screening.