Assessing the Feasibility of New Ideas by Smart Idea Store

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There can be huge costs and timelines in proving new ideas and developing innovative commercial products.  It is essential to assess the feasibility early to select the best ideas.

 

Introduction

Once you have initially evaluated the patentability and market potential favorably, a more detailed evaluation is required before commencing on a project to develop the technology and commercialise the resultant products.  This document is designed to provide a guide to assist you in preparing questionnaires and getting feedback on the technical issues of mass producing your idea, such as:

There will also be commercial considerations that are part of a feasibility study, including:

The detail and information that you pass on to those you are consulting with depends on whether there is a confidentiality agreement in place.  If there is no such agreement, then you cannot disclose any novel aspect of your invention as this would be a public disclosure and prevent you from patenting the idea.  However, you can still discuss the improvements without giving specifics.

 

An additional potential benefit from gathering opinion is that you may identify commercial and technical experts who want to be involved in further stages of the innovation development and commercialisation and not just the evaluation process.

 

There are three sections covering:

  1. Identifying the Critical Questions
  2. Determining Which Experts to Approach
  3. Assessing the Feasibility Feedback

 

This step is best performed by you as it is your idea and you know the outstanding questions about the technical feasibility and the commercial viability that you have not yet answered.

 

Completing the feasibility study will help you determine whether it is worthwhile starting a project to develop and/or commercialise new technology resulting from your original idea.

 

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