You can save yourself considerable time and money by exploring ideas in depth before you commit resources to research and development (R&D).
It is easy to get carried away with new and exciting ideas and plough money into projects that have no realistic chance of success. Before investing in products, take a step back and review what is achievable and financially viable.
Ask yourself if:
- the product or service fills a market gap or need
- it fits with your current offerings or business strategy
- the product is technically feasible or you will require additional expertise or technology
- the product is unique or will it face competition from rivals
Your market research and industry knowledge can answer some of these questions. However, you may need additional expertise or further technical, market or product information to help you assess new ideas.
Read about screening new product or service ideas.
Check what advice and funding might be available to you under the government's schemes devised to help with R&D.
Check feasibility of your ideas
By filtering ideas before committing to the development of a new product or service you can avoid wasting money on products that are unlikely to get off the ground. This allows you to explore a wider range of possible ideas and options in the early stages. Read about eliminating ideas that are not viable.