Some ideas are so cutting edge that they seem impossible. Some ideas seem so simple they pose no problems. We help entrepreneurs identify the technical challenges they face.
Technical Feasibility studies examine products to ensure they will perform as intended and that there are no significant barriers to producing the product. The performance of the product is important to ensure customer, and by extension, market satisfaction. Identifying barriers to production helps avoid failure to meet demand for the product. To increase likelihood of business success, it is critical to have access to experts who can identify technical barriers, and help find resources around or through them.
Assessing feasibility of a product commonly involves the development of a working model of the product or service. This may require access to specialized facilities, IT infrastructure, testing environments, and other assets. Testing should be as rigorous as necessary to satisfy the entrepreneur and, if applicable, their investors that the product is not only functional, but that it can reasonably be produced. As an added benefit, the working model can be a key asset for those startups seeking funding.
Technical feasibility studies lead to more accurate and complete cost analyses, which in turn feeds back into product development. Some technical feasibility studies require modest time and effort, while others become highly complex and involved. The effort required is typically dependent upon the complexity of the product, and the nature of the technology involved in the product.
Our mentors have connections in many industries and can help find the connections you need to bring your product idea to life. Those connections may be knowledge of existing/emergent technologies, or they may be knowledge of other entrepreneurs or companies with whom you can ally to quickly accelerate your entrepreneurial dream into a thriving startup business, or just to expand your current business. RMIP can also help startups gain access to specialized testing or manufacturing facilities. Contact us for more information.