"Innovations that fail to produce value are ideas, not solutions." Research and development companies should have a feasibility study detailing both the market potential and economic viability for the product or service. The feasibility study demonstrates that the company has objectively considered what will be required for success of the project and the risks involved, and that there is a real potential for success. Some of the topics to be considered involve: Definition of the Project
Description of the project or service to be developed; the number and type of models in the product line and identification of the stage of the product development; resources (facilities, equipment, manpower, and management skills) required to develop and manufacture the product or service; and schedule of implementation. Background
Brief history and overview of the company, a description of the environment in which the company is operating, a review of the products and services which have been developed and/or marketed to date, description of the company business objectives, including how the project fits into its long range plans. Assessment or Evaluation of the Product, Service, Technology This section should be well documented and must contain a clearly stated assessment of the product, service or technology with respect to each aspect discussed including a statement by 2ic ,as the author, regarding the feasibility of the product. This section will also provide complete and clear documentation of the product, service or technology, including the following topics where relevant: * the actual costs of development of the project to date
* progress to date in the development of the product, and where the product involves the development or incorporation of new technology, an assessment as to the technical feasibility of the product including testing results obtained and any further testing and development that may be required, the expected cost and...