What are the key steps and criteria for conducting a feasibility study of a new technology?

A feasibility study generally begins at TRL 4. Before that stage, research scientists and engineers are in the lead, usually resident in government or university laboratories. Their objective is to demonstrate the proof of concept and validation. At TRL 4, technology transfer begins from the research lab private-sector product development, and a different staff should become involved: applied scientists, design and applications engineers and marketing. Marketing should be tasked to explore potential market applications and assess the potential competitive advantages from products/services embracing the new technology. A product manage should be assigned to shepherd the continued development.

In the technology startup sector, a common (and serious) mistake is having invested without testing your product technology and not focusing well on your possible market. That is why it is advisable to previously analyze the available information and not invest in technology until you are clear about your market, the need you solve and if your potential client is willing to pay for this improvement. Another important factor is adequate "time to market".

The first step in conducting a feasibility study for new technology is to clearly define the scope and objectives. This involves outlining what you aim to achieve with the technology and the boundaries of the study. Determine the specific problems you want to address, the goals you wish to reach, and the criteria for success. Engage stakeholders to ensure alignment and to gather diverse perspectives. A well-defined scope ensures that the feasibility study remains focused and relevant, providing clear direction for subsequent steps.

Market research and analysis are critical to understanding the potential demand and competitive landscape for the new technology. Gather data on market size, growth trends, customer needs, and existing solutions. Use AI tools to analyze market data and identify gaps that the new technology could fill. Engage your LinkedIn network to gain insights from industry experts and potential customers. This step helps validate the market opportunity and informs strategic decisions about the technology’s development and positioning.

Identify and analyze the target market for the technology. Understand customer needs, preferences, and behaviors. Assess market trends, competition, and potential demand to gauge the technology’s market potential and attractiveness.

Assessing the technical feasibility involves evaluating whether the new technology can be developed and implemented with the available resources and within the existing infrastructure. This includes analyzing the technical requirements, potential challenges, and resource availability. Conducting pilot tests or prototypes can provide practical insights into the technology's performance and integration capabilities. Collaborate with your LinkedIn network to gather expertise and experiences from those who have implemented similar technologies. This step ensures that the technology is viable from a technical standpoint and identifies any potential risks or obstacles.

Estimate the costs associated with developing, launching, and maintaining the technology. This includes initial investments, operational expenses, and potential revenue streams. Conduct a thorough cost-benefit analysis to determine the financial viability and return on investment (ROI) of the technology.

Identify applicable laws, regulations, and industry standards that the technology must comply with. Assess potential legal risks, such as intellectual property issues, data privacy concerns, or licensing requirements. Ensure that the technology can be developed and deployed within legal constraints and obtain any necessary approvals or certifications.