How do you evaluate the potential of a concept for commercial success?

1 Feasibility test

A feasibility test is a way to check if your concept can be technically and operationally implemented. You need to consider factors such as the availability and cost of resources, the complexity and compatibility of the technology, the regulatory and legal requirements, and the time and effort needed to develop and launch your concept. A feasibility test can help you identify the technical challenges and gaps, as well as the potential solutions and alternatives.

3 Viability test

A viability test is a way to check if your concept can generate enough revenue and profit to sustain your business. You need to estimate the size and growth of your market, the competitive landscape, the revenue streams and cost structure, the pricing and distribution strategies, and the financial projections and assumptions. A viability test can help you evaluate the market potential and attractiveness, as well as the financial feasibility and scalability of your concept.

4 Risk assessment

A risk assessment is a way to identify and analyze the uncertainties and threats that can affect your concept's success. You need to consider factors such as the technical, market, financial, legal, ethical, social, environmental, or political risks that can impact your concept's development, launch, or performance. A risk assessment can help you prioritize and mitigate the risks, as well as prepare contingency plans and scenarios.

5 Opportunity analysis

An opportunity analysis is a way to identify and explore the possibilities and benefits that can enhance your concept's success. You need to consider factors such as the unmet or latent needs of your customers, the gaps or weaknesses of your competitors, the trends or changes in your industry or society, or the partnerships or collaborations that can create synergies. An opportunity analysis can help you discover and leverage the strengths and opportunities, as well as generate new ideas or improvements for your concept.

6 Concept testing

A concept testing is a way to present your concept to a sample of your target customers or stakeholders and measure their reactions and responses. You need to create a prototype or a mock-up of your concept that can demonstrate its features and benefits, as well as communicate its value proposition and positioning. A concept testing can help you validate and refine your concept, as well as gather feedback and suggestions for further development or improvement.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?