Goldsmith Technology Commercialization Model
Step 4: Technical Feasibility
The first step in the feasibility stage, Technical Feasibility, involves development of a working model of the product or service. It is not necessary that the initial materials and components of the working model represent those that actually will be used in the finished product or service. The purpose of the working model is to demonstrate, to your own satisfaction, that the product or service is functional and producible. It also provides a visual means to share your concept with others.
The concept of a mechanical working model is easier to grasp and understand than software, e-commerce or service-related products. E-commerce models require verification of the ability to integrate the computers, servers, software and programming needed to support the operational concept. Services, packaged as a set of value-added activities, should deliver observable benefits.
Definition: The process of proving that the concept is technically possible.
Objective: The objective of the technical feasibility step is to confirm that the product will perform and to verify that there are no production barriers.
Product: The product of this activity is a working model.
During the technical feasibility step the following must be completed.
- Test for technical feasibility
- Examine the operational requirements
- Identify potential safety and environmental hazards
- Conduct a preliminary production feasibility assessment
- Conduct a preliminary manufacturing assessment
- Estimate engineering prototype costs
Milestones: A working model of the product
Funding Sources: Personal finances, Friends and family, SBIR (Ph I)
Technical Information: The technical feasibility will usually result in knowledge about the product or process design, performance, production requirements, and preliminary production costs.
Do you have a working model of the product?
Have you evaluated the safety factors of the model?
Have you evaluated the environmental factors?
Have you evaluated the feasibility of producing the product?
Have you measured how the product will perform?
Do you have a design for the product?
Do you have a design for the production process?