The technical feasibility study assesses the ability and potential of your product or process to exploit the current state of the technology while looking at future technical developments and how they may affect the idea.

In the technical feasibility study we also examine the existing intellectual property that surrounds the new product or process and specifically the patents that have already been filed to evaluate their potential impact on the exploitation of a technology (this is unlikely to be relevant for service business models). Also provided in this section is an overview of the current status of the technology in this field and where the products and services fit within it, examining technology used by competing systems, alternative technologies, potential developments and technical barriers that may render the ideas unfeasible.

Although a product can be technically feasible, it must also be commercially viable if you are to create a profitable business around it.

The commercial feasibility study generally includes:

• An assessment of the market to measure demand potential;
• An analysis of the competition to evaluate possible entry into the market;
• Financial projections to evaluate profitability.