Proof of Concept (POC) and Feasibility
Describe how the Proof of Concept (POC) differs from feasibility. Then explain the importance of POC. Finally, briefly outline the entrepreneur’s micro strategy for proof of concept
Proof of Concept
Business’ success essentially relies on implementation of ideas and concepts through a proof of concept (POC) and feasibility. While the two terms seemingly present similar reflections, they have some differences. The implementation process exerts a substantial use of capital and hence, it is vital to analyze the value of a concept before investing time, effort and money. This describes a proof of concept (POC) which establishes a suggested idea’s viability. A feasibility study describes the process of analyzing the likelihood of the aspects of a proposed project to succeed.
A proof of concept is essential when establishing a new method, product, or concept that has no precedence in a particular business. Proof of Concept is the initial step before establishing a working product that fulfils the requirements of the intended audience and rewards individuals who worked on it. A proof of concept helps to determine if an idea is sustainable in its initial stages of development. It gives insight into its value to the intended audience. If an entrepreneurial enterprise is not introducing a novel idea or element into its venture, a proof of concept may not be required to establish feasibility (Kühn et al., 2020). A proof of concept allows your supplier to uncover development shortcomings that may hinder your project’s success early on.
By contrast, feasibility study looks at all aspects of a project, including technical, economic, planning, and legal concerns, to estimate the chances of positive project completion. Feasibility studies are not just for projects that aim to calculate and anticipate their investment rewards. “Feasible” might signify several things based on the field and the project’s goals. A feasibility study can help project managers determine the risks and rewards of an action plan. A feasibility study should be undertaken just after a project has been put on the market before any actual construction begins (Goldsack et al., 2021). A feasibility study is not the same as a proposal pitch. Once an organization has established that a project is a solid idea, it will typically conduct a feasibility study to confirm that it is feasible with the available resources and tools.
POC poises definite importance in a business. For instance, it increases investor confidence. When participating in startups, entrepreneurs constantly seek strategies to lower their risk. This can be accomplished by demonstrating the idea’s viability and the attention of prospective consumers through a proof of concept (Battaglia et al., 2021). This may increase investor trust in the company and make it simpler for you to obtain money. POC also enables quick and low-cost idea validation. Effective testing of concept on a local scale prior to committing to a full-blown product, helps to avoid potential losses.
Further, it offers an advantage over competitors. Being the first to market is frequently essential to success in the startup environment. Such aids to gain the advantage over rivals by rapidly and effectively proving an idea using a proof of concept. Entrepreneur strategy for proof of concept includes establishing key team members, target audience and set goals. Deciding on a time frame, aids to devote considerable time and effort to realizing business concept and its operational elements (Goldsack et al., 2021). The concept provides a greater understanding of the product’s functionality and any issues that must be resolved before testing.
References
Battaglia, D., Paolucci, E., & Ughetto, E. (2021). Opening the black box of university Proof-of-Concept programs: Project and team-based determinants of research commercialization outcomes. Technovation, 108, 102334.
Goldsack, J. C., Dowling, A. V., Samuelson, D., Patrick-Lake, B., & Clay, I. (2021). Evaluation, acceptance, and qualification of digital measures: from proof of concept to endpoint. Digital Biomarkers, 5(1), 53–64.
Kühn, A. L., de Macedo Rodrigues, K., Singh, J., Massari, F., & Puri, A. S. (2020). Distal radial access in the anatomical snuffbox for neurointerventions: a feasibility, safety, and proof-of-concept study. Journal of NeuroInterventional Surgery, 12(8), 798-801.
