Every game-changer product starts with an idea. But before an idea is transformed into a successful digital tool, there’s a long process to go.
The first stage of this process (obviously, after the general concept) is the Proof of Concept. What is a PoC? It’s a part of so-called R&D, standing for ‘research and development’ from the business perspective.
What will you learn from this article? You’ll know why it’s necessary to determine if your idea is feasible and how to make it steal the hearts of your potential customers.
Why Is R&D Vital For Your Business?
You want to grow your business, right? So what is R&D? Consider it as a form of investigation, the goal of which is to develop a new product. Of course, this also applies to improving something you already have in your offer.
This will bring you more than just money. By implementing R&D, you’ll experience additional benefits – your company will attract new customers and top-notch talent.
According to Deloitte, only 25% of surveyed companies declared to increase investments in R&D in the following years. However, 75% plan to invest the same amount as in the previous couple of years.
What’s PoC For?
The proof of concept is used to verify whether the idea has the potential to achieve the desired outcome. It’s used in a variety of fields, including:
- IT and software development
PoC will help you assess if your business can generate profits after you invest in translating the idea into a product. Without it, you’re simply gambling with your resources and hoping for the best.
Here’s an example. Creating a mobile application means costs. You may be sure that it’ll bring down the house, but can you afford to take the risk that it’s going to be just another drop in the ocean of abandoned mobile apps? Before you invest your resources in forging the app, you need to verify if people are willing to use it.
Remember that to be successful, your PoC has to be well-prepared. You have to back it up with accurate and adequate data. Setting realistic goals is a must, as well as knowing how to track the progress along the way.
Create A Perfect PoC
Let’s keep it simple – here’s your checklist to make a successful PoC.
- Pinpoint the issues of your target audience.
- Present how your solution solves these issues.
- Describe how you’ll translate your concept into action.
- Set and present the long-term goals.
- Map out the success of your PoC.
- Assemble a strong team.
- Set realistic deadlines.
- Get feedback often (and early).
- Stay flexible – be prepared for a pivot.
Stay Ahead Of The Game
It may happen that your new product will be a blast just like that, and you’ll become a millionaire overnight. There’s also a probability that you’ll get the 1st prize in the Euro Jackpot lottery. But you shouldn’t bet on luck. You better set a rock-solid foundation for your success.
Verify the idea, check the market, and get insights from your target audience – these aspects are going to translate into profit later.
Do you run a startup? Here’s some advice: the PoC can help you with the pitch for investors. It’s the way to show that your product is viable and your potential customers show interest in it. If you’re serious about your idea, invest the time and effort to create a compelling PoC that will convince investors and stakeholders.
A magnificent idea is a good starting point.
However, the road to success is not a walk in the park. Developing a good strategy and verifying the idea in the early stage is essential, especially if you’re a startup or a smaller business.
By testing the feasibility of an idea early on, you’ll save time, money, and resources in the long run. If you’re unsure how to create the R&D strategy and your PoC, a trusted technology partner can help you. Prioritize PoC and create a bright future for your product.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.