So you’ve come up with a legendary product idea. Now what? In today’s competitive retail landscape, it’s risky business to transform a hazy vision into a physical commercial product without first conducting some serious work — evaluating market demand, determining risks and costs, and gathering feedback from your target audience.
In other words, before you approach manufacturers who will turn your million-dollar idea into reality, you need to create a proof of concept.
A proof of concept — also known as proof of principle — refers to the process of validating that a product or idea can both be feasibly created and is worth producing. Think of it as a critical step before the prototype and launch stages.
Proof of concepts don’t have a standardized look and feel, but they typically exist as a document, presentation, or test. There are a ton of benefits to producing a proof of concept, including:
Getting potential investors, managers, stakeholders, or team members on board
Identifying potential issues or gaps between your vision and your delivered product early on
Having the necessary research and understanding of market needs and demands
Acquiring funding or necessary resources
If you’re thinking, “Yes! I need a proof of concept,” but feel anxious about how much work it’ll take to compile such a meaty report, don’t worry — we’re here to help.
While your final proof of concept will depend heavily on your industry and the type of product you’re interested in creating, this checklist of questions for every step will keep you organized.
Last updated on January 21st, 2022.
