When any commercial based company or organisation innovates it must ask two basic questions before going ahead. These questions are “How will it work?” and “Is there a commercial market?”
Any new innovation must undergo a Technical and Commercial Feasibility Study in order to understand and determine the path forward for future R&D and to estimate if the innovation is commercially viable and what is its true market potential. A Technical and Commercial Feasibility study is the fundamental foundation for your organisation’s future concept innovation journey.
As well as providing advice and guidance, HazRes can provide your organisation with either whole or partial sections which make up the Technical and Commercial Feasibility study report, which is instrumental in determining whether a technological innovation concept can be transformed into a commercially viable new product or process.
Through the course of its development work, HazRes has developed international experience is assessing and measuring the technical & commercial feasibility of developing innovative products and processes. HazRes’ consultants are also experienced in bringing new innovate products to market. Thus it is able to assess the market demand for a new product and the feasibility of entering the marketplace.
Activities carried out in the Technical and Commercial Feasibility Study at this stage of the innovation journey includes:
- Technical Proof of Concept (TCP) Study
- Initial Commercial Feasibility (ICF) Study
- Initial Market Research (IMR) Study
- Patent Checks
- Validation of Intellectual Property Rights (IPR)
A technical and commercial feasibility study can be used as evidence in any application for subsequent funding from either:
- Internal R&D budgets
- Outside commercial sources like commercial funding bodies and venture capital investors etc.
- Governmental & European funding programmes.
If you require a confidential discussion relating to your innovation concept with a member of HazRes’ team, please contact us on +44 (0) 845 838 2026 knowing that your inquiry will be treated in the utmost confidence. If you require HazRes to sign a non-disclosure agreement (NDA) or any other form of confidentially agreement to continue further dialogue, HazRes would be happy to do so, once it has been approved be HazRes’ legal counsel.