In order to turn a Good Idea into a successful product it is necessary to

• Have rights to the idea.
• Identify a market.
• Have a business plan.
• Know the regulations that apply to the development and manufacture of the product.
• Assess the technical feasibility of developing and manufacturing the product to meet market needs within the boundaries envisaged in the business plan and complying with the relevant standards.
• Establish strong development methods which will maximise the chance of a successful and early product launch.

Investing in a good idea always requires a leap of faith. However thorough analysis and planning, can minimise business risk.

Questions to ask include

• Exactly what problem does this product solve?
• Has the solution been considered in enough detail or are there gaps in understanding?
• Does the technology exist to solve the problem within market constraints?
• How can the product best be developed to ensure an early launch and to maximise return on investment?

The relative costs of correcting errors during the lifecycle of a development project increases greatly with time.

A scoping study should identify possible early sticking points before large sums of money have been spent.