Every great innovation starts with an idea—but how do you determine whether that idea can be transformed into an actual, functional product? This is where a feasibility study comes into play. A feasibility study is a structured approach to evaluating whether an idea is viable, focusing on technical know-how, proof of concept, and feasibility demonstration.
A feasibility study answers the question: Can this idea be turned into a product? It is the first step in the innovation process, analyzing whether a concept can move from theory to reality.
For example, imagine you have an idea for a car that can achieve 500 miles per gallon. While the concept sounds exciting, the key question is: Is it possible? A feasibility study provides a structured method to evaluate such ambitious ideas.
The study primarily focuses on three critical aspects:
The first step in a feasibility study is assessing whether the existing technology supports your idea. This involves:
This theoretical exercise helps establish whether the idea has a scientific or technological basis. If similar work exists, it provides confidence that the idea might be achievable.
Once research indicates an idea might be possible, the next step is to move beyond theory and prove it through demonstration. This is different from creating a full-fledged product—at this stage, the goal is to show that the technology can work.
A demonstration involves:
For instance, in the case of the 500-mpg car, this phase might involve building a small-scale engine prototype that demonstrates the potential for extreme fuel efficiency.
A crude prototype is an early-stage experimental model designed to verify the feasibility of an idea. It is different from a fully functional prototype because:
This stage is critical because it bridges the gap between theory and reality. If a crude prototype successfully demonstrates the core functionality, the next step would be refining it into a more sophisticated prototype for further testing.
A feasibility study is the foundation of product innovation. It helps innovators determine whether their idea can transition from a concept to a real-world application by:
By following these steps, innovators can minimize risk, validate ideas early, and ensure resources are invested in projects with real potential. Whether developing cutting-edge electric vehicles, medical devices, or breakthrough engineering solutions, feasibility studies remain an essential first step in technological advancement.
QUESTION: How would you use the 80/20 principle during your feasibility study? Tell me your answer at Rakesh. Dhawan at Power Electronics Group dot com. or write a comment below.
Also, check out NASA’s nine levels of Technology Readiness, which are very useful for recording a concept’s progress. This is a good framework but not entirely applicable to commercializing a technology that must include first articles, pre-production, and production release activities. Also, in the commercial world, TRL1, 2, and 3 can be combined into a single stage, whereas NASA has to follow a three-stage approach because of the much greater risk and uncertainty of its pursuits of the missions.
NASA’s Technology Readiness Levels (TRLs) provide a systematic framework to assess the maturity of a technology, guiding its progression from conceptualization to operational deployment. This nine-level scale assists in evaluating the development stage of a technology, ensuring it meets the necessary criteria before integration into missions or systems. Below is an overview of each TRL:
TRL 1: Basic Principles Observed and Reported
TRL 2: Technology Concept and/or Application Formulated
TRL 3: Analytical and Experimental Critical Function and/or Characteristic Proof-of-Concept
TRL 4: Component and/or Breadboard Validation in Laboratory Environment
TRL 5: Component and/or Breadboard Validation in Relevant Environment
TRL 6: System/Subsystem Model or Prototype Demonstration in a Relevant Environment
TRL 7: System Prototype Demonstration in an Operational Environment
TRL 8: Actual System Completed and “Flight Qualified” Through Test and Demonstration
TRL 9: Actual System “Flight Proven” Through Successful Mission Operations
Understanding and utilizing TRLs enables NASA and its partners to manage technological development effectively, ensuring that innovations are sufficiently mature before being incorporated into critical missions.
Source: NASA Technology Readiness Levels
QUESTION: How should NASA use the 80/20 principle during the nine stages of Technology Readiness Levels? Tell me your answer at Rakesh. Dhawan at Power Electronics Group dot com or write a comment below.