The decision to create a Proof of Concept (POC) for a new business idea is influenced by different aspects, some business-related and some related to technology. In the end, it's actually your future product that will "tell" you what should be the focus of your Proof of Concept (POC).
Based on experience, we build a Proof of Concept (POC) after we try to answer these questions:
- Is there already a Prototype created for the idea?
- Is the idea original or it already exists on the market (in any form)?
- Is the idea already implemented by competitors?
- Is the idea based on new technology?
Is there already a Prototype created for the idea?
This question might sound counterintuitive but it will make perfect sense soon. Today, entrepreneurs and businesses rarely create a digital product that only proposes a single feature.
Agile-based development teams like to start small and build their projects based on feedback, testing, and multiple iterations but, in the end, the product always piles up multiple features.
In some cases, during the product definition process (where features are documented), a prototype is created in order to illustrate what the future product will look like and what it should provide to its users.
The creation of this prototype (in the form of a software project or a design resource) will bring to light a set of high-risk features that have the potential to make-or-break the product.
Proof of Concepts (POC) will be the ideal solution to confirm that these high-risk features can be developed and incorporated into the future digital product.
A Proof of Concept (POC) will help entrepreneurs, businesses, and stakeholders avoid large investments into products that can't actually be developed at this time, using the technologies currently available on the market.
Is the idea totally original?
Original and out-of-the-box ideas are very exciting for entrepreneurs and investors alike but they come with high risks. Proof of Concepts (POC) are mandatory in this case and they represent the best way to confirm the idea has potential in the real world, for real users.
All innovative features that are part of the original product idea should be confirmed by a Proof of Concept (POC) before any further business decisions are made and development plans are created.
Is the idea already implemented by competitors?
Not all new business ventures are totally original and many entrepreneurs see potential in activities, products, and services that already exist on the market.
Sometimes, a successful business is born by significantly improving a feature from a competitor. Taking a specific feature and improving it is another ideal situation to use a Proof of Concept (POC).
During the creation of a Proof of Concept (POC) you will get a clear confirmation that your idea to improve, automate or redesign a feature from an existing business is actually possible and it will give you the opportunity to compare it with your competitor.
Is the idea based on new technologies?
New business ideas based on new technologies need a Proof of Concept (POC), no exception.
It's easy to see that creating a Proof of Concept (POC) will allow stakeholders and the development team to understand, test, and validate these new technologies before any significant work is done and larger investments are made.
If your new idea is based on augmented reality (AR), artificial intelligence (AI), the Internet of Things (IoT), or any other new technology currently available on the market, then creating a Proof of Concept (POC) will help you in making good decisions and pushing your business forward.
If you have an idea in mind and wish to know more about how to create a digital product out of it, don't hesitate to contact us. We'd love to talk to you.