building your own personal innovation feasibility tool and applying it to a selected innovation
Learning Outcome: In this project, you will demonstrate your understanding of the feasibility considerations necessary to launch and carry out a basic innovative initiative. You’ll demonstrate this competence by building your own personal innovation feasibility tool and applying it to a selected innovation.
Guidance: Your analysis will assess the technical, customer/user, economic, and competitive feasibility of a specific innovation in a selected business. You may select an innovative business of your own choosing. For your selected business or organization (and an identifiable innovation in that business), explain the key feasibility considerations that would be important for a venture team (or a top management team) to consider before launching the innovation. Some of the categories for your evaluation criteria would include technology (stability, simplicity, etc.); economics (profitability, scaleability, fit with venture mission, value chain dependence, etc.); or marketplace acceptance (novelty, usability, differentiation, accessibility, etc.), among others you may choose to include for the innovation you’ll analyze.
Advice: You may select an existing innovation or you may select a potential (or hypothetical) innovation and test its feasibility with the feasibility tool you create. Factors to consider in your evaluation tool can be drawn from the resource materials in this course and other applicable sources you find
Deliverable: The scope of this feasibility test is a 5-page single-spaced analysis, including references. The body of your analysis should address the following sections: The Innovation and its business/organization (1/2 page); The Innovation’s Marketplace context (1/2 page); Criteria for evaluating the innovation (2-3 pages that describe relevant criteria, and the rationale for why you included them; be sure to use sub-sections to organize each criterion description); Finally, prepare a summary 3-column table (see attached file with a sample format here: Summary Innovation Feasibility Table.docx ) with the identities of the feasibility criteria you choose in one column, a brief description of how that criteria applies to the innovation you select in the second column, and a percentage weighting for each of the criteria in a third column. The total weighting should equal 100%.
Examples of parts of prior Innovation Feasibility Testing assignments are here: Selected examples of parts of the Innovation Feasibility assignment.docx
Rubric: Here’s how we will review and evaluate this project: Rubric_663_Testing Innovation Feasibility-1.docx