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Acro Logic: UK online servicesForum Issue |
Why feasibility and risk?
So you think you have a great idea that has been well thought out. What happens next? This is where we return from the "no rules" realm of creativity back into the much more formal and quantifiable realm of innovation. In particular, it is important to evaluate the feasibility of your idea. Will it work satisfactorily and viably within its intended context? Also, what are the potential risks and the probability of failure? It is important to do as good a job as possible on these stages of the innovation process. After this point you will probably have to commit a lot of effort, resources and money to your innovation project. Therefore, you need to know at this stage whether the idea really is likely to work satisfactorily. Will the investment of all your time, effort, resources and money be worthwhile? If you intend to get funding to develop your idea then the people providing the funding will also be particularly interested in the feasibility of your idea, and any associated risks.
Can I skip feasibility and risk?
You may be wondering if you can skip the feasibility study and risk assessment for your innovation project. Perhaps you find the formal and quantifiable aspects of it daunting and/or boring? [Perhaps they are.] If your innovative project is a very small step in terms of innovative leaps then you may be able to get away with a simpler study and assessment, and still achieve a successful outcome. But the more corners you cut the higher the probability of failure.
Study team
Another key difference between creativity and innovation is that a key idea often comes from one individual, whereas innovation almost always requires a team of people to succeed. This may be true for your feasibility study and risk assessment too - team work. The good news, therefore, is that even if you do not want to do the study you can delegate it to others that are qualified to take on the many aspects of such a study.
Study aspects
What are the aspects of such a study? Well essentially, in a word, everything! In other words any aspect that may be over looked could later result in an unexpected reason for the failure of the project. You could use your brainstorming skills here to identify all the aspects that are relevant to your project. For example, consider:
Feasibility studies (and risk assessments) ascertain the relevant facts, compile statistics, and analyse data, with the aim of drawing quantified results and carefully considered conclusions. You can see from the above list that a range of skills may be required to complete such a process. If you do not possess these skills yourself ask someone to help you. It could save you from making a big mistake, and it could put you on the path to success.
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