Feasibility Assessment for a New Product

Feasibility Assessment for a New Product

Aflowan Ltd. is a Chesterfield-based company which is in the business of manufacturing specialist tools for the creative industry. It has a very good knowledge of its specialist area and the people who use such tools, giving it a uniquely personal insight into the particular problems and challenges that they face. Aflowan seeks to address these issues by developing new products which provide precise and innovative solutions to them.

The Project 

Aflowan asked us to undertake a feasibility assessment for a new product that it wanted to create in order to meet an emerging specific need. More precise details cannot be given here for reasons pertaining to client confidentiality and the unique and possibly patentable nature of the proposed product. However, it can be said that the project involved exploring the overall concept of the idea presented to us and identifying ways in which it could be developed further. 

Mr Chris Shelton, who is the director of the company, said that the main problem which led to Aflowan approaching us was a lack of specialist knowledge in this particular area. This was a key factor which was hampering the process of Aflowan turning an abstract idea into a commercial product. 

What We Did 

In order to be able to provide reliable suggestions and guidance to the company, we initiated a comprehensive feasibility study which was as in-depth as it was multifaceted. We began by conducting a broad survey of the various tools that were of a similar type to the one that Aflowan wanted to develop, and of the numerous technologies that are commonly employed in their development and manufacture. When that initial survey was complete, we set out to investigate the performance of existing tools in relation to the specific problem which the company sought to solve. This was followed by research into the extent to which various components of the tool – and one key component in particular – had benefitted from the application of modelling. 

What We Found

Although the category of tool which Aflowan aspired to develop has been in use for a considerable period of time, we determined that none of the available variations addressed the issue that was of chief concern to the company in a satisfactory manner; however, this also presents a business opportunity. Our assessment identified that there were several areas of further research which could be potentially profitable for the development of such a tool, and that a more precise and specific form of modelling could also prove useful in this endeavour. 

How We Helped 

Our findings enabled us to identify and suggest several areas of interest that Aflowan might consider exploring in the future in order to advance its research and development journey. We were also able to provide a number of more specific recommendations, as well as highlight potential candidate funding sources. Mr Shelton was enthusiastic about the outcome of this project and told us that it had helped the company to make the progress he had been looking for. ‘There is still more work to be done,’ he said, but he added that there may well be enough information for the company to begin creating a prototype of the product.

For further information, please contact us on 0114 225 3500 or meri@shu.ac.uk

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