Proof of Concept

A proof of concept (POC) is the process of proving an ideas feasibility. It's a phase to evaluate whether the idea can and should progress. A POC may work well in principal but a detailed examination of the proposal may reveal flaws or improvements revisions or reviews. MGCM is skilled in delivering assessments to develop such information It's similar to a painted door test, which can shed light on the popularity of an idea.

Why a proof of concept is valuable

Proofs of concept aim to :

  • Prevent waste: If you commit to a project before proving it can be done, resources will be wasted.
  • Inform investors: Investors require constant assurance that proves your POC proves is on track for success and so breeds more confidence to commit further support than if it were left untested.
  • Proactive: A POC requires forward-thinking and requires the anticipation of logistics in advance, making work easier when the project progresses onto later stages of development.
  • Recognise challenges: Despite initial successes, effective planning should uncover barriers be it logistical, manufacturing, scope, or scale, which could impact progress.

Proof of concept vs. prototype vs. minimum viable product (MVP)

These are stages pf the innovation process. A proof of concept's purpose is to show product creation ability.

A prototype is a tangible model of the product that conforms to real world operation as opposed to a controlled POC performance estimate.

A minimum viable product (MVP) it's an advanced prototype that contains all of the planned basic features. A more extended trial to provide further data of what it would be like to use the end product.

How to write a proof of concept

MGCM Recommend:

Step 1: Describe what problem you're trying to solve (and for who)

Step 2: Provide a list of the resources you'll need to complete it

Step 3: Specify success criteria/metrics

Step 4: Set a scope and timeline

Once this process is complete and you are ready to test your prototype on the target market, the resultant data will frame your MVP decision.

MGCM have extensive the knowledge and experience to progress your proposals to successful conclusions.