Feasibility Studies and Research & Development
Is it a technically and commercially viable idea? Can it succeed as a business? Is it worth the investment?
These are the hard questions that need to be asked at the feasibility stage of developing a product or service. i-onCONNECT is here to help you find the answers to these questions. At the beginning of your pathway to develop and nurture innovation, we conduct thorough studies to examine the feasibility of making research and development investments in your business idea. The cost of investment in design and product development increases rapidly after the feasibility stage, so this stage is critical. i-onCONNECT gathers the required information and performs the necessary analysis to assess the feasibility of your idea before proceeding to the next stage.
Research & Development
Research and Development (R&D) refers to activities to either improve existing products and processes or develop new ones. The term is closely linked to corporate innovation, which can lead to commercialization. R&D activities differ from institution to institution, with two primary models: an R&D department staffed by engineers and tasked with directly developing new products, or staffed with industrial scientists and tasked with conducting applied research in scientific or technological fields, which may facilitate future product development.
In industries that are changing fast, firms must continually revise their design and range of products. This is required due to continuous technology change, the R&D of competitors, and the changing preference of customers. In North America, a typical ratio of research and development for an industrial company is about 3.5% of revenue. A high technology company might spend 7%. Anything over 15% is unique. R&D differs from most corporate activities in that it is not intended to yield immediate profit, and generally carries greater risk and an uncertain return on investment.
i-onCONNECT will work closely with you in managing this crucial stage.