New Business Idea Feasability

Product Feasibility

New product/venture ideas are everywhere but only a small percentage of ideas realize success in the marketplace. Because of this, new product/venture investment decisions are often viewed as risky and not pursued. This is especially true in recessionary times. The problem with this arises when innovative and profitable ideas sit on the shelf unrealized.

Feasibility studies done early in the product/venture ideation stage provide a low-cost, structured, and thorough analysis of the risks, rewards, and probability of achieving a given concept. They lay out a plan for bringing the product/venture from concept to market reality. ISG provides expertise in the evaluation of a new product or venture based on the following assessment steps:

Product Feasibility and Market Opportunities

• Market evaluation and product positioning
• Competitive evaluation
• Cost analysis
• Technical or operational constraints
• Pricing options

Financial Viability

• Financial projections
• Break-even analysis
• Risk assessment

Strategic Fit

• Company mission, goals, and profitability alignment
• Resource availability to support product/venture

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Grant Opportunities

When businesses assess new products, initiatives, and other growth opportunities, they may be faced with limited resources. There are numerous grant opportunities offered by the federal and state governments that are available specifically to provide qualified businesses the additional needed resources. ISG has experience in successfully assisting clients apply for and secure grants from both the federal government as well as various state levels.

The web of grant opportunities and the complexity of the application process leads many businesses to bypass these opportunities. Even grants that are offered year after year may have variations in the dates for submission, limits on grant funds, rules on funds application, and applicant qualifications. ISG provides expertise in the evaluation of grant availability, applicant qualification requirements, and the grant application and processing process. A partial list of the various opportunities includes:

Rural Development

• Offers entities help in entering value added activities
• Funds feasibility studies
• Funds start-up costs
• Funds initial operating costs

Innovative Research

• For small businesses
• Encourages exploration into technical solutions
• Provides incentives to profit from commercialization of ideas

Renewable Energy

• Funds feasibility studies
• Provides credits for “green” investments
• Provides incentives for minimizing the carbon footprint

New Investment Tax Credit

• Provides significant federal tax credit for qualified investments
• Credit totals 39% of the cost of investment
• Credit can be claimed over a seven-year period.

Contact ISG to explore these and other opportunities in more detail.