How do you assess the feasibility and potential impact of an innovative idea?

Sample interview questions: How do you assess the feasibility and potential impact of an innovative idea?

Sample answer:

Assessing Feasibility and Potential Impact of an Innovative Idea

1. Market Analysis:

• Conduct thorough market research to identify target customers, their needs, and competitors.
• Determine market size, growth potential, and competitive landscape.
• Assess market demand and customer willingness to pay.

2. Technical Feasibility:

• Evaluate the technological requirements and capabilities necessary to develop the innovation.
• Assess the availability of resources, expertise, and technology to bring the idea to life.
• Consider the scalability, complexity, and potential risks associated with the innovation.

3. Financial Analysis:

• Estimate development, production, and marketing costs.
• Project revenue streams and potential return on investment.
• Analyze financial viability and identify potential funding sources.

4. Team and Resources Evaluation:

• Assess the availability of a skilled and motivated team to drive the innovation process.
• Evaluate access to necessary resources, such as equipment, facilities, and funding.
• Identify potential talent gaps and develop strategies to address them.

5. Risk Assessment:<... Read full answer