A three-dimensional view of your product, service, or idea.
No two projects are the same and no two ideas face the exact same challenges. Identifying the hurdles ahead is essential in creating the best commercial pathways, as is understanding where to put in time, effort, and money.
Discovery is designed to be a three-dimensional look into an idea or opportunity at any stage of its development, regardless of its industry type or orientation. The team looks at a wide array of influential factors through different lenses to establish the best pathway forward.
The work is typically completed within 20-40 hours, depending on the complexity of the project, and results in a structured series of recommendations about the programme.
We strive to give you an independent and critical view from our multidisciplinary team. Our ever growing knowledge base lets us be objective about your project; we will make recommendations to help you along, regardless of whether the work is completed by Locus.
In our assessment, we try to find the Achilles’ heel and the elements that be further developed to ensure a good base. We start with the essence of the idea itself and evaluate the competitive landscape and the technical feasibility, as well as its commercial and financial viability.
We try to turn over as many stones as possible without creating the possible solutions. The research and conclusions are focused on developing a pathway to market entry and a successful result.
We have created an outline for our discovery process against which we evaluate each project. Some of the questions are easily answered, while others deserve a closer look.
Each project and its focus will different but the general process is guided by looking at the following criteria.
This is where we crack open the idea and look for its ability to be disruptive to the industry or market.
The customers and end-users are vitally important to the puzzle. We review what benefits are offered and whether they have been considered to date.
The market or industry is also important to consider, as they will have a huge influence on a product’s success.
We look at products that exist in the market already and whether any players are already out there offering the same benefits.
Is the world ready for a product, service, or technology like the one being presented?
Research is the heart of any product development, so it is important to have a view on what research has been done or can be undertaken.
To resolve future challenges, we need to evaluate what technical development is needed and what the existing team can offer.
We will look into the IP and assess the required actions against existing work.
Planning for funding or investment starts early on in a development to ensure market entry success.
A strong business model is vital to success, so we will evaluate whether this is in place and needs amendments or if it needs to be built from the ground up.
Similarly, the path on which the development will travel needs to lead to a winning product.
We then take all of the above considerations and combine them into a set of summary recommendations.