What most companies miss in their projects
Almost without exception, clients are always a backer of their own idea and hence their worst reviewer. Therefore, writing a project is a struggle between two opposite points of view. One being the customer’s, who sees the strengths of his/her project and is able to present them perfectly, and the other, being our point of view – a more skeptical one, which allows us to recognize the weaknesses of the project and mitigate them. Not surprisingly, most of the projects are characterized by repeatable weaknesses. So, what is it that you should think about when structuring the project to make the struggle less painful for everybody and increase your chances for success?
Assessors love numbers, especially presented with the international sign of success and profit $ or € or % in a pinch. Quantify everything but pay particular attention to PROBLEMS, ECONOMIC BENEFITS FOR THE USERS and GROWTH POTENTIAL. These three areas are connected and mutually intensify each other. Correctly determined and quantified problems allow to identify economic benefits and do the math. This in turns helps to assess the viable price of the product and predicts the volume of sales and profit. These elements represent the backbone of the whole project and by giving it a special meaning, we double our chances for success.
Search for your competition till you find it!
Rest assured, there is always competition lurking just around the corner; you just did not search closely enough. The more the precise and detailed the analysis of your competition, the more believable the future market dominance of your product. Be as much detailed as possible, know the competitor’s name, operating range, features of their products, prices. Having close insight about representative competition helps you highlight the superiority of your solution.
Check your freedom to operate!
Working undercover does not mean that someone, somewhere out there, isn’t working on the same solution you are and what’s worse, they might have already patented it. It is insufficient to just state that we do respect someone’s rights to their product. Apart from the statement, we need to pinpoint a methodology for verifying our freedom to operate. Needless to say, a professional analysis conducted by law firm will be most credible.
Make a plan of the R&D works and risks connected with them!
Many companies do not have a detailed plan of action for their projects. There is a slight difference between knowing what kind of results you want to achieve and how you want to accomplish them. Quite a few companies confuse these two issues. If you did not think about the plan of action, it is more than likely that you cannot map out the risks and preventive actions.
We need to remember that a relatively small shortcoming can set off a chain of inconsistencies in the whole project. Therefore, all elements of the project need to be in the right place and should fit together like a giant jigsaw puzzle. As long as you work with GAEU you can be sure that we will provide you with a great piece of writing.
EU Project Manager, GAEU Consulting