Feasibility Exploration uses the Business Model Canvas as a framework to explore the viability of a potential new business or product. The core of a Feasibility Exploration is formed by 3 major activities:
- Mapping: often this means articulating and thinking through concepts of which parts have been discussed for some while;
- Quantification: initial market sizing, estimation of revenue streams and costs to serve;
- Review: does it make business sense? What should we do next? Who needs to decide what?
The outcome is an initial view on whether a particular service or product is viable. It is usually used to take a decision on whether it is worthwhile to invest in further development of the product or service.
It is not a detailed plan or risk review; these are drawn up at a later stage of development.
