The NSW Department of Trade and Investment have developed a tool – Ideas Online.
You will be asked to complete 40 questions about your idea.
It is easy to get excited by the prospects of a new idea, so you need to be aware that your judgement might become distorted by your enthusiasm.
Your objective is to select the most accurate and honest response to each of the questions.
1. For each section your answers will be plotted on a spider graph to enable you to review and interpret your responses.
2. The answers will also be used to determine a number of diagnostic assessments that are presented as a series of graphs and text interpretations. These will help you to better understand the commercial feasibility of your idea, identify viable markets, anticipate risks, and find the right business model.
3. An ‘Overall Assessment Summary’ is produced after you complete all 40 questions. It includes a Commercial Feasibility Rating, an interpretation of this and a ‘Next Steps’ area which contains a number of suggestions, contacts and ideas for you to consider to help you pursue your business idea.
Whatever the likelihood of your idea succeeding in the marketplace, you should seek advice from a professional adviser or contact the NSW Innovation Advisory Service – the initial consultation is free if you are from New South Wales.
The NSW Innovation Advisory Service is funded by the NSW government to support small business and innovators develop their ideas. Go to www.ausinvent.com for more information or to book an appointment