A Proof of Concept (PoC) is a valuable exercise to test the design idea or assumption. The main purpose of developing a PoC is to exhibit product functionality so as to check and verify whether a certain concept or idea is feasible or not. The blog explains what is a Proof of Concept and the benefits of using it for your business.
Are you an aspiring entrepreneur ready to invest your all in a business idea. Having an idea to develop a new piece of software that solves a problem is certainly thrilling.
Ideation is exciting, but without testing the idea before implementation, you may not create the product you expect. You need to check the idea before you start working on it. Here are some questions that will help you in doing this.
- Is your business idea practical?
- Is the idea feasible?
- Will users like and use your product?
- What resources will you need to build it?
Here is how the Proof of Concept (PoC) comes into the picture. A POC answers it all. You might be aware of the thrill and excitement of coming up with a profitable business idea. Budding entrepreneurs and business owners have a strong urge to jump straight into the process of bringing their idea to life. But, it’s not that easy at all.
What if the technology that you choose fails to guarantee the feasibility of your smashing idea or you end up making a product entirely different from what you expect.
This is why building a Proof of Concert in the first stage of development is essential to test the feasibility of your product. Here, in this article, I’ve discussed what is a Proof of Concept and how it is beneficial for your business.
What is a Proof of Concept (PoC)?
While discussing the various stages of development of an app or a product, you might come across the term “Proof of Concept”. So, what is a Proof of Concept and what are the reasons to develop a PoC for your business.
Proof of Concept is a small test to check the feasibility of the product that you plan to develop. A PoC for business can be considered as the first step to launch a functional product that caters to the needs of your target audience and helps your business to increase the profit revenues.
Well, a Proof of Concept is not a product, it’s just an exercise of letting you know more about your product. It is a method of subjecting your ideas to a reality check, thus allowing you to check the feasibility of your product.
Proof of Concept, Prototype, & Minimum Viable Product
Before we study the benefits of creating a PoC for business, let me introduce you to three commonly used terms in software development. These are:
- Proof Of Concept (PoC)
- Minimum Viable Product(MVP)
Although these three concepts may seem quite similar to many of you at first glance, these are entirely different from each other, especially in terms of purpose each of these serves.
You can consider a Proof Of Concept and a prototype as tools for checking the feasibility of your product and test its functionality respectively. While a PoC enables you to know whether a product and its features are feasible or not, a prototype shows how the product will function and how its features will work. On the other hand, an MVP helps you know if there is a demand for your product or not.
So, which one should you choose for your product depends on the various factors such as,
- Time and budget that you are willing to spend on your product.
- What kind of a product you are developing
- What features you wish to integrate into your product.
Whenever you’re in a confusion and have doubt, keep in mind the questions that the three concepts answer:
- PoC: Is the business idea practically and technologically feasible?
- Prototype: How will the product work, function, and look?
- MVP: Does the product fit into the market and answer its targeted users’ needs?
Now, let’s read further to know about the benefits of creating a PoC for business and the reasons to develop a PoC.
What Are the Benefits of Creating a PoC?
A PoC has the potential to make your product a complete success. This is why companies these days apply this approach to software development. Here are the benefits of creating a PoC for your business. Let’s explore these advantages in detail.
Gives You a Real Idea
Building a proof of concert allows you to get a real idea of the product that you are going to develop. No wonder, this is one of the biggest reasons to develop a Proof of Concept. Adding too many features and functionalities to the product, when theorizing your business idea is easy.
But this won’t let you get the real picture of the product that you wish to create. A Proof of Concept helps you know about the real-life limitations, flaws, shortcomings in the product, and viable solutions to remove the same within a limited period of time.
Developing a PoC allows you to assess whether you have enough resources to build the product. Since creating a PoC is far from developing the whole product, you get to know its feasibility right at the initial stage of development. Thus, by creating a Proof of Concept, you save a lot of money from being wasted, in case your idea fails. Moreover, you can examine and find out whether the product you are trying to launch is technologically viable or not.
Allows You to Gain Allies
If you’re a small business or a startup owner, you might be looking for ways to fund your business idea. You could have applied for a loan or seek financial help from investors. But nowadays, investors need some solid evidence that exhibits the feasibility of your business idea before they decide to fund your business.
A Proof of Concept can help you with this. With the help of a Proof of Concept, you can assure the investors of paying them back in time. A PoC allows you to exhibit the expected ROI and makes it easy for you to seek financial funding from investors for your feasible idea.
After reading what is a Proof of Concept and the benefits of creating a PoC for business, I am sure you now realize and understand why companies these days want to create a PoC before they start with the development process. A PoC tests the feasibility of your business idea and lets you know whether the product you wish to build is practically feasible or not.
A PoC gives you a clear idea of the features and flaws of the product you desire to build, helps to identify the risks in advance, and acts as proof of the feasibility of your business idea. These are some of the most vital reasons to develop a PoC for your business. You can look for an outsourcing company that can build the right PoC for your product. Make sure to discuss your idea and vision of the product the company you prefer to choose for creating the Proof of Concept.
By Praveen Mishra