The goal of technical feasibility grant is to fund the cost of the company to undertake a technical study. Technical study that pass to their requirements includes the development of new products, processes, technologies as well as the redesign or improvement of current products , processes or services. It also includes the possibility of extending or expanding company facilities to meet companies’ needs and application of new technologies for the companies’ growth.
The purpose of writing a technical feasibility study is to know if the project is viable. The content of feasibility study includes; prototyping and design, assessment of manufacturing process, evaluation and selection of plant, source of raw materials, cost analysis and market research.
Technical feasibility study is used to assess the details on how to deliver a product or services. It will determine how your business will produce, store, and deliver products and services. It serves as flowchart on how your product and services progress and move through your business to reach your target market. It involves the study of facility needs and suitability of production technology providers as well as the availability of raw materials, transportation, labor, and products.
Some countries provide technical feasibility grant to the companies who needs financial assistance for their business venture. So it is important that you write it in a correct format.