A Proof of Concept (PoC) is a demonstration or type of evidence deriving from an experiment, design idea, assumption or pilot project, which main purpose is to verify that certain concepts, business proposals or theories which have the potential to turn into a reality application. A proof of concept is meant to determine the feasibility of the idea or to verify that the idea will function as envisioned.
PoC is sometimes also known as proof of principle.
A proof of concept is not intended to explore market demand for the idea, nor is it intended to determine the best production process. Instead, its focus is to test whether the idea is viable.
In software development, for example, a proof of concept would show whether an idea is feasible from a technology standpoint. For startups, a proof of concept would demonstrate financial viability.
An effective proof of concept (PoC) bridges the gap between expectations and reality.
Most intellectual properties/technologies are very early-stage and require further development for technology transfer.
Proof of Concept (PoC) financing can facilitate the validation (prototype, demonstrator, proof of market, etc.) and assessment of commercialization options for technologies developed within Public/ Private Research Organisations (PROs) and micro-enterprises/SMEs all over in Greece.
- Licensing procedures for a new or existing company, or
- Financing a start-up company by venture capital, taking into consideration the nature of the idea, the potential of the market and the plan of the inventors. Innovations that will mature will be channeled to investors but also to social and environmental stakeholders, including social entrepreneurs, volunteers and non-profit organizations.
The main goal of developing a PoC is to demonstrate the functionality and to verify a certain concept or theory that can be achieved in development. Proof of Concept approves that it can be developed and validates the technical feasibility
PoC projects can thus aim at verifying the potential for the realization of commercial innovations (such as a new or significantly improved product, process, service or method of production) and/or societal innovations (novel solutions that can reduce or radically solve a relevant social need). Such novel solutions include new products, processess, or services, but also new principles, a new piece of legislation, a new social movement, an intervention or a new form of participation, for instance).
A Proof of Concept Program will help the granted teams among others to:
- Establish viability, technical issues and overall direction
- Clarify IPR position and strategy
- Provide feedback for budgeting and other forms of commercial discussion
- Provide connections to later stage funding
- Cover initial expenses for establishing a company
- Provide early stage financial support to address, in particular, the “gap” between Technology Readiness Levels 3 and 4: Proof of Concept and Laboratory Validation
- Provide support to a range of ancillary activities that can advance Technology Readiness Levels and accelerate technologies to a point where they are “Investment Ready”
- Increase the capacity of researchers and intermediaries to identify robust routes to market and build strong commercialisation strategies
- Encourage knowledge exchange and technology transfer across and beyond the region