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The Importance of a Proof-of-Concept for Software Development
Innovation comes down to thinking up an idea for something that doesn't exist yet. But before you can pour tons of money into building it, you should probably try to verify that it's even possible to build.
That's where a proof-of-concept (PoC) comes in. Usually, a PoC isn't intended to be a working product. Instead, it is intended to be more of a toy model for a future working product.
Building a PoC provides several benefits, including:
- Proving that your idea is feasible.
- Aligning goals with all stakeholders by creating a tangible example of your idea.
- Clarifying your vision by providing a model for the finished product.
- Selling your idea to investors who want to see that their money is going to be spent wisely. This is critical since 47% of startups in 2022 alone failed due to lack of financing.