Conceptual Phase—Funding Sources and Incentives

Economic considerations in the conceptual phase mostly revolve around how the funding for the project is allocated, and what requirements are tied to that allocation. The funding source will often have specific requirements, and may be targeted for a specific purpose, or may be more general. For example, a project funded by a nonprofit elderly advocacy organization might be targeted at technologies to allow for aging in place. During the conceptual phase, clearly defining the source (or sources of funding), what that funding can be used for, and what must be achieved by the funding will help identify what innovations can be included in a project. The following chart outlines key questions that will help categorize the funding and drive characterization of the options for using the funding.