POC projects involve technological concepts that are still in the conceptualization stage, meaning the technology or science behind the idea is not proven to be workable in the context of the project as yet. They are typically further away from the market and the entrepreneur or start-up needs to undertake R&D to prove that the idea will actually work. A POV project, on the other hand, builds on a technology idea that has already been proven to work, potentially from a POC project, and undertake further R&D, including the development of a first working prototype, which allows the start-up to validate the commercial merit of the project and seek out external funding from potential investors or reference customers. Such a task would be a POV project. |