What is a feasibility study and why do we need it?
The funding we received from the Social Investment Business is for a feasibility study to investigate whether developing areas in Watchet for community and economic benefit is viable and if so, how. This study will look at the bigger picture for Watchet, it will identify potential problems for the development and seek to find resolutions for those problems. Essentially the study will aim to answer one main question: Will this idea work and should we proceed with it?
The study will address issues like where is the best location for this type of development, what kind of development would benefit the community and the economy most, how can each (if more than one) geographic location be best utilised, how would the development operate, what will it look like, how much will it cost to build and how will it succeed on an ongoing basis? Once the feasibility study is completed we will look to apply for major capital funding grants to fund the project. Without an in-depth, detailed study which addresses every angle of the development, including showing the need for such a venture, we could not hope to win the significant amount needed to go forward and actually build the project.