On top of evaluating market appeal for a certain product, I believe one of the most important parts of the project proposal is the implications it can have on regulations. Obviously the more complex the design, the more time and money that are required to go into the project. But having an idea of what classification the device will receive is important as well as which branch of the FDA will be performing the regulations. The are all very important things to keep in mind while you’re at such an early state and are still talking in broad terms without planning out too many specific details.