[DyumanBhatt]

The VC taking the bait assumption is a bad one. They will look at the team you have, and if you can't get the job done, they'll establish the terms in a way they can push the founders out and replace them with a team that can get the job done.

Can you convince a couple customers (businesses or consumers depending on your project) to sign up for a pilot program? That is usually an easy way to tell if it has merit and value. If you can convince a few of them to cut you a check to be a part of it? Even better. Beyond anything else that will validate if the product is of interest, and that your team can make the sales.

Reduce the concept to its core and eliminate all other features that are unnecessary and see if that is within your means to develop.

If you can't get initial interest through a pilot program, or a prototype built on your own it's probably not viable for your team.