In the rapidly evolving world of technology, the ability to innovate fast and embrace failure is key to long-term success. With this in mind, proof-of-concept (PoC) has become an essential tool in the early stages of innovation, serving the dual purpose of validating new ideas and efficiently discarding those that lack feasibility. Although PoC has been widely used to support proof of concepts and their transformation into viable innovations, a thorough understanding of how PoC effectively navigates the uncertainties associated with new technologies remains underexplored. This study investigates the dynamics of PoC, focusing on technology awareness and the influence of cognitive biases. Central to PoC is technology awareness, which is often based on perceptions of a technology’s potential. This perception can lead to biased behaviors within PoC. Our research, conducted through a longitudinal ethnographic study, reveals the impact of cognitive biases on PoC outcomes. We found that biases shape proving behaviors in PoC, namely, proving by assimilating, proving by asserting, and proving by reinforcing. We identified that technology awareness evolves through three stages: borrowed, acquired, and enhanced. We discovered that perceived technology potential follows a U-shaped curve, driven by beliefs in the technology as well as the levels of technology awareness.