Nowadays, every Tom, Dick, and Harry dream to be a businessperson, pitching their newest and greatest new product idea, and searching for someone to lend them money to bring it to life. However, serious confusion arises for investors / financers, as it becomes complicated for them to differentiate between the “Serious Players” and “Wannabes”. If you are an entrepreneur with a new breed of product idea in your mind, then product prototype development is the best way to impress your financers in a single attempt. Product prototyping illustrates your seriousness towards your concept and motivates your potential financers to have a deep appreciation for your concept.
Here are the key elements that as an entrepreneur, you can achieve by developing a product prototype, which are, in fact, the reasons that investors will offer you a completely higher level of credibility as they appraise your startup for funding:
A Prototype Validates your Opportunity – When you wave your arms in the air to explain your upcoming product, everybody perceives what they want to perceive, and it appears awesome. With a fully functional product prototype, you can demonstrate your concept in the real time, you can get accurate reviews from the potential end-users, conclude whether the product is meeting their needs or not, and how much they are ready to pay for your products. Product prototyping is the must step before you invest thousands of dollars for bulk manufacturing.
Quantify the Implementation of Challenges – Most ideas that we come across everyday sounds awesome, but are practically not feasible, or are complex to execute in the existing business scenario. Building a product prototype allows both, entrepreneurs and financers test the feasibility of the concept and allow them to probe the real world challenges. Theory and visions are especially hard to implement. A working model of your concept is real enough to convince your financers and partners.
Give yourself time to pivot without fatal consequences – It does not matter how sure you are about your concept theoretically and practically; a time comes when you have to make certain modifications to match the end-users’ requirements. Every entrepreneur has to accept the realities of continuous change in the current market, and it is very easy to make changes / modifications in the pre-production prototype than to dump unsold inventory.
Shows your commitment and dedication towards your concept – A fully functional prototype of your concept forces your investors to take you and your idea seriously. In fact, the process of designing, developing, and validating a product prototype radically decrease the risk, and encourage everyone to refine the actual costs of going into bulk manufacturing.
Triggers initial communication with distributors and vendors– A working prototype is highly appreciated and influencing compared to a written specification of your concept when you communicate with your potential financers about developing, support, and publicizing. An entrepreneur needs a fully functional prototype to influence the financers and partners.
If you are not skilled enough or are not comfortable to develop a prototype by yourself, then it is time to find and hire a product prototype development company (just like GID in California) that has the expertise and experience to execute the job in the most professional manner. Try to find and hire a local product prototype development company; because hiring the services of a company located outside your country could be hard to manage.
Overall, developing a product prototype is still an impressive way to bring your concept to reality and to impress your potential financers, partners, and customers. There are hundreds of commercial resources available on the web such as GID, which is an established product design and manufacturing company based in the USA. Until today, they have served different industries, including medical, automotive, agriculture, construction, security, and to name the few.
If you require any sort of help, advice, or prototyping assistance, then call GID at 714-323-1052 to talk to our prototyping experts. You can also visit our portfolio to explore our potential in the field of product design, product manufacturing, and product prototyping: https://www.gidcompany.com/our-portfolio/