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To Attract Funding, Develop a Prototype
Last week Entrepreneur posted an outstanding article regarding the importance of a prototype when you are searching for funding (To Attract Funding, Develop a Prototype). This article goes on to talk about a few main reasons that investors love seeing a prototype during a “pitch”. Gaining the attention of investors is imperative for many entrepreneurs; and what better way to do that than by having an actual product prototype to let investors see, touch and test?
Here are a few reasons why investors love prototypes:
Creates an emotional connection. Investors are more likely to put up money if they have an emotional connection to the product, and that’s most likely to happen through a prototype. The reason being is people’s attitudes about a product change when they take it into their hands and use it.
It is expected. Standards for prototypes have gone up a lot in recent years due to easy and cheap 3D printing. So in most cases a crude mockup or basic proof of principal model is not going to cut it anymore.
Know where you are in the game. While having the best possible prototype available during a pitch session is critical, not every startup will be able to create a top-of-the-line one. Refinement is expected but having a prototype helps investors understand where you are in the process.
Allows for feedback. With a physical prototype, it is much easier to respond and provide input at each stage of the product development cycle.
Exposes weak points. A prototype can more easily highlight your weaknesses, which could be a good thing, as it helps investors understand what further resources are needed.
To read the article in its entirety, please click here.
3D Innovations is a full service 3D Engineering/Design company – from the 3D Design to a fully functional 3D Prototype & Product.