Inventing a new product is an exciting and rewarding experience. Sometimes the rewards come in the form of financial success, but there are also rewards to be found in transforming a brilliant idea into an exciting new consumer product. Other than formulating an idea for your new product, the first step in creating a new business offering is prototyping your product.
Prototyping your new product is an important step in the process of developing an idea into something that is physical and real, especially if the idea is flexible enough to incorporate different manufacturing materials. At this stage in the product development lifecycle, it is important to test and refine not only the materials your product will be manufactured from, but also the product’s functionality. If possible, start with a virtual prototype that is created on a computer and utilize 3D printing. The possibilities to test, update, change and design products in a virtual environment are nearly endless and may prevent some headaches when proceeding to the physical prototyping stage.
If your budget is limited, your first physical prototype can be as simple and cheap to make as you require and can even be created from common household items. What is important to remember at this stage is that you are creating a tangible thing that communicates your idea to your potential customers, your sales and marketing team, and potential investors. If you have a budget to work with, keep in mind that there are benefits to utilizing a third-party design or engineering firm to assist with getting your idea into its first three-dimensional form.
After your design and testing is done and your physical prototype is created, it is recommended that you apply for a patent, at which point your prototype can be presented to a manufacturer. The last main step in prototyping your new product is to consider what manufacturer you want to work with and if the manufacturer can build your invention at a low cost. Doing so will ensure that you not only find the reward in creating something new in the world, but also that you achieve your financial goals.
The Power of Prototyping
Location: SCORE Office
Westland Office Park, Building M (at the rear)
5524 Bee Cave Road
Austin, TX, 78746
Date & Time: Tuesday, February 19, 2019, 10:00am CST
Find investors, test product-market fit and figure out what you really need to build without spending a fortune. A discounted registration fee is available after registration for "Preparing a Pitch for Funding a Tech-Based Startup" on Wednesday.