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How to Attract Investment with a Prototype

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A prototype can be a digital product or a physical object. Prototypes are a great way for digital and physical businesses to test a product before presenting it to consumers. Not only are they an effective way to showcase products and concepts, they can also be used to attract investment. Here is a short guide to prototypes and how they can help your business.

  1. Why Should I Create a Prototype?

A prototype allows companies to refine and perfect business ideas. They can be used to help identify issues in the early stages of creation. Prototypes give businesses the chance to test manufacturing processes so that they can develop a high-quality and fully functioning final version. Prototyping is useful for checking appearance-related factors, such as surface texture and color. Depending on the industry, it is compulsory for many companies to use prototypes in order to understand if a concept is viable.

  1. Different Types of Prototypes

Prototypes can be created in many forms, including physical models made out of different types of materials, diagrams, videos, and augmented or virtual reality demos. Additionally, they can take the form of an e-commerce website and as wireframes for apps and software. The type of prototype a company creates depends on how refined you need it to be, how much time you have, and how much money you are willing to invest in it. For businesses in need of speed and quality, rapid prototype molding is the ideal solution. ProtoShop employs a team of experienced plastics engineers who can offer you creative solutions for your business. They provide mold fabrication and rapid prototype injection molding and can give you results in just a few days.

  1. Generate Interest with Your Prototype

Prototyping is perfect for crowdfunding platforms. They give startups the chance to validate their concepts while promoting their business idea to investors. In return for company equity, the final product, or other rewards, businesses can raise money using Crowdfunding sites. In addition to Crowdfunding, companies can use prototypes to pitch their business ideas directly to investors. A prototype is a tangible item that can help investors visualize the finished product. Digital or physical prototypes are much more effective than simple diagrams, sketches, or images. 

  1. Notable Prototypes

Prototyping plays an important role in innovation. As mentioned earlier, many companies require a prototype in order to achieve a sophisticated product. These prototypes need a high amount of testing and improvement before they can be sold to customers. Notable examples of prototyping include Twitter, the Apple iPhone, and bagless vacuum cleaners by Dyson. Twitter, the popular social networking platform, was originally called Twttr, while the first iPhone differed greatly from the many prototypes that were created in the lead-up to its debut in 2007. When it comes to popular home appliances, the Dyson vacuum cleaner is a hit with many households. However, it took Sir James Dyson over 5 years and 5,127 prototypes before he perfected the appliance.

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