Successfully Transitioning From Idea to Prototype
Technology-based companies frequently encounter a series of challenges colloquially known as the 鈥渧alley of death,鈥� which is the period when startups develop ideas鈥攕ome becoming patent-protected鈥攖hat later fade away as the entrepreneurs are unable to find a contractor to build their prototype. An early-phase product model is critical to gaining investor support.
蘑菇传媒鈥檚 Entrepreneurship and Technology Innovation Center (ETIC) helps companies and entrepreneurs struggling to build functional prototypes, writes Michael Nizich, Ph.D., director of the ETIC, in an article in .
鈥淎t the ETIC, we help companies rocket over the valley effectively and affordably, regularly,鈥� Nizich writes. 鈥淎s a high technology prototyping center with the business acumen to help entrepreneurs meet their investor goals and requests, we鈥檝e identified a few key factors to help entrepreneurs navigate the valley of death and transition into successful investor demos.鈥�
The initial consideration is not to minimize the creation process鈥斺�渢his is a costly plunge into the valley of death that many entrepreneurs do not recover from.鈥� Nizich suggests startups adopt a humble attitude as to how much work must be completed before their idea may come to fruition 鈥渁nd be prepared to see the whole project through regardless of what obstacles may present themselves along the way,鈥� he notes.
The next consideration for entrepreneurs is to ensure their prototyping contractor understands both their business model and the market space they intend to enter. 鈥淚f the contractor understands your goals and markets early in the process, then they can become a bigger part of the design process earlier, versus being just a tool to be called upon when needed,鈥� he writes.
Finally, Nizich advises it is ideal for entrepreneurs to begin with the finished product in mind and work backwards. As prototyping companies are usually paid hourly, entrepreneurs will incur more costs if they are unsure of what their final product specs will look like. Considering elements such as look, weight, sound, and energy consumption will help to create a product specification more in line with the final version. 鈥淭his can save you thousands of dollars and countless hours, days, or even weeks of design time and delays if you just think ahead a little.鈥�
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