Model approach: creating a prototype that will wow investors

Entrepreneur, Oct, 1997 by Tomima Edmark

A prototype is simply a working model of your idea. Most of the time, it's not an exact model of the eventual finished product. In fact, it will most likely be very rough around the edges. However, it will provide you with a means to demonstrate your idea and give you - and investors - a glimpse at what your idea might eventually look like.

Many times an idea makes perfect sense in your mind. When it is turned into a working prototype, however, unexpected flaws appear. This is especially true for complex ideas needing many parts to work. The exercise of building a prototype will help you better develop your idea: You'll discover areas that need improvement and implement changes that could make your idea more valuable and marketable.

Having a prototype makes it easier to sell your idea to potential buyers, who can now see, touch, hear and smell your idea instead of visualizing what you're talking about from looking at drawings or reading a product description. It also proves your idea works, making it helpful in attracting investors, working with manufacturers and finding licensees.

* WHAT'S YOUR TYPE?

Prototypes can serve a variety of purposes and can have a number of formats. Here are a few examples of prototypes you should consider:

* Working model. This prototype (also called a breadboard) will demonstrate your idea's concept and how it works. It simply does what it's supposed to do without worrying about how it looks. This prototype is used in the early stages of product development to demonstrate functionality and communicate your idea to potential model makers or manufacturers so they can create a finished product for sale.

* Presentation prototype. The name says it all: A presentation prototype is created to present to potential investors or for promotional purposes. When you go to a car show and see an auto maker's "concept car," you're looking at a presentation prototype.

* Pre-production prototype. A pre-production prototype looks and functions like the finished product. It is usually the last prototype made before the full-scale manufacturing begins. This prototype gives everyone a chance to inspect the product and make last-minute changes.

Build as many prototypes as you need until you are satisfied all the bugs have been worked out and that your idea is performing perfectly. This helps set a good idea apart from a great one.

* BUILDING BLOCKS

If your product idea is complex and way beyond your level of experience, you may have some difficulty creating a prototype - you may even need to hire someone to make it for you. But more often than not, you can make your own prototype if you're willing to roll up your sleeves and learn what is needed. Compiling the research to understand what goes into making and designing your product will help immensely when you start selling it.

Begin by writing down all the materials, supplies and tools you may need. Next, try to identify the various steps required to assemble your prototype. Creating a prototype is like building a model airplane: You don't make the body and then install the engine. Think about how each part works with the others and how each phase fits into the next. This exercise will be invaluable when you have your product manufactured.

Now identify those parts or materials you may already have around the house or can purchase easily. I've cut off the bottoms of prescription bottles and used the sides for tubing. i've removed spirals from notebooks because I needed a wire coil. If you're having trouble coming up with certain parts, think about what items can substitute for the missing parts. I had an idea for a pool gadget that required a waterproof motor. I found my answer when I went to a pool supply store: a battery-operated pool toy that had a motor inside.

If you can't find the part at home, the next step is to buy it. Some places worth exploring are hardware, grocery, fabric, craft, computer, building material, beauty supply, kitchen supply, and toy stores.

When building a prototype, don't try to reinvent the wheel. Keep in mind, right now you're just trying to get a working model of your idea, not the final production model. For now, make it easy on yourself and substitute.

In most cases, use standard parts. They're always easier to find than custom parts and will be easier to purchase in bulk when the product is manufactured. It's also easier to adapt parts for your prototype from existing products (such as radios, bicycles and so on) when you use standard items. Keep in mind, however, that if you can easily get standard parts, so can your competition. Using a few custom parts creates a barrier to entry for your competition.

Take your time when making a prototype; it will be more effective if you're patient and think through each step. Several good things can result from proceeding slowly and carefully. First, you may discover a change that could make your idea work better. Second, you may realize there are parts that you forgot to get or didn't even know you needed. And third, your frustration level will be reduced while you go through the process slowly because you will know that you thought each step out carefully and did not miss something by rushing.