Model Approach
Creating a prototype that will wow investors.
Let's say you've just come up with an idea for a
ladies' shoe with interchangeable heels. How can you know
whether this brainstorm would really work? And how would you
explain your idea to someone else so they'd want to buy it? The
answer to both questions: Make a prototype.
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.
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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.
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