It is true that without these premises that make the process more complex, you’ll get much lower budget quotes, but you’re dooming the prototype to ending up useless in the oblivion drawer.
How to capture the industry’s interest with my idea or prototype?
As we were saying in previous entries, inventors usually choose the wrong time to legally protect their invention and prototype. They are tempted by dreams of generating income on an ongoing basis as of the sale of the idea or patent but, unfortunately, the market does not take long to prove that it’s not that easy. The possible industrial partners or potential companies which would be a good match for the invention don’t have a department for dreamers.
Therefore, it’s impossible to capture their interest by presenting a “dream” or a utility model. There is no path to business success that does not require a very high dose of effort and a certain degree of investment. To get a foot in the door of a company that really could be our business development partner, it’s indispensable to be able to demonstrate, with at least a prototype, the technical feasibility of the invention. That’s why, at Let’s Prototype , in addition to knowing from the outset the working and other requirements needed for the invention, we outline possible business development strategies. This information sets fundamental premises in the first working prototype development process and includes elements that make development more technically complex. Failure to consider the strategy and possible business models when presenting the prototype is a very serious mistake. It’s akin to hiding some symptoms from your doctor. You’ll just end up with an incorrect diagnosis and the prescribed treatment will likely fail.
At Let’s Prototype, we’ve defined a very clear method to avoid this very frequent error. As part of our proprietary method “ASPIRA,” we offer the client an invention analysis, totally free of charge. Taking part in this analysis process will be both the engineering and the business development departments, which have over a decade of combined experience assisting entrepreneurs and inventors with start-up processes. After this preliminary analysis, the invention’s actual complexity level can be assessed, not just to achieve an optimal version of the first working prototype, but also to achieve it with the fundamental premises so as to facilitate the business model implementation process.
To conclude, there are four elements you must have in hand to capture the interest of possible industrial partners:
- A physical working prototype.
- Technical documentation of the working prototype.
- Legal protection of your invention.
- Arguments regarding the value that your invention can contribute to the possible industrial partner’s offering.
If you would like to initiate your invention’s or prototype’s analysis process, we can kick it off right now.
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