{"id":1665,"date":"2021-11-16T15:39:28","date_gmt":"2021-11-16T15:39:28","guid":{"rendered":"https:\/\/prototecnica.es\/?p=1665"},"modified":"2025-08-06T13:04:12","modified_gmt":"2025-08-06T13:04:12","slug":"how-to-capture-the-industrys-interest-with-my-idea-or-prototype","status":"publish","type":"post","link":"https:\/\/letsprototype.com\/en\/blog\/2021\/11\/16\/how-to-capture-the-industrys-interest-with-my-idea-or-prototype\/","title":{"rendered":"How to capture the industry\u2019s interest with my idea or prototype?"},"content":{"rendered":"
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How to attract the interest of industrial partners? <\/h1>\t\t\t\t<\/div>\n\t\t\t\t
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Industrial <\/span>partners<\/b> are companies or individuals who participate in a project in exchange for a contribution other than money.<\/span><\/p>

In <\/span>technological innovation processes<\/b> and <\/span>new product development<\/b><\/a>, it is common for inventors to lack the resources needed to reach their next goals. Well-selected <\/span>industrial partners<\/b> can improve the chances of success for a new invention.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Most common types of partners in an innovative project: <\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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There are two <\/span>types of partners<\/b> who often support inventors during the most critical moments of a project: <\/span>industrial partners<\/b> and capital partners.<\/span><\/p>

Industrial partner:<\/b> An <\/span>industrial partner<\/b> is a legal entity or individual who obtains part ownership of a project in exchange for their time, knowledge, or another type of non-monetary contribution. The <\/span>goals of industrial partners<\/b> can vary widely, and understanding them beforehand is essential to attract their interest.<\/span><\/p>

Capital partners:<\/b> <\/span>Capital partners<\/b> also acquire a share of the project's ownership. However, the <\/span>objectives of a capital partner<\/b> are focused on the return on their investment. It is very common that in the <\/span>early stages of a project<\/b>, <\/span>capital partners<\/b> are not professional investors and often have a personal connection to the founders. Although they have their own designation\u2014 the 3Fs\u2014 these partners are still considered capital investors.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Potential industrial partners<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Industrial <\/span>partners<\/b> are not good or bad, but rather suitable or not for a specific project. Below are some <\/span>examples of industrial partners<\/b> who could play a key role during critical stages of <\/span>innovation cycles<\/b>.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Industrial partners for industrial design\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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The <\/span>creation of an invention<\/b><\/a> is a process that demands significant money, time, and energy. It\u2019s no secret that to <\/span>design complex mechanical systems<\/b><\/a>, validate functional principles, and compare the results of various solution alternatives, <\/span>R&D consultancy services<\/b><\/a> <\/b>are required\u2014services that are often out of reach for many inventors.<\/span><\/p>

In the case of inventions where technical uncertainties are mainly concentrated in mechanics, having industrial designers as industrial partners could be a great advantage.<\/span>\u00a0<\/span><\/p>

The creation process requires continuous iteration cycles, from which key conclusions for the invention must be drawn. If <\/span>professional creative resources<\/b> can be compensated with a share of the project's ownership, it could be a good solution.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Industrial partners for prototyping \n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Prototyping is another capital-intensive stage. The first prototype almost never includes all the improvements and the full value proposition conveyed by the final product. Multiple versions are needed based on learnings, which makes prototyping an expensive and non-linear process.<\/span>\u00a0<\/span><\/p>

Some <\/span>prototype factories<\/b> offer the possibility to participate in projects as industrial partners.<\/span><\/p>

These are agreements in which <\/span>prototype manufacturers<\/b> take on this responsibility in exchange for a percentage of ownership in the planned business projects involving the invention and its product families.<\/span><\/p>

For example, at <\/span>Let\u2019s Prototype<\/b><\/a> we have an acceleration program called <\/span>Fabricate Your Invention<\/b><\/a>. A program in which projects are selected annually, where the prototyping lab acts as an <\/span>industrial partner for product prototyping<\/b><\/a>.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Financial industrial partners \n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Financial <\/span>industrial partners<\/b> are not companies or individuals who invest money into the project. <\/span>They are called financial industrial partners<\/b> when they provide services related to financial control, management, or the acquisition of the economic resources needed to develop the innovative project.<\/span><\/p>

In this case, as with the previous services, financial managers acquire a share of the project's ownership in exchange for the services provided.<\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Industrial partners in the form of accelerators \n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Innovative project <\/span>accelerators<\/b> or <\/span>accelerators for new inventors<\/b> are institutions that provide infrastructure to host entrepreneurs, as well as access to multidisciplinary service providers who can support the creation process and the initial steps of a startup.<\/span><\/p>

Accelerators are industrial partners<\/b> because they receive a share of the project's ownership in exchange for providing specific services that are useful for the development of a startup.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Engineering industrial partners \n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Many <\/span>traditional engineering firms<\/b> offer their <\/span>services as industrial partners<\/b>. In other words, instead of charging for their research, creation, and new product development services, they receive a share of the project's ownership.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Industrial partners for legal matters<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Some law firms or independent lawyers also offer their <\/span>services as industrial partners<\/b>. In this case, the professionals provide their services in exchange for a share of the startup\u2019s equity. It is a form of investment, where lawyers invest their time and expertise instead of money.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Manufacturers as industrial partners\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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When we talk about manufacturers, we refer to industrial partners capable of taking on the <\/span>product industrialization process<\/b><\/a>. As you may know, there is an adaptation process required to industrialize any product. This process involves a significant investment, which many entrepreneurs struggle to obtain through capital partners.<\/span><\/p>

Making agreements with industrial partners for the mass production<\/strong><\/a> process can make a lot of sense.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Industrial partners for commercialization and marketing \n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Many inventors describe themselves as creative, with strong abilities to invent or find non-trivial solutions. However, this skill or capability does not necessarily make them good entrepreneurs or good salespeople.<\/span>\u00a0<\/span><\/p>

The inability to sell is a major obstacle in the path of many innovative projects. This limitation, combined with the usual lack of resources in entrepreneurial ventures, can be disastrous.<\/span>\u00a0<\/span><\/p>

Some marketing agencies, sales companies, or professionals specialized in these areas occasionally offer their services as <\/span>industrial partners<\/b>.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Risks of bringing in industrial partners for a novel project or invention <\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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While bringing an <\/span>industrial partner<\/b> into the project can help solve short-term problems that affect the project's continuity and chances of success, inventors often choose <\/span>industrial partners<\/b> unnecessarily or inappropriately.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Tips for choosing an industrial partner\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Verifying the experience of industrial partners \n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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Industrial designer partners<\/strong> may lack experience in innovative product development<\/strong><\/a>. Sometimes, those offering such partnerships do not actually have the necessary experience. As a result, instead of adding value to the creative and innovation process, they become an obstacle in future stages.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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The industrial partner as a real alternative to investment\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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It is true that <\/span>industrial partners<\/b> help ease investments that are critical during the development process. However, the <\/span>involvement of industrial partners<\/b> is only justified when these investments are ongoing over time. It makes little sense to include an <\/span>industrial partner<\/b> in the project\u2019s structure if they will only contribute at a specific moment.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Real opportunities of industrial partners<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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In many cases, we have identified industrial partners who actually have little to contribute to the projects. These are profiles that, as professionals, would have difficulty finding employment or business opportunities on their own. Often coming from large corporations and armed with impressive r\u00e9sum\u00e9s, they convince inexperienced inventors with commitments they ultimately cannot fulfill. Industrial partners must be capable of covering essential areas of the project that also require ongoing investment over time.<\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Do not choose industrial partners for trivial processes\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t
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For example, giving a percentage of the company to a lawyer just to draft and file a standard patent might be a bit excessive. However, if you have a patent that has been infringed in a legally significant market and major players have copied it, it makes sense to seek partnership opportunities with top specialized law firms. This business model is increasingly common in the United States.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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3 Tips to Attract the Interest of Industrial Partners <\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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  1. Identify the industrial partners you truly need in the project. These are professionals or companies whose involvement brings real value to the project. By choosing them carefully, you will have the opportunity to identify the best partners.<\/span>\u00a0<\/span><\/li>
  2. Establish partial contracts with clear milestones. It is common to include industrial partners without defining clear work objectives or contributions to the project. An industrial partner must understand their roles and goals. Additionally, it is crucial to have a future compensation plan to maintain their interest in the project.<\/span><\/span><\/li>
  3. Study the interests and business model of your potential industrial partner beforehand. Based on this identified strategy, you will be able to highlight why your project fits within it.<\/span>\u00a0<\/span><\/li>
  4. Draft a <\/span>partner agreement for inventors<\/b><\/a> that states the intentions and conditions of collaboration with the industrial partners.<\/span><\/li>
  5. Consider the alternatives before giving up part ownership of your company. Do not undervalue its worth. Every fraction of ownership will have an impact during critical moments of fundraising.<\/span> <\/span><\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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    \n\t\t\t\t\tDo you want to turn your idea into a product?<\/span>\t\t\t\t<\/div>\n\t\t\t\t
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    The time to bring your ideas to life is now. We accompany you throughout the entire process: from idea to product.<\/b><\/p>

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