With the world moving at a fast pace and a constant demand for high-quality products, prototyping naturally becomes a necessary step. Prototyping will help bring a well-rounded product to the market faster without going through large cost intensive changes when you're deep into the production cycle.
Either you are looking on prototyping from business or technical side, you can still see many benefits of it:
Provide value to the idea for funding. A prototype makes an idea a reality and makes investors or partners confident by showing them that the idea could actually work. Building a prototype shows determinism and a passion for further developing the idea. To an investor, execution matters more than an idea.
Reduce production cost and determine the initial cost. Developing a physical prototype will help determine a detailed cost distribution that will be involved in manufacturing. Factoring in the cost earlier in the development process will help with predicting the feasibility of the product for production. It's also essential to understand that a prototype can be used to reduce the cost that's involved down the line in production (Figure below) and speed up product deployment. With a prototype, you can determine more effective ways of designing a product for production and streamlining the product to lower the cost involved in manufacturing.
Determine design flaws earlier. Fixing design flaws will always be a part of bringing an idea to product form. Almost half of the costs involved in projects are attributed to rework due to design flaws that were determined far too late in the design process.
Testing your ideas. Creating a prototype is not only a great way to show venture capitalists what you're thinking, but it's also an easy way to test your product. Prototypes are used as tools to get through initial design flaws and give the inventor a chance to see through problems clearly.
Understanding product feasibility. With innovation and idea creation there is always a risk of failure. The hard part is trying to weed out the approaches quickly and understand the feasibility of the idea as a product. A prototype can be used to narrow down the idea to a potential solution for a product and make sure the idea is viable in the first place.
Here at VOLK, we recognize the importance of prototyping. We are ready and willing to help you make your product better and more reliable.