When you come up with the idea for a new product, people are often skeptical when you try to explain your idea, especially if there’s money involved. What sounds like a great concept on paper can be very hard to bring into the real world. You will have to overcome that skepticism when looking for business loans, investors or a company to produce either the item itself or the individual components for your new product concept.
Obviously, the creation of a working prototype can go a long way toward convincing people of the viability of your product design. However, creating a prototype can also endanger your intellectual property if you don’t go about things the right way.
Protect your concept before you share the details with an outside party
In order to secure a functional prototype or at least a prototype that demonstrates the size and scale of the product you intend to manufacture, you will have to share details about your idea with a company that has facilities capable of producing the kind of prototype you need.
Especially if you partner with an offshore company, there is a risk of someone stealing the concept and attempting to produce the same product at a cheaper price than what you will retail it for, cutting into your business or even resulting in a failure to launch.
Moving forward with the patent process before seeking a company to make a prototype can help you better protect your idea, as even unscrupulous businesses may think twice about stealing an idea that either has a patent or a patent pending.
The wrong prototype manufacturer could damage your product’s potential
If your prototype will stand in for your actual product in important meetings, it needs to look professional and either perform the same function as your product will or at least make it clear that your product can exist with the right investment. A prototype that breaks during a presentation or that looks cheap can turn off investors and potential business partners very quickly.
Not only does your prototype help entice people to learn more about your product, but it can also give you a chance to fine-tune the design of the product based on feedback. Working with the right prototype manufacturer can make a significant difference in how successful you are in getting your product from a concept to a prototype to a marketable product that generates profit.