You’ve had this great idea rolling around your head for years. Then one day you decided to take the leap to bring your great widget to the world. Now this awesome prototype sits on your shelf, but you can’t figure out how to get this great product to the next stage.
You are not alone. Tons of people get stuck in the prototype phase. We are here to point you in the right direction.
Educate Yourself
By reading this, you have taken the first step to educate yourself about the manufacturing process. In today’s global market, there are so many choices for getting products from the prototype phase to the consumer, and every choice you make will have an impact on the quality and price of your product.
For instance, did you know there is now a big push for lean manufacturing processes within the manufacturing community? Companies who implement those practices are able to offer a more affordable service to their customers, so they don’t have to take their products to an overseas factory. For those looking to learn about the manufacturing process, Apple Rubber’s blog covers the ins and outs of manufacturing and some of the issues the industry is facing. Start there.
Find Funding
Have you seen “Shark Tank”? It’s the television show that gives businesses and inventors the opportunity to pitch their product to bigwig investors, such as billionaire Mark Cuban, in order to get funding. Unfortunately, not everybody is going to make it to that show. Even if you did, you might not get the funding you need to take the next step to production. Thankfully, there are many other options today to obtain funding.
Crowdfunding is just what it says it is — you source funds from a crowd of people. This is accomplished through websites such as GoFundMe, Indiegogo and Kickstarter. Crowdfunding sites work by allowing you to pitch your product to the Internet masses. People who like your product will contribute an amount (based on the levels of support you set up) and receive a predetermined reward for their contribution. For instance, a person who donates $100 may receive a free widget, while a person who donates $200 may receive the widget along with another perk for their support.
Angel Investors are wealthy people who invest money in startups in order to get their products into customers’ hands. These can be loans with interest, but typically the investor gets a percentage of control in the business they are investing in. If you aren’t comfortable auctioning off slices of your business, then this probably isn’t the route for you to take.
Build and Sell Your Product
Once you have your funding, you’ll need to find a manufacturer. Since you already educated yourself about the manufacturing process (see above), you can make a well-informed decision on a factory to produce your prototype. Now, you just have to wait for the product to arrive so you can deliver your widget to the world. Easy, right?
