Step 2 in the I&V Process®
The second step of the
Innovation & Venture Process (I&V Process®) is the so-called Prototyping, which is the creation of the first form of the product or service, from which all later forms develop.
The production of the prototype version of the new product or service is most often very expensive. In fact, many inventors, entrepreneurs and start-up teams already fail at this very early stage because they are not able rise the necessary financial resources.
The main purpose of the
"Simultaneous Venturing" is to keep the prototyping costs as low as possible until cooperation partners and venture capitalists have been found. A substantial reduction of the prototyping costs is enabled by the simulation of the prototype instead of its complete manufacturing. In most cases it is enough to demonstrate the user interface of the prototype whereas its
functionality can be simulated.
By this procedure the simulated prototype - the so-called pre-version - can already be used for step 3 of the Corporate Partnering and step 4 of the Financing. The major advantage is that in this preliminary stage
all the requirements of potential partners and/or venture capitalist may easily be taken into account in the production of the complete prototype version. Moreover, the step of prototyping may even be replaced by direct production of the final product or service.
If step 3 (Corporate Partnering) and step 4 (Financing/Venture Capital) are successful, the complete version of the prototype, respectively, the final product or service will be developed.
The process step of the Prototyping is structured in a clearly defined and standardized procedure, which has been developed from experience and many applications to various industries and business areas. In the context of our Services, the complete documentation and know-how for the introduction and implementation of the I&V Process are put at the customer's disposal.
For further information about the Prototyping and the I&V Process, we refer to our Internal Seminar and Workshop "More Innovation for Less Money".
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