Gone are the days of “build it and they will come”. In the day and age where everyone’s uncle and their dog are coming up with new business ideas, you need a way for your idea to stand out to investors and gain their interest. But as a startup, you’re probably a little tight on cash and need to move quickly while the market is hot. So what can you do to stand out and attract funding?
Entrepreneurs are now putting more focus on developing prototypes to showcase to investors. This is because they easily show what works and doesn't, generates immediate customer feedback on the interface, and helps investors better understand - and potentially decide to fund - your vision. UI prototypes are also a low risk way to showcase your idea, as they don’t require a large upfront investment.
A picture is worth a thousand words, right? So why not consider using a prototype to attract the attention of investors. Below we’ve outlined a few reasons why investors love prototypes too.
Thinking about getting a UI prototype to showcase your idea? See how Sky Foundry can help you here.
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Prototypes create an emotional connection
You may have heard of using emotion in design to create a stronger connection with your audience. But how does this actually work? For starters, developing an emotional connection has been shown to increase a person’s ability to remember a product. Providing a visual example of your idea means that you’re more likely to create an emotional connection with investors, as you are showcasing something that is more tangible and relatable.
It’s simple; seeing is believing. Getting someone to invest in your product or service is easiest when you can provide a proof of concept. It helps to justify funding as it reduces the risk of uncertainty and helps your audience visualise the potential value (and eventually profit) your app can bring. If someone can actually see how your idea will work, they’ll feel more confident in their investment.
Prototypes prove your commitment
Think about it, investors probably come across more ideas than they can count each day. They’re looking for a number of different reasons why they’d invest in a particular product, but ultimately they’re making a business decision. They want to know that you’ve thought about your idea more than just an initial concept, and you’ve got what it takes to actually deliver.
Take a deep breath and make sure you’ve really thought through every aspect of your business before speaking to investors. Any potential investor will feel more comfortable handing over a cheque to someone with a well-developed idea, over someone who came up with a “fantastic” one the night before. A prototype offers a way to show that you’ve spent a lot of time (and your own money) developing this idea — not only in your mind, but in a physical space as well. It also showcases that you’ve thought about how your audience will be using your product which supports your research and market fit, and certain aspects that differentiate your product from a competitor’s.
Prototypes properly execute your idea
Steve Jobs believed that ideas are worthless without proper execution. He even pointed that out in an interview from back in 1995:
‘That’s how you create great products. Not by having “great ideas.” By having a basic idea and then working your butt off through trial and error until the product finally evolves from ok to great.’
With brilliant execution, the prospect of an investment becomes more realistic. VCs get more tempted to fund your product, as you’ve been able to communicate the value it delivers clearly. This does that mean that companies always need to come up with a finished product to gain an investment, but they do need to at least showcase a well thought out concept.
It’s time to get yourself a UI prototype
So your mind is buzzing with ideas on how you can create the coolest prototype any investor has ever seen! But first remember, start with a thoroughly thought out concept. This will make creating your UI prototype much more valuable and accurate. Being with sketches and mockups of your future product, which can be used to create your prototype. Also remember that a prototype should support your pitch, not be the only thing you pitch. Visuals go a long way in showcasing your vision, but it should be backed up with information to solidify your idea.
It’s been said that clickable prototypes are the equivalent of rings, in that they signify a solid commitment to something much bigger. Prototypes signify something that’s still at the beginning, yet solid enough for great things to be built on.
So what are you waiting for? Find out more about how Sky Foundry can work with you to develop a UI prototype that investors will love.
