Electronics Prototypes & Electronics Rapid Prototypes: How To Secure Electronics Product Development Funding & Approvals

The first and vital stage of Electronics Product Development is to get an electronics prototype designed. This article will briefly explain how electronics prototypes can help secure funding and approvals.

http://www.prlog.org/10400050-why-how-to-secure-electronics-product-development-funding-approvals.html

Prototypes:
Prototypes take an electronic, software or firmware product concepts and turn into a reality. It will take an electronics LX Group Hardware Development, software and/or firmware concept, and turn it into a concrete prototype product.

Rapid Prototypes:
Rapid prototypes are particularly invaluable when low cost, fast approvals are needed: LX Group has the experience and resources to develop an electronics prototype in as little as three days.

Funding & Approvals:
Electronics prototypes and rapid electronics prototypes are an invaluable tool for secure electronics product development funding, investment, pre sales and government grants. They can help secure funding and approvals needed to get an electronics, software or firmware product to the market place in timely manner.

Investors:
Often investors need to see an electronics prototype to convince them to invest in an electronics product. A good example of how a concept prototype investment can help get a project up and running is a recent LX Group client’s proof of concept prototype that cost $5k to develop and secured a $1.4million investment.

Pre Sales Orders
Electronics prototypes and rapid prototypes can also help secure pre sales orders. An LX Group’ client used a prototype to secure the product’s pre-sales orders. This meant that they could confidently order a large volume electronics manufacturing run for their product.

Internal Funding & Approvals
Internal funding and approvals can often be a hurdle to getting an electronic product into production. LX Group’ clients regularly use electronics prototype to convince senior management of the viability of an electronics product project. The electronics prototype allowed the senior management to ‘touch and feel’ the device, and to see first hand the benefits that it would bring the company. The project was a success.

Government Grants
There are many government grants that exist to assist with innovative electronics product development. Grants such as the Comet Grant require a proof of concept electronics prototype. With an electronics prototype, a client can access a much larger pool of funds available through government grants.

Market Opportunities
Electronics product prototypes can take up to two years to develop. In a fast moving electronics, firmware and software market products wax and wane within this time frame. The result can be a frustrating lost market opportunity for a brilliant electronics product. Timing can be everything with product market positioning.

Simon Blyth, LX Group
Simon Blyth, Electronics Engineer, director and founder of the award winning company LX Group, is passionate about getting electronics products developed quickly and efficiently by a skilled, cohesive and experienced team.

In a recent Board Room Radio Australia Interview for the Entrepreneurs Series, Simon spoke about his drive for timely electronics product development:

“....Electronics.. is a booming industry...we are living in exciting times... a combination of passion and opportunity (drove him to found LX Group)... and the frustration from previous start ups when..I had gone to develop a new electronic product...and by the time I had developed a business plan, raise capital, built a team, got that team to work together, and got the resources they needed, the market opportunity was gone, or it was close to being gone. So I wanted to develop a company that had a strategic capability to develop new electronic products, quickly, really quickly. So taking a two year development span into a few months, and it’s been really successful so far” (To see the full webcast interview, visit www.brr.com.au/event/55504/commsecs-entrepreneur-series-simon-blyth-lx-innovations-pty-ltd).

LX Group is an electronics design house, specialising in the wireless and low power electronics designs. LX offers clients a range of professional solutions designed to take a new product idea from concept through to production. LX Group house provides LX Group Services including conceptual development, electronics prototypes and rapid prototypes, circuit design, PCB layout, firmware development, software development and electronics manufacturing.

http://www.prlog.org/10400050-why-how-to-secure-electronics-product-development-funding-approvals.html


Published by LX Group for itself and the LX Group of companies, including LX Design House, LX Solutions and LX Consulting, LX Innovations.