Money makes the world go round, however, you can still make an electronic product with limited capital. Because you only have a small amount of money for your endeavor, you’ll need to put it in the right places. This will allow you to make your product without wasting your limited capital on things you don’t need.
Do market research
Market research is very important, no matter what you’re trying to create. First, ask yourself these questions:
- Does a similar product exist already?
- If so, what makes my product better?
- If a similar product doesn’t exist, why does mine need to exist?
- What problem am I solving with my product?
Once you’ve found the answers to these, you’ll need to delve deeper into the market and see what products are succeeding and which ones aren’t. People create new electronic products all the time but in order for yours to make a splash it has to stand out. Luckily, market research only requires a Wi-Fi connection.
Map out your product
Making a detailed map of your product is very important. This map will be used as a guide in the future when your product is going to be mass produced. Furthermore, a guide will help you figure out what parts are needed and the engineering behind the product. When you show the prototype to investors, they’ll want to see the product map so that they have a better understanding of how the product works and if they want to invest in it.
Protect yourself legally
Make an appointment with a lawyer that specializes in intellectual property. Most lawyers bill hourly, so ask for two hours of their time over two separate occasions. The first hour is for you to ask questions about protecting yourself from intellectual property (IP) theft. Then, go home and look up how to write a non-disclosure agreement (NDA). Write a rough draft of the agreement and bring it to your second meeting with the lawyer. Have the lawyer go over the NDA to make sure the it’s clear. After the meeting you can rewrite the agreement if necessary.
Make a prototype
This is where most of your limited capital is going to be used. Depending on how much you have, you can get a decent prototype made. You can also use a 3D printer to create a proto-prototype (it will look like the product without the electronic components). However, you’re going to have to get a prototype made eventually so you might as well use whatever capital you have to get it done now. Your best bet is to look for a local electronics manufacturing company that specializes in prototype creation. You’ll also need the company to sign the NDA.
Armed with your prototype and NDA, you can now go out and find investors. If you have any capital left, you can use it to attend pay-for conferences for tech and electronics. There you’ll be able to present your product to a large audience of investors. If you do not have any money left, put on a nice shirt and tie and go to local free events to find investors.