The Upcoming Axis Workshop, hosted by Greater Winston-Salem, Inc, is a game-changer for early-stage founders seeking clarity and efficiency in their product development. In 90 minutes, you'll gain a repeatable framework that aligns your team, prioritizes features your customers will love, and helps avoid costly mistakes. Use this opportunity to streamline your process and bring your product to life.
The Axis Framework is a hands-on workshop designed to streamline your product development process and help your team align on strategy. Whether you’re facing technical challenges or struggling with prioritization, this session condenses the most valuable elements of a typically 3-hour workshop into a 90-minute experience.
The workshop combines a 30-minute informational segment regarding key product development principles followed by a 1-hour practical segment where you’ll be able to apply the framework to your own product. By the end, you’ll leave with a clear roadmap, a framework you can apply repeatedly, and the confidence to develop products that will resonate with your customers. This is more than just a workshop—it’s a catalyst many startup founders have used for themselves.
Perfect for early-stage founders, The Axis Framework ensures your team is on the same page and equipped with the tools to avoid common pitfalls and costly delays.
Key reasons why prototypes are beneficial include:
Key examples when it made a difference:
100Plus (Remote Patient Monitoring Devices)
Year: 2021
Prototype: 100Plus developed remote monitoring devices that help physicians track patients with conditions like diabetes and heart disease. Their early-stage prototypes included devices such as blood pressure cuffs and glucose monitors, which transmitted real-time data to physicians.
Impact: The prototypes demonstrated the real-world value of remote patient monitoring, leading to a $25 million seed funding round. Investors were impressed by the practicality and immediate utility of these devices in healthcare
Reperio Health (At-home Health Kits)
Year: 2022
Prototype: Reperio Health created a prototype for an at-home health testing kit that allowed users to check vital health indicators such as cholesterol and glucose levels. The kits were paired with an app that helped users understand their results and seek medical advice if needed.
Impact: The prototype helped demonstrate the usability and convenience of their solution, helping the company raise $6 million in seed funding
1. Tangible Proof of Concept
Investors tend to favor concrete, tangible evidence of how a product or service will work. A physical prototype provides validation that the product can be developed and manufactured, demonstrating its feasibility beyond just an idea.
Research by MIT Sloan School suggests that prototypes can help build credibility, as investors prefer startups that can show progress toward a functioning product. A prototype minimizes the perceived risk associated with investing in early-stage companies.
2. Better Communication of the Product's Value:
Having a physical prototype helps communicate complex ideas clearly. When potential investors or judges at pitch competitions can see, touch, and experience a prototype, it eliminates ambiguity about what the product does or how it solves a problem.
According to a study published in the Harvard Business Review, entrepreneurs who use prototypes in their pitches are more likely to trigger emotional engagement from their audience, which can be key to gaining investment.
3. Increases Confidence and Trust:
Investors and pitch judges often look for signs that founders are serious and capable of execution. A prototype is a signal that the entrepreneur has put in time and resources to bring their idea to life.
Research has shown that physical prototypes reduce uncertainties about product-market fit, technical feasibility, and the entrepreneur’s commitment.
4. Impact on Early-Stage Investment:
A study by Stanford University on startup fundraising found that startups with prototypes are more likely to secure seed funding than those without. Early-stage investors often focus on reducing risks, and having a prototype lowers both technical and market risks.
Additionally, venture capitalists (VCs) and angel investors have reported that they prefer companies with at least a working prototype because it signals the startup is closer to commercialization.
5. Increases Odds of Winning Pitch Competitions:
Many pitch competitions reward companies that have moved past the concept stage and can demonstrate actual progress toward product development. A prototype gives entrepreneurs a competitive edge because they are showing that their idea has substance and viability.
Judges in competitions often rank businesses with prototypes higher because it shows a deeper understanding of both product development and customer needs.
6. Influence on Valuation:
PitchBook data indicates that startups with working prototypes tend to achieve higher valuations at early funding rounds compared to those without. Investors see prototypes as a form of “traction,” which positively impacts valuation and investment terms.
Interesting READ on Investor approach and success when adding prototyping to your presentation - HERE
Metrics Indicating Success
While direct metrics linking prototypes to increased funding are scarce, several indicators suggest their positive impact:
Investor Interest: An increase in follow-up meetings or requests for detailed information after a prototype presentation can indicate heightened investor interest.
Funding Success Rate: Startups that present prototypes may experience higher success rates in securing funding compared to those that do not, as prototypes provide tangible proof of concept.
Valuation Uplift: Demonstrating a working prototype can lead to higher company valuations, as it reduces perceived risk and showcases progress.
Comments