Why & How To Secure Electronics Product Development Funding & Approvals

Nov. 4, 2009 - PRLog -- Prototypes
The first and vital stage of Electronics Product Development is to get an electronics prototype designed. Prototypes take an electronic, software or firmware product concept, and turn it into a reality.

Rapid Prototypes
Rapid prototypes are particularly invaluable when low-cost, fast approvals are needed:  LX Innovations 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 to secure electronics product development funding, investment,  pre sales and government grants. They can help secure the funding and approvals needed to get an electronics, software or firmware product to the market place in a 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 Innovations 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 Innovations’ 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 moving an electronic product into production.  LX Innovations’ clients regularly use an electronics prototype to convince management of the viability of an electronics product project. Recently, a client used an electronics prototype to allow senior management to ‘touch and feel’ the device, and to see firsthand 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 Innovations
Simon Blyth, Electronics Engineer,  director and founder of the award winning company LX Innovations, 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 establish LX Innovations)”... 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 Innovations 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 Innovations house provides services including conceptual development, electronics prototypes and rapid prototypes, circuit design, PCB layout, firmware development, software development and electronics manufacturing.
Prototypes & Rapid Prototypes are an invaluable tool for securing electronics product development funding, investment,  pre-sales orders, and government grants. LX Innovations has the experience and resources to take your concept and take it through to production.
For more information, please see www.lx-innovations.com.au, or contact Kelly on (02) 9209 4133, kellyb@lx-innovations.com.au.

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LX Innovations 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.