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Fintech Prototype: Creating a Problem-Solution Statement for Your Prototype Demo

For people who change their entrepreneurial ideas into successful business, prototype is almost indispensable. Entrepreneurs use prototypes as working models for new products. Building and funding prototype is the first test of the enterprise. If you are armed with it, you will be able to show potential licensors and investors how the proposed product will work, without having to rely solely on diagrams or description powers.  Just as a picture has more value than a thousand words, a prototype has more value than a thousand pictures.

There are various types of prototypes, each of which can be used by the innovative entrepreneur in getting a license or/and finance.

Breadboard—this is a working model of ideas, aimed to clearly show how a particular product will work. This type of prototype is not intended to show how a product will look. The idea here is to demonstrate mechanical functionality.

Presentation Prototype—this kind of prototype represents the product as it will be produced. It is mostly used during promotion to demonstrate what the product can do.

Pre-Production Prototype—this kind of prototype is the ultimate version of the product.  From its appearance to how it is made, it looks like a finished product.

How to create a problem-solution statement for your prototype demo

If you are a potential entrepreneur with a new product idea, you should make sure that you consider the following when creating a problem-solution statement for your prototype demos:

  • Do a thorough research and get the requirements of the product prototype. Early and good planning will save you a great deal of time.  
  • Ensure that the prototype is constructed well and it can stand up to rough handling especially when it has to be transported.
  • Recognize that some complex product ideas may need outside help from professional problem-solution statement makers. Universities, local inventor organizations, invention marketing companies and engineering schools are good sources of information when looking for a person to assist you create a problem –solution statement.
  • Consider making several submissions to all potential licensors or investors.

How to come up with the best problem-solution statement for your prototype demo

Entrepreneurs go out into the market space and find a problem. Then, they validate the problem and wait to see how the market will deal with it. Next, they determine if the participants of the market are ready to buy a solution to the problem. If there is consumer of the new solution, the entrepreneurs solve the problem.

It is very important for entrepreneurs to explain the problem they are solving to potential customers so that they can understand it completely. To achieve that, entrepreneurs should:  be absolutely specific as possible, clearly identify target market, define the extent of the market and the problem, define the current solution and “get rid of all instances of the words “I” or “We”.

The final print is probably very significant. The problem statement has nothing to do with you.  Your main target is potential consumers. The main goal of problem-solution statement is to show empathy with the pain that your potential customers experience every day.

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