A prototype serves as an initial representation of a product or design, crafted to test and evaluate the product’s concept, functionality, and form before mass production. The primary objectives of prototyping include learning, communication, integration, and achieving milestones. Prototypes can be created in various forms, ranging from simple paper models to prototypes categorized into low fidelity, medium fidelity, and high fidelity.
However, Ghifalda Annisa Desomsoni, ITB Entrepreneurship Campus Ambassador (DutaKampus ITB) and Founder of Nala Beauty cautioned that most startups fail because they fail to address customer needs, succumbing to their egos due to an excessive attachment to their ideas.
“The primary reason behind most startups’ failure is their failure to address customer needs and their tendency to prioritize their own egos due to an overattachment to their ideas,” remarked Ghifalda during a webinar titled “Product Prototypes and Power Pitches” held on Monday (25/3).
This webinar, conducted in collaboration with Artha Sandbox, DutaKampus ITB, and IncubaTEC. Featured Daffa Daniswara, CEO of Mayvit and CMO of Beras Saripadi, alongside Ghifalda as speakers. While Ghifalda delved into discussions on product prototypes, Daffa focused on the art of pitching to investors.
“Establishing a company is akin to nurturing children, attending to all their needs, imparting valuable lessons, fostering their growth into resilient and beneficial individuals for society,” remarked Daffa.
According to Daffa, power pitches constitute a critical component of a business idea, comprising 70% business planning and 30% pitching. He stressed the importance of starting pitches by addressing real-world issues and highlighting problems that are genuine, pertinent, and captivating.
Furthermore, he emphasized the necessity of showcasing the added value of the business. Beyond merely identifying problems, it is crucial to demonstrate how the business idea can bring value to investors and customers.
Subsequently, Daffa recommended supplementing pitches with relevant theories and a comprehensive toolkit, enabling investors to grasp how the business concept can be effectively executed. Providing a robust financial strategy and realistic financial projections is also crucial for investors to comprehend how the business idea can yield profits.
Artha Sandbox, DutaKampus ITB, and IncubaTEC hope that this webinar will equip participants with the necessary insights to navigate the real-world business landscape. Participants can grasp the essential steps required to cultivate a successful business idea by imparting knowledge on prototypes and power pitches. With a strategic approach, participants can develop business concepts that deliver value to customers and yield profitable returns.
