Day 2: Prototype and MVP

These stages are about transforming our ideas into actual, working prototypes and then developing a minimum viable product (MVP) that's ready for customer feedback. We concentrate on building a solid brand, complying with regulations, and determining the best production and distribution strategies.

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About this Category

The Prototype and MVP Development Stages are key steps in turning our product idea into something tangible and market-ready.

Prototype Development Stage:

  1. Deciding on Production or Licensing: Choosing whether to make the product in-house or partner with another company for production.
  2. Avoiding Bad Partnerships: Learning how to identify and steer clear of unreliable companies.
  3. Negotiating Licensing Agreements: Understanding the key points in making agreements with other companies to produce your product.
  4. Managing Partnerships: How to maintain a good relationship with companies you partner with.
  5. Monitoring the Partner's Work: Ensuring that the company you’re working with maintains the quality and standards of your product.
  6. Creating the Prototype: The process of building the first real version of your product.
  7. Steps in Prototype Development: Detailed stages in making the first model of your product.
  8. Using 3D Printing Technology: Leveraging advanced technology like 3D printing in prototype creation.
  9. Getting Customer Feedback on the Prototype: Gathering opinions and suggestions from potential users about your first product model.
  10. Updating Your Business Model: Revising your business strategy based on the prototype development experience.
  11. LENS: A special method or tool used in this stage of development.

MVP Development Stage:

  1. Creating a Strong Brand: Developing a powerful brand identity for your product.
  2. The Importance of Brand Equity: Understanding and building the value of your brand.
  3. Evaluating Branding Efforts: How to measure the success of your branding strategies.
  4. Designing Your Brand Identity: The creative process of establishing your product’s brand.
  5. Securing Trademarks: Protecting your brand’s identity legally.
  6. Exploring Motion Marks: Using dynamic visuals in branding.
  7. Navigating Regulatory Requirements: Understanding the legal requirements for launching your product.
  8. Building a Minimum Viable Product: Developing a simple but effective version of your product for initial market testing.
  9. Mastering the Manufacturing Process: Learning efficient ways to produce your MVP.
  10. Optimizing the Shipping Process: Strategies for effectively distributing your product.
  11. Refining Your Business Model: Making adjustments to your business plan based on the MVP development.
  12. LENS: Utilizing specific strategies or tools in this phase of product development.

These stages ensure that the product is not just a concept but a practical, marketable entity, focusing on effective branding, regulatory compliance, and creating a product that meets customer needs and expectations.

Meet our Speakers

We've gathered some of the top experts in the field to discuss this topic. With years of experience between them, they're well-equipped to offer invaluable insights and perspectives.

Tiffany Krumins

Tiffany Krumins

Founder, Opu Probiotics

Steve Waddell MBA, PMP

Steve Waddell MBA, PMP

CEO, Valuepreneurs

Justin Chen

Justin Chen

Co-founder, PickFu

David Chitayat

David Chitayat

Group CEO, Genimex

Rich Goldstein

Rich Goldstein

Patent attorney, speaker, Certified Exit Planning Advisor (CEPA), Goldstein Patent Law

Tim Ryan

Tim Ryan

Executive Director, Innovate Hampton Roads

Kaitlyn Witman

Kaitlyn Witman

Co-Founder & COO, Rainfactory

Talks

Day 2: Navigating the Path to a Tangible Product, with Special Guests Lt Governor Winsome Sears and Chandler Bolt

22 February 2024, 03:30 PM
Steve Waddell Tim Ryan

Crowdfunding Mastery: Transforming Product Ideas into Market Realities

22 February 2024, 04:00 PM
Kaitlyn Witman

The Valuepreneur's Guide to Intellectual Property: Navigating Patents and Beyond

22 February 2024, 05:00 PM
Rich Goldstein

Mastering Manufacturing: Strategies for Success

22 February 2024, 07:00 PM
David Chitayat

Branding Mastery: Unlocking Market Success Through Customer Insights

22 February 2024, 08:00 PM
Justin Chen

The Shark Tank Phenomenon: Tiffany Krumins Unveils Secrets to Prototyping Success

22 February 2024, 10:00 PM
Tiffany Krumins

Innovate Hampton Roads

We are building an ecosystem here in HRVA focused on growing, guiding, and connecting entrepreneurs and the technology ecosystem in order to build a stronger and more innovative economy in our region.

Virginia Innovative Partnership Corporation

VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia's innovators, entrepreneurs, startups, and market development strategies.

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