Importance of a prototype

When following the technolgy transfer cycle, a prototype is the first step to claim ownership of the know-how that was developed in the lab.

I find it surprising that many professors push to keep scipreneurs in the lab for as long as possible, delaying the independence of the new venture.

Although it is valuable at the beginning (labs are expensive, setting up things takes time), the longer people take at creating their own solutions, the longer it'll take them to identify Ways of delivering value.

A prototype is the first materialization of how a solution will look like. You can only get feedback once people see what you are doing, they interact with it. If you have doubts on whether a prototype is worth building, then it may be too early to consider spinning out.

The secret for a successful prototype, perhaps lies in two factors: efficient iteration and effective feedback gathering.

This is discussed also in Build - Tony Fadell with the idea of Make the Intangible Tangible. Once you materialize what you want to do (be it a website, the iPod, or a microscope) you'll allow people to visualize it in its proper context and decide if it fits with their expectations.