These days, the mobile apps market is growing tremendously. You can get anything with just a single click of an app. This may seem easy to you but is not. Consider that, you have an app idea in your mind, and want to develop an app. But you don’t have enough money to pay for the team, marketing and so on. Then what next? What will you do? Here comes the need of investors for your application idea.
With regards to proficient developers, it is very simple for them to thrive in the application store without being a part of any huge business. They just need to find the correct investors for the application idea.
If the investor likes the app idea and find it as interesting and benefiting, at that point they will put resources into your project and pay for your team and marketing until your app starts making money. So the question is, how can you have the people invest in your app idea? This can be achieved with a few tips.
Before you bring your app idea to investors, there is some work you need to do. Having just a rough idea is not enough as investors always want to know the application need and its details because most of the investors are not the technical person. Also they need to know, how the application will compete with others in the market or how it’s going to achieve success. Here are some things to do before you put an idea to the investors plate.
Since smartphones have been around for a long while, it seems like there’s almost an application for everything. Investors would prefer not to fund for an application idea that already exists. You have to prove to investors that this is a new idea and is going to be important in our daily lives. Before you reach the investors with your app idea, you should have the proper analysis of the market with the following terms-
Branding assists investors with visualizing your idea instead of keeping it a vague idea. Having an actual domain name, landing page and a proper logo will make your app look professional and make others serious about your app. Will that alone get the money you are looking for? No. When it comes to pitching the idea, it is easy to pitch one which is complete instead of working on a vague idea. You have to gain the confidence of the investors by letting them that you have everything set up by building strong application branding.
There are some sites available for logo creation and quickly set up a landing page. It will also help with creating business cards and other marketing collateral.
Your investors can be a busy person and hence before they consider penciling you into their schedule, you have to ready your elevator pitch. Elevator pitch is the key to getting in front of investors. Your application’s elevator pitch is the manner by which you describe it quickly and briefly. For example, you have 30 seconds and you have to describe your app idea, what features your app has, and the problem that your app is solving. This is a chance to get another meeting where you can go in detail with your app and other details for the development process. If you are not able to describe your app in 30 seconds, then you probably need to do some more research.
Sometimes, you may not have an idea about how you should come up with the money. But when you are approaching the investors for a fund, you must know how to do it. Investments come in stages and you must be clear about the kind of money you are looking for. If you have just a rough idea to work on, you will be into the pre-seed stage of investment. At this stage, you will not have more revenue to start and also you can’t expect from investors that they will invest more money in your app. Hence you must set your expectations to reality for money expectations. You must have clear idea that no one will invest in your app idea at the raw stage.
Like branding gives investors something to visualize, creating a demo or MVP of your application makes your app tangible. Developed MVP shows that you’re serious about implementing the app idea. MVP and demo helps investors to see and interact with your idea. It will be a fascinating way to grab attention of potential investors by demo and show what you have in store. You can hire developer and designer for the basic demo.
Getting funding for your app project is great but you have to find someone who can add more value to your app. Their expertise or knowledge in the industry can benefit your project. Hence instead of looking for someone to invest money check for the add-ons also.
Most of the time you’ll hear “no” instead of “yes”. You should take it positively and ask for insights that will help you to make the app development better. Having such a mindset, you can know the milestones that you have to achieve it.