How To Get Funding for Your Mobile App?
How good are you as an entrepreneur? Entrepreneurs aren’t only known by their ideas but by their organizational abilities as well. You may have a unique and brilliant idea for a new app is just what you need. Yet, you can fail to find a potential investor to kick your app idea in reality. When it comes to app start-ups, many billion-dollars app ideas have initially suffered and sometimes failed. You need to know how to plan it right and learn how to raise funds for their mobile app. Here are some paths mapped out for you to find success with your app.
Get Funding for Your Mobile App
1.SELF-FUNDING – Self-funding is good for people who are wealthy enough to afford it. Alternately, you can ask others to take the risk if they are willing to do it.
a. Make it cheap – It helps to build a cheap prototype with only the essential functions which will help you test and prove your amazing idea to the world.
b. Find a co-founder – You can consider striking a partnership with a co-founder who would willingly share the cost with you along with the risks to be taken. It also guarantees that at least 1 more person believes in your app.
c. Family and Friends – Ask your loved ones to each pool in a bit of money and help you build fund the prototype. Be clear with them about the risks you are about to take.
2.BUILD IT YOURSELF – If you are an individual who possesses the technical skills to build the app’s prototype then that would be the best option for you. Knowing the basics is more than enough to get the basic draft right.
Consider A Co-founder Now!
Look to form partnerships and form new ventures. Focus on getting new clients to expand business and having a higher engagement rate. Getting a co-founder can help, and can help you cover more strategic aspects of your business – choose someone who will contribute to the cause. Most VC firms prefer working with at least one technically skilled founder amongst the 2. With one of you having sound knowledge in technical matters, it will make you a favorite amongst investors.
Try out the Options
Another added benefit of a co-founder with technical skills would be that you can build more than one prototype and experiment with it in case the initial ones do not appeal to the users. You can analyze the app, do away with what’s not being liked and come up with the best possible apps at the end.
Take the risk if you believe in it
However, one can never tell whether all the money and effort that he is putting in the app will result in a waste or make him an ‘overnight’ star like Ben Silbermann who created Pinterest. You need to believe in your idea and keep trying if you truly believe that it’s worth it.
I am Pratik Kanada, founder & CEO of 360 Degree Technosoft, which makes app ideas into reality by providing unique design and development services across iOS and Android platforms. I generally write blogs on mobile technology, app development and app marketing.