Just suppose you encounter an idea to develop an app. Whatever your purpose with the app is, your next should be to register the app on the App Store and Google Play Store. Then you suddenly realize you need investment for that and maybe you don’t have it right now. So, basically, you need capital from somebody else to get your task done.
Now, we have prepared a guide that will help you to fund your mobile app development. May this will help you to attract investors and turn your idea into a functional app.
Preparing To Find Investors For Your Mobile App
There is huge work you need to do before you bring your app idea in front of investors. Just to present the idea cannot help you to get anything here. You must bring the whole amount of research to transform this idea into an app that further transforms into a business idea. Investors want to see the whole knowledge you have about the market and the competitors.
Here is the checklist for you:
- Know your App’s Niche
- Brand your App
- Develop Your Elevator Pitch
- Create a Pitch Deck
- Create a Demo or MVP
Now, it is time to explore them one by one and go into deeper explanation
Know Your App’s Niche
Smartphones have registered their presence everywhere in this digital era. And this unprecedented number has paved the way for an app for every purpose. Keep in mind that Investors do not want to fund an app idea that already bloomed in the market. So, it is crucial to do research and figure out the competitive landscape of your app’s market. Keep a check on what other apps are offering.
Ensure that you look for every service from other organizations in the same industry and check if your idea is not a copy of some other app.
You must prove the worth of your idea and how it will create a significant difference in business prosperity and how it will solve the problem of a user. Identify the specific need your app is going to meet. Make a checklist of questions like: What problem am I solving?” or “What makes this app different and unique compared to?
Maybe the client will ask these questions during the meeting. As they will make sure that their money will benefit them in every way possible.
So it is necessary that you do the detailed research to get a better understanding of your app. A general idea doesn’t compel investors to fund. They want every detail of who the audience is, what problem is being solved, what sort of features your app includes – the list of details can go on and on. So it is good to narrow down elements of your app idea so that investors can confide in you.
Brand Your App
Now you know what your app is all about and what purpose it will serve. Now it is time for branding. So be prepared with a logo and domain for your app. It will give authority to your app in front of the investors and they think you have done a lot of research to put a vision around your idea.
Now, why branding is necessary. It helps investors to visualize your idea more clearly rather than keeping it a vague thought. Anyways, branding is the very core of every business success and it helps to spread a word about your app idea. It is not an exaggeration to say that branding will serve as the foundation for the rest of the development process.
It can be done through the domain, some mockups, but brand your app is essential to provide a clear understanding of your idea in front of the investors.
Develop Your Elevator Pitch
Generally, investors are very busy so before they don’t have time for a proper meeting or they just met from nowhere, you should prepare an elevator pitch ready to go. It is more like a personal elevator pitch for a job fair, your startups may serve as the key to grab the attention of the investors even before the personal meet.
Now, you may be thinking about what an elevator pitch is. Basically, the app’s elevator pitch is how you describe things concisely and lucidly.
May you count this as another meeting where you can go more in-depth about your app and other details for the App development process.
And if you can’t put a brief of your app concisely in 30 seconds, then you should go back and do some more research about it. You have to be able to put the entire brief of your app to hook investors, but without taking up too much of their time. Once you get their attention, you have a little more time in the future to sit down and discuss more specific information, like budget needs, features, etc.
Create a Pitch Deck
Now, you are ready with your elevator pitch or maybe you have already given the same to an investor. After it, maybe they like to hear more about it. Now, for your face to face meeting with the investors, you will have more than a minute to pitch your app, and you need a pitch deck for it.
If you don’t know about the pitch deck, then it is a presentation that influences more on the specific details and processes of your app. When you create a pitch deck, keep one thing in mind; don’t include too much fluff so that it can cover up the key features of the app. A pitch deck is generally formatted as PowerPoint or slideshow presentation, but don’t present the same script you will use in your meeting. Rather than that, try to showcase with some amazing stats, graphs, branding, and visuals to engage investors to another level.
And maybe investors require a transcript if they don’t have the time for a personal meeting. Then the presentation of this type will serve your purpose more effectively.
Create a Demo or MVP
Without a doubt, a strong pitch and branding give investors something significant to visualize. On the same lines, creating a demo or MVP (Minimum Viable Product) of your app makes your app tangible. If you have developed a strong MVP, it shows your seriousness and research about making your app the next big thing.
A strong MVP also enables investors the opportunity to see and interact with your idea. A demo of your app must be around something you have already launched. So, it is
See the ways we have mentioned will surely help you to get recognized in the coterie of potential investors. But getting your app funded is hard. You must prove your concept and be ready to sell your idea to people who live or die by calculated investment decisions.
And remember, there is no sure shot way to get funded. It is up to how effective your idea is and how effectively you pitch that in front of the investors. And in case you fail, try hard again and emerge with a better idea and pitch, you will get success.