Developing an app is a daunting task; it can cost tens of thousands of dollars to bring a wide-ranging app to the market. Once you launch the app, you’re not sure whether it’ll be a success or failure. Moreover, the fact is that you will need money to fund your marketing efforts and engage users to your app.
Raising funds is very important for every startup while making business plans. App startups go through many funding rounds to maintain the progress until profitability is reached. With ever-increasing competition in the market, having a good mobile app idea is not enough.
If you have just an idea for your mobile app and you haven’t made any prototype yet, there are chances that investors might not be interested. Investors get approached by a large number of startup entrepreneurs with different working models. So, if you are approaching investors with just an idea, they don’t really care.
Investors will happily invest only if your idea carries a million-dollar importance. They actually want to see what that app idea looks like in reality. Therefore, it’s a good to go for MVP development or a prototype to show something to the investors. It will increase the chances of getting funds for your app and this is how your idea will be executed.
“90 percent of startups have failed dramatically not because they were not funded but had bad execution.”- Entrepreneur.com
Therefore, a proper execution is only possible if the idea is extraordinary. In this blog post, we have mentioned some of the ideas that can help investors raise funds for your mobile app development idea. But, before that let’s have a look at a few other things.
Who gets funded?
Investors will probably fund and take a risk on business visionaries that have a background marked by achievement in the industry of establishing and running different other companies. Likewise, they should have strong investor connections developed through years of interaction and engagement.
Why do you need funding?
In the initial days, as an entrepreneur, you should have a clear idea of why your app needs funding? Of course, to get traction or advertise the products or services that you are offering to the people. Your only goal should be to build a mobile app for the people and by the people.
So, how do you go about developing a mobile app that satisfies a genuine need, and have a positive impact in the global arena? That we’ll go to achieve by having investors raising funds for your app.