It all begins on a random day. You are on your way to work when a brilliant app idea strikes you. You share it with a few close friends and they encourage you to bring it to life.
You don’t have the money to meet the colossal costs your brilliant mobile app idea’s development will incur. Especially, if you will be creating it for trusted app platforms like the App Store or Google Play Store. Moreover, you are going to be developing for either Android or iOS or perhaps for both.
People may not view it as the next life-changing app you claim it to be otherwise.
A friend suggests you get someone to invest in your idea. So you think of getting some rich businessman to fund the development of your mobile app.
While it’s true that the investors are always looking to invest in literally anything that they foresee success in. To get them to fund your app, you need to win their trust in your idea first and that’s the tough part.
5 Tips to Get Investors to Fund Your Mobile App Development
While your friends may not have required any information including shifting trends or data regarding the market, your investors will want to know everything. Having a baseline idea just wouldn’t cut it with these people.
So you may want to have all the answers to their questions without them having to inquire.
We have compiled 5 basic yet very practical tips to help you out with getting an investor to develop an interest in your idea and invest in the app development project.
The trick is in the presentation of your idea. Start with the following.
1. Market Analysis & Your App’s Niche
The first thing is first, do your research. Not only do you need to research how much mobile app development will cost but also on the market and potential customers for your app.
Because smartphones have been around for quite a long time now. The same goes for the applications.
Therefore, you need to ensure your idea is not ‘cliche’. Because no one wants to fund an app idea that already exists or doesn’t fill a need. Therefore, it is imperative that you do your homework on the competitive space of your application’s market.
Understand the various trends as well as what other businesses in the same landscape are offering. This will help you demonstrate to your potential investors how your idea is something novel and unique. Keep this in mind that your investors are going to be expecting something fresh.
Sometimes, it’s the little things in life that make all the difference. Does your app qualify for making a little difference? The trick is in figuring out the specific need your app is meeting. Ask yourself questions like,
- What problem is my app solving?
- Or what makes this app different and unique compared to the plethora of apps in the market?
You can evaluate the market demand for your app by doing surveys based on your potential customers. You can use the data from the search engines to know the market demand for your product better.
Once you have figured out the secret ingredient, use this knowledge to win the hearts of your investors.
2. Brand Your App: Make a Logo
Now that we know what your app does and that which makes it stand out amongst other apps, it’s time we start branding it.
What do we mean here by branding? Well, it means that this is where you create a logo or a domain for your app’s idea. The design shows the intelligence behind an idea and makes it look professional. You’re probably worrying and wondering how it would be stupid if your investor doesn’t invest. Wouldn’t it all be for nothing?
It is never for ‘nothing’. The goal is to win their confidence to a point where they take both you and your idea seriously. However, don’t exert too much effort on this. Go with something basic but good.
Go for something that can convince your potential investors that you’re passionate about your idea for the app and have put a lot of effort into your project.
Branding will allow your investors to imagine the product, instead of something vague or full of uncertainty.
Don’t forget, branding is at the heart of every successful app or business.
3. Develop a 30-second Sales Pitch
Why 30 seconds? Are you aware of what an elevator pitch is? Worry not, we’ll discuss everything in a way that you don’t feel lost.
Now, these people – your potential investors – are extremely busy people, right? Which is why you need to have a sales pitch ready to get them to pencil you in their busy schedules.
A sales pitch is nothing too different from your personal elevator pitch you drafted for a job fair. Think of it as your app idea’s key to win your investors.
‘Elevator pitch or speech’ is simply how you describe your app idea in a very short time without discussing the lengthy mobile app development process. An elevator’s pitch is both brief and concise. Yet it covers each and every aspect of your app idea except the app development process. Let’s put it this way, you are making your way to a certain office meeting and decide to use the elevator to get to the 25th floor.
You have just reached the 10th floor when a potential investor walks in and you kick off the conversation about your idea. You have 30 seconds, give or take, before the elevator door opens to your floor and you walk out to your meeting.
You should be able to define your app idea within those 30 seconds. In these 30 seconds, you must have covered the features as well as the solution to a core problem your app will be providing.
For all we know, this might land you another meeting, where you can thoroughly discuss your app idea in-depth with this potential investor. Remember, it’s all in the timing.
There is no point in discussing the mobile app development process back in the elevator. Your potential investor is interested in the idea and what it does and not the development process.
4. Convert the 30-seconds Pitch into an Awesome Deck
Why waste time on a pitch deck when you’ve already nailed a meeting? First of all, it is not a waste of time. Now, let’s talk about why we will be creating a pitch deck.
It’s all linked to that elevator and the investor you bumped into and had a nice chit chat about your idea. Having listened to the brief summary of your app idea, its features, and the solution it provides, this guy wants to know more.
Obviously, he is interested. And in a meeting, he will want to know the most minute details.
Lucky for you, now you have more than 30 seconds to present your idea in detail and convince this guy why your idea is next-to-phenomenal.
Because we longer have a ticking clock breathing down our neck, we will create a very impressive pitch deck. Pitch deck is just a fancy word for a presentation. It exhibits more specific details and processes of your app. Now that we are no longer in the elevator we can thoroughly discuss the mobile app development process in detail as well.
While the hard part is nearly over, we still have to be very subtle about this. This pitch deck could either be a major turn on or a major turn off for your guy.
So be very subtly creative.
5. You Know What’s Better than a Pitch Deck? A Demo or MVP
Remember what we discussed about branding earlier? Much like branding, a demo, or MVP of your app will give your idea a concrete form. It will be easier for your potential investor to visualize your idea as something that works.
Moreover, it shows how serious this project is. Allowing your investors to interact with your idea could turn out to be very convincing. A product demo or MVP is notch above mere words. This demo can be something as simple as a prototype or flat mockup.
However, if you choose to go with an interactive demo, remember to be wary of any potential bugs or errors. Better safe than sorry. Your investor would be super impressed, irrespective of the path you pursue, to see you’ve put a lot of energy into bringing the idea to life.
Follow these 5 tips and you’ve got yourself an investor. Happy hunting!
However, if you need an MVP to impress your potential investors, let’s have a chat. At CitrusBits we bring your app ideas to life. And if it’s a mobile app you are looking to develop then we have got that covered as well. Visit our portfolio to check out the awesome projects we have worked on.