In short, the idea stage is the first phase of app development, though it can also be considered part of the pre-development stage of production. When you have a revolutionary mobile app idea, you have the foundation to support and help guide every other step of the app creation process. However, you’re unlikely to ever progress through any of the other stages unless you’re able to acquire the funding needed to develop your app.
While it may seem strange to look for funding for an app idea, many people would prefer to fund a cause that already has a product in the development process. You’re not likely to get very far without some initial funding to get you started. Here are seven of the best-proven ways that you can start earning some pre-development funding for your revolutionary app idea.
When accumulating funds for your app development project, the best and most dependable place to start is usually with your own money and savings. It would be pretty unreasonable to ask others to put money into your project without also contributing yourself, after all. Given that it can often take between tens and hundreds of thousands of dollars to even start getting your app idea off the ground, you’re going to need to contribute as much as possible. Otherwise, you’re not likely to see any significant progress, let alone an eventual, fully-developed application.
Crowdfunding can be a fantastic way to start earning funds for your app, especially if you have little to no resources to invest in the project yourself. It can be tricky to make this work at times. Hundreds of crowdfunding campaigns go entirely unnoticed and unfunded amidst a sea of competing campaigns - but the right product pitch has the potential to get the funds rolling in quickly. However, keep in mind that crowdfunding sites will require transaction and payment processing fees from the funds you raise.
If you want to avoid the competition and fees that come with earning money from a crowdfunding site, consider setting up a target donation page on your own website. This allows you to create a customized platform to talk about your proposed app and get prospective users and investors interested in your development plan. You can then request that they make a small donation to your cause and even offer them some gifts, pre-order perks, or even potential monetary compensation in return once the app is launched onto the market.
If you believe that your app idea has the potential to succeed, consider participating in a few funding contests. The hit entrepreneurial TV series Shark Tank is an excellent example of one of these contests, but that is far from the only one available to help you get the funding you need to move forward with your project. There are tons of contests available for startup creators, sponsored by technology companies, universities, and many other sources who want to help you get your app idea off the ground and out into the world.
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The majority of people with a great app idea have no possible way of funding their projects by themselves. Apps are just too costly to make, especially if you’re trying to make a complex, well-working one with even a remote chance of success. Consider going out and finding a trustworthy co-founder or two to help you get app development up and running by pooling your funds together to get things started. This is also a fantastic way to get some influential individuals on your development team to help you throughout the entire app creation process. A tech-savvy co-founder, for example, could potentially help you design and build the app from the ground up without you needing to spend your hard-earned funds on the services of outside developers.
Angel investors and strategic partners can come in many forms, like institutions and companies. They can also include successful entrepreneurs and well-off individuals invested in funding new startups that they see as having a strong potential for success. These investors can offer anything between a few thousand to a few million dollars to promising developers. The current angel investment market has grown to approximately $20 billion per year, supporting countless businesses, products, and app development projects from start to finish.
As stated above, it can sometimes be challenging to receive funding in the app idea stage because banks and other funding sources often want to see something more substantial than an idea or concept before they’ll agree to part with their money. But that doesn’t mean that getting a loan to fund your app development is impossible. In fact, out of all of the methods listed here, it’s probably the fastest way to earn the funding you need to at least get your project started. In recent years, governments, banks, and other critical institutions have grown more supportive of the growth of startups as well. Meaning that you’re much more likely to receive the funding assistance you need.
The app development process is costly from start to finish, and very few people could ever hope to fund everything by themselves. If an app developer wants to have any chance at constructing and releasing a completed, quality application, they’re going to need to start earning funding right from the get-go. Without a way to acquire substantial amounts of investment funding, the chances that you’ll ever be able to get far into the app creation process is very slim. And the chances that you’ll be able to launch the app with profitable returns successfully is close to nonexistent. So take the time to consider all of the options noted above, and see which ones you think would provide the investment funds you’ll need. Don’t be afraid to try out several ideas and see if you can get investments through as many methods as possible.
Are you on the lookout for an app development team that can turn your app ideas into full-blown applications in record time? Check out the services offered by the experts at Strides today to find out more.