Human beings are naturally creative with ideas, and it is explained by all the scientific innovations that have become part and parcel of our everyday life. Even among the millions of apps populating the Play Store and App Store, many are unique and path breaking. But however, tremendous and mind-blowing an app idea you come up with, without funding cannot be shaped into an actual app.
How can you get funding for your app idea so that you can further shape the idea into a successful app? Well, the straightforward answer is you need to approach investors and convince them about the potential of your idea for a successful app product. Where and how can you approach these investors? Well, precisely to answer this, we are here. Just read on.
Engage in a Crowdfunding Campaign
When you have no favor from the individual investors or institutions, the crowd of interested people or potential future users can lend their hand to raiding the fund. Yes, we refer to Crowdfunding as a great alternative way to raise funds for a new and unique app idea that looks promising.
There are several well known and widely popular Crowdfunding platforms out there. Before that, you need to choose a Crowdfunding model that suits your project best. Apart from the app-only Crowdfunding platforms such as AppsFunder and AppSplit, you can always opt for big techs Crowdfunding platforms such as Indiegogo and Kickstarter.
Fetch Voluntary Donations from Your Web Users
Do you have an established website already? Well, this can be used as a great resource to pull money for your app project. If the website is quite popular with a good volume of business-minded traffic, you can make a landing page pitching your campaign and start taking donations.
Besides describing your app and it's real-life benefits to the users, make sure you can give them additional impetus through some gifts, per-order benefits, or just compensations in either cash or kind. Use a short contact form with few fields along with a strong pitch for your new app.
Bootstrapping, which is basically about finding an app from your own pocket, cannot be completely neglected. Yes, there are examples of several successful apps that found investment through this simple method. All you need is to cut your expenses, make room for saving money, and invest the accumulated corpus on the app project. Bootstrapping can be more effectively done if you cut your initial app budget to a minimum by embracing the Minimum Viable Product (MVP) approach for development.
Sourcing from Your Own Network
Often more than any outsider, our family members and friends understand our plight better. Many of us find our nearest and dearest ones to be the best audience for our creative pursuits. For your app project, you can also explain the merits to a chosen few among your friends and family members and request a contribution. Ask them to lend money for some time with a specific plan for repaying their debt in time.
Often selling an idea to your closest ones is way easier than doing the same to a seasoned investor. It is particularly useful for small and less expensive app projects, the cost of which can be met by sourcing money from individuals. IndianAppDevelopers company mainly uses this funding approach. The closer family bonds in India made this a great funding option for many innovative app products. Again, an MVP approach will help you keep the cost minimum at the initial stage so that you can easily get funding, and after the app goes live, you can come with value additions through updates.
Getting funds from private investors in your known circle is another good option. This approach is particularly useful if you are approaching businessmen working in the related niche of your app. For example, if you are building a food delivery app, some restaurant chains, and joint food owners can show interest in your app and can agree to invest in the project.
Taking Part In-App Contests
Do you know you can just build a basic stripped-off app version showcasing your key value proposition and take part in-app contests only to get noticed and get funding from investors? The app contests help many new apps get the limelight and get investors' favor for building the app to success.
Even if you don't get success initially, the experience of taking part in such competitions will prove vital to your developer career and help you grow excellence. Sometimes, even the competition runners-up and other participants who couldn't get closer to the title find good offers from investors after the event is over.
Get Co-Founder On-Board
Finally, we are going to explain the most popular and common way to get investors for your app project. Yes, it is a great idea to strike a partnership with a credible investor who has a serious interest in the app. This will also help you implement the app idea and bring out a product that perfectly matches your expectations.
Instead of borrowing money for your project, let the investor become co-founder of the app. This will also create more financial room for your app product as you don't have to get hurried for replying.
Funding is the most crucial step in building a successful mobile app. To get funding easily, make sure you have a unique app idea that can instantly resonate with the needs of its target audience.