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How to Get Funding for Your Mobile Application Idea?

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How to Get Funding for Your Mobile Application Idea?
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An innovative idea takes ages to born and years to get launched – With ideal funding, such mobile application can bring significant revenue to the companies. Today we will be sharing a comprehensive guide about how one can get started with creative mobile application idea and have a strategy to raise funds for it.

These are crucial steps that require patience, and a lot of research to get things right as per the business norm and how investors would agree.

So without further ado, let’s get started!

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Prepare the Finest Pitch for App Idea

Before you step into the market to ask for sponsorship, investment or any other support, it is crucial to understand your pitch can make or break your idea. Yes, many times the ideas are highly competitive and out of the world, but if your elevator pitch is not strong enough, it can create hurdles in convincing anyone to invest or provide funds for it.

  • Elevator Pitch: Shortest description or details of a business idea that can be defined in the short interval of time.

The first step to prepare your pitch is to refine your mobile app idea into purest and compact form. Instead of saying that “your mobile application consists of a variety of coffee bars registered with address and contact deals” try to refine it as simple as “ a mobile app that helps you find the nearest coffee bar in your area.” Prepare your mobile app pitch concentrating on the following:

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  • Story Rather Than Details
  • Relatable Examples
  • Segmentation, Targeting & Positioning
  • Scalability, Competitors
  • How It Works, Benefits & USP
  • How Funds Will Improve Process

Minimum Viable Product

Minimum Viable Product (MVP)

It is understood that most startups are not born developers, nor do they have resources to fly off the ground ready to launch the product. However, if you believe in your ideas, it is essential to practically display the features and functionalities in MVP form to investors and fundraising companies:

  • Minimum Viable Product (MVP) is the most basic form of a project that helps firms demostrate the features and functionalities of a mobile application.

With that state of progress, it would be convenient to comprehend the scalability, the potential of your vision and the budget required to carry it throughout the process.

Cost of Minimum Viable Product:

Usually, it can cost approximately $10,000 – $30,000 depending on the scope of your project. If you are looking forward to a budget-friendly method and free method to demonstrate your MVP, then opt for free prototyping tools such as Just in Mind and Fluid UI.

Also, you can hire leading software companies in Dallas to design stunning prototype or custom mobile application Android or iOS as per your requirements that ultimately assure the success of your application.

Prepare a Killer Pitch Deck

Now that the MVP is ready to demonstrate, it is essential to share it on the platforms like LinkedIn and Crunch Base where most of the potential investors are available. Create a killer pitch deck where you will be communicating to the investors to make them willing to fund you.

Also, once you are sure about the Unique Selling Proposition (USP) it would be ideal for sharing it on fundraising platform that we have discussed below. Meanwhile, do watch this helpful video to learn and prepare your Pitch Deck.

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Key Point for Pitch Deck

  • Keep Key Point First & Fast
  • Keep It Concise & Interesting
  • Prefer In Story Telling Form
  • Exhibit Needs & Demand
  • Use A Message Map
  • Mention Competition
  • Why Are You Best For This Project?

Estimate Funding

By the time research and progress of the product is completed, it is important to know how much of funding is required to gather to launch an application. It might need thousands to a millions; however, justify each aspect of your funding request to sound and be more authentic.

Usually, the funding starts in the form of backs and gifts; also, there should be a returning gift to users that are supporting you with funds and participation. Plan the following give away:

  • Capital Campaign/Major Gifts
  • Corporations and Foundations
  • Planned Giving
  • Benefit/Special Events

Investors & Referrals

Going online and searching the available fundraising platform will pull you to the pool of multiple options. What is crucial is to decide the most effective and active platform where you can find the ideal investors and crowd fundraisers to support you. Following are the most renowned sources where not only you get funds but also help your startups business to gain exposure

Crowdfunding:

It is a platform where you can share your project details in a most compelling video format that allows people to understand the vision and support your innovative idea for a great start opt for Kickstarter.

Angel or Seed Funding:

Angel investors are persons, and when they finance in their individual capacity, it is called an angel round. Seed funding is usually less than $1 Million.

Bank Loans & ICO:

Bank Loans are pretty much hefty if the team and startup have a strong point to get loans. However, with Initial Coin Offering (ICO), you can obtain funds via funding using cryptocurrencies

Author Bio

Jenna Dove is Digital Marketing Executive at KoderLabs a leading firm Software Development Dallas, Texas.  She has been writing and consulting to clients mainly looking forward for innovative IT solution including branding, UI / UX and AR, VR and Ecommerce Solutions

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Paschal Okafor is NaijaTechGuide Team Lead. The article How to Get Funding for Your Mobile Application Idea? was written by NaijaTechGuide Team. The article was last modified: April 11th, 2019

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