Three things are required for any venture to succeed; a pioneering idea, a dexterous team and capital to implement the idea. One who has all these things realizes his dream. Mobile application development has emerged as the most profitable option these days and many of the tech geeks with an entrepreneurial bent of mind are trying their hands in this business. An idea needs funds in order to get implemented and raising funds is one of the biggest tasks for any startup. Venture capitalists and Angel investors are very actively engaged in funding great ideas, but there are a few steps required to reach and engross them.
This is the traditional and the most suitable mode of raising funds. If you have funds, then you should feed your idea yourself. One thing that should be taken into consideration is that in the initial phase, you should build a cost-effective prototype app instead of spending big on amazingly designed and feature-packed mobile app. You just have to prove to the venture capitalists that your idea has traction and once you are done with this, then get ready for the good as well as negative feedbacks about your app. The point is that the concept should be new and innovative, no matter it has technical flaws.
In many cases, self funding is a tough task to accomplish and you can share you idea with a Co-founder with equal enthusiasm like your and whom you think you can cope up with. You can find a partner for your business idea, who is equally enthusiastic and shares a same level of passion. Having an adept co-founder is sometimes really beneficial because many VC firms don’t fund you unless you have a partner by your side. Either of the partners should be technically sound since you are a tech based startup, so if you are not a techie at heart, find a co-founder who is good with codes or management skills. But wisely do choose your co-founder because 60% of startups fail due to the clashes between the partners.
Venture capitalists love to see the prototype that presents the entire theme and hence it is more important to have someone with technical skills like an android app developer on board. There is a huge possibility that the first prototype of your app won’t gain traction. In this case you have to rethink about your prototype and have to tweak it many times. Hence its always better to have a guy on board to look over all this.
Frankly speaking, there is no hard and fast rule to determine whether your app would grab interest of VCs or not. You may toil a good 5-6 months or even more than a year to make it big. You have to convince VCs that your app has potential and there is a possibility that your app could make its mark. VC firms bet on a number of ideas like this, but they don’t invest in plans that have no chance of going big, so be confident and do your homework really very well.
At the beginning of any new idea, it would look very exciting and at the same time it may look daunting sometimes. It may look hard at the initial phase, but that’s the burden and thrill of entrepreneurship. You would have to spend many sleepless nights developing your app and it is said that all is well if it ends well. So one thing what I would say at last it “ do your best and leave the rest”.
Ashfaq has been enthusiastically involved in SEO and Internet marketing. His passion for innovation and growth has led many companies to become one of the world's leading online marketing firms.