By Pratik Kanada
I want to quit my job and opt for startup!!! Have you heard this ever before? A big ”yes”. Every second individual on every single street will have an innovative idea which if converted into the app will transform the world (according to him). The journey from idea to execution is not child’s play. The concept these days is like an incurable disease which is all in the air……Gone is the time when people use to say love is in the air, it’s changed to startup is in the air. There is a quirky smile that automatically emerges on the face when someone says “I have a brilliant startup idea”.
Sorry to disrupt your sweet dream to turn your $1 million mobile app startup idea into reality. Don’t know why entrepreneurs assume investors are just waiting for them, they will take their app idea and get highly obliged with same and hand over the funding they are seeking for. Once Steve jobs said, ” It’s faulty when people think 90% of the work is done with the great idea.”
Enough of the pessimistic theory, for all those mobile app startup entrepreneurs with a heart full of hope and mind full of ideas, counting problems is not all that they expect. Well, its diplomatic as to whether it was a pessimistic approach or realistic one!!! However, we are not here to count startup funding problems, in fact, we are here with the elucidations to tackle them.
Ideas can be analogous in nature but the key card is hidden in the execution. While struggling with funding accumulation, pitch deck should not only showcase your $1 million ideas, pitch deck should unfurl strategic management of the execution. The best example to portray is of Google and Altavista, you know who survived or let’s say created a miracle in the web world…..The difference lies in execution.
When you delineate your innovate app startup idea to investors, you had done R&D and know the sky height of mobile apps, but do they know? Investors are just engrossed with an end product. Its general understanding you won’t be handy for an end product and that’s why you seek their help but what you can impersonate is the dexterity to transform your ‘brainstorming to branding’.
Jack Dorsey, Mark Zuckerberg, Travis Kalanick, Jeff Weiner all these personalities are the living legends who have very successfully reached the level of brainstorming to branding. Let’s be optimistic and think you will be the next in the list. Raising funding is not facile but there are sources you can give a shot.
For instance, why would you find a source for funding when you yourself have it. When you are self-funding your concept, follow the norm of keeping 1/2 of the total amount for catering future needs of your project. You cannot turn back once started and you cannot move forward with no money. You haven’t worked so hard to stuck in middle.
2. Check your acquaintances
Friends, family, colleague, partners….is anyone left? If yes then also include them in your funding list. Make them aware of your app idea and ask them to invest in your project if they believe in it. If your ethical standards forbid you from taking financial aid from them, then give them interest or you can make them your partner and share profit with them.
3. Seed or angel funding
Just like the name suggests, angel investors are individual investors who works as an angel and believes in your idea and give you the monetary handout. Isn’t this exactly what you want? Well, its not that manifest, you need to submit the on the paper idea you want to transform into an app and they will scrutinize it and give the conformation if it deems fit.
If there is any existing possibility of bootstrapping, do it right away. You can be the investor you are searching for. Bootstrapping is a methodology wherein you can generate money from savings or alternate business or even from your existing job. Create a fund and initiate contributing a dignified amount every month. You won’t come up with full-fledged funding, but commensurate to give your startup monetary kick.
5. App contest
App contest is like bidding, you have to coeval your app idea in a culminating way and the best one will win the funding. App contest is conducted by angel funds and business incubators but the competition is cut throat, my friend. Pull your horses and ensure your pitch deck is excelling and should compel the investor to pick your doctrine.
6. Credit card
Expensive one right? What’s the “return without risk”. When you are sure of your conceived mobile app development idea then you must have generated ways of the profitable outcomes and paying off credit card debt won’t be a threat then. When no one trusts you, trust yourself. “Risk it and Fix it”.
Pratik Kanada is the founder & CEO of 360 Degree Technosoft, a leading Mobile app development company which makes app ideas into reality by providing unique design and app development services across IOS and Android platforms.