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3 Ways to Raise Funds to Build an App

3 Ways to Raise Funds to Build an App

Do you have a great idea for a new mobile app? Great! But that’s just the start. You need funding and chances are you can’t personally back the entire development process yourself. This where investors come in, however, is your idea feasible? Have you researched what it will take to make this app a reality? So many would-be developers start with a concept that sounds amazing in theory, but it cannot be implemented in reality. If you think your idea can be successful, then let’s take a look at what you can do to start raising funds.

1. Practice Your Elevator Pitch

Whether you have an appointment with an investor or not, you should have an elevator pitch that puts your idea in the best light possible. You rarely gain the attention of someone for more than 15 minutes, so you need to come up with the perfect pitch. You need to be able to make the listener understand what your project is about and what problems it solves. You need to make an investor believe in your abilities to make this project come to life and you have to show the market dynamics even without the help of charts and presentations. You never know when opportunity strikes, so make sure you have an elevator pitch prepared for any occasion.

2. Crowdfunding

This is probably the go-to funding method for most tech start-ups these days because they cater to a well-connected generation. Most people interested in apps are those who are somewhat knowledgeable themselves when it comes to tech, or they’re looking for a solution to an unsolved problem. These people are more than willing to donate to a business that comes up with the app they need. This is another place where your elevator pitch comes handy. When you create a crowdfunding campaign you need to wear your salesman hat and sell your app to the people before even having it. This method can take time to gather an investment, however, the funds you gain this way won’t have to be returned.

3. App Contests

There are organized app development events all over the world. By participating you will have the opportunity to present your app idea to a panel of tech businessmen and venture capitalists. This can be your ticket to developing your app without worrying about the funding. However, keep in mind these contests are highly competitive because there are other people out there just like you, trying to build their dream. Most competitions will give you around 10 to 15 minutes of time to convince the panel that your app is a problem solver and a moneymaker. Do all your research thoroughly and be able to explain every aspect of the development of your app. Your elevator pitch will come in handy, but you also need to prepare a market analysis that will convince everyone about the profitability of your mobile application. Keep in mind that you need to condense a vast amount of information in a few precious minutes.

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