Questions

I am creating the app with Zapporoo and the first two phases haven't Been that much money but I know once we hit programming phase the cost will sky rocket. Just trying to start networking with investors before I get to that point.

Hi there! Best of luck as you complete your college degree. From experience I will try to give you some insight into the world of startups and mobile apps.
First some things to consider:
1. You live in a world of social klout
2.Apps must (specially iOS) must be very well developed, otherwise the users themselves will filter you out.
3. Apps must be relevant if you want to succeed. You've have probably seen this, a lot of paid apps go for free for a while when their sales begin to stall or never actually make any pay back to the developers. Free is an easy way to get users and thus paid advertisements or in app purchases (if they are good enough to keep)

Assuming you will have all 3... Let's move on to your question:
Most investors won't entertain an idea alone, specially if you haven't any prior successful experience in running a startup or app development company. Some do however, consider depending on your social klout, learn about growth hacking and consider growing your social relevance before the completion of the app. As mention by Ryan Holiday, a blogger not too long ago got investment for a book from a simple screenshot of his followers' requests for the same topic... he decided to write a book and through his community market it. This was a no brainer for the publisher investor.

With that said, an often unspoken rule of networking is that you don't ask for favors in your first intro. You don't do that in your personal life, you shouldn't do that in your professional. Make friends in the right place, build relationships with a backbone in honesty, mentorship and through time as they see you work and guide you they themselves begin to entertain the idea... In the future, when you ask, your chances are much better that way.

Get yourself a team, find a developer to mentor you and help you improve as you learn. Most new entrepreneurs think that their product at launch is their "final-good enough for a while- product" and is not! Complete opposite, you must realize that your initial launch is nothing more than the 1st iteration of the many to come if you want your community of users to stick with you and share their experiences with others as you help them and improve their lives by listening to their suggestions and issues with your app. If you have a developer this will become easier in the long run as well as tell an investor that you are capable of being a leader, even if is of 1.

Best of luck, give me a call if you wish to talk a bit more :)


Answered 5 years ago

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