February 19, 2018
Category: Business & Strategy
As a company with offices in two of the top U.S. cities for innovation (Boulder, CO and Austin, TX), we are regularly approached by potential clients who believe they have a great idea for an app, but don’t know how to raise funds needed for development. Perhaps you are in a similar situation.
Before we delve into resources they might consider to fund mobile app development, we like to remind them that more often an app idea fails for lack of business value than lack of funds. Rather than begin by developing a “fully featured” app with lots of functionality, we encourage them – and you – to build the simplest product they can and get it into the hands of consumers to prove its worth. Often called the Minimum Viable Product (MVP), the MVP offers the bare bones of functionality – just enough to show the concept, get feedback, and learn if your idea resonates with others.
Starting small not only enables you to refine your idea with limited dollars, it also provides valuable proof of concept to help you convince potential investors your idea is worth supporting.
That said, there are a variety of investment options you can pursue to raise funds for mobile app development. Some are more appropriate early in the process, and others later. Many would argue that entrepreneurs should put off securing funding as long as possible in order to build company value, thereby having a higher valuation before raising capital and diluting equity. Here’s an overview of some of the most common options: Read More
November 6, 2017
Category: Business & Strategy
It’s estimated that somewhere around 90% of apps in the app stores are able to be downloaded for free, causing many clients to wonder how app creators are able to actually make money. There are a number of different ways to earn revenue, or “monetize” your app, but no one of them is a silver bullet. The right paid user experience is heavily dependent on your target market, so it’s important to make sure you understand your audience before selecting a monetization model.
We don’t have the space in this post to talk about how to familiarize yourself with your market and competition, but we do provide those insights in our free e-book Inspiring Apps: A Business Perspective on Building Mobile Apps. In this post, we’ll review the most common monetization strategies available so you can figure out the best way to make money off your app.
As you read the options, we encourage you to think about what’s unique about your app and what people would pay for the ability to use it. Likewise, it’s important to contemplate your financial situation and timetable as you select a monetization model – can you initially forego revenue to gather users and perhaps gain more revenue overall? Some models earn more money initially while profits come later in others. Read More
June 6, 2016
Category: App Development
We’ve talked a lot in recent months about developing an app and the basics of app marketing, but launching your app is really just the beginning. There are many things to do to keep your app users engaged, and to keep your app running smoothly, after the first version hits the app stores. Here are some things to consider post v1.
While it may seem obvious, make sure your app stays relevant to your users. They purchased your app because it met a need. As their needs evolve, make sure your app does too. Staying relevant could include everything from keeping content fresh, to adding new features, to offering special promotions throughout the year. Paying attention to what features your top users employ can help give insights into areas you want to continue to grow. Read More
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