I have an app idea, what's next? Investment for an individual rather than a team?

Dave!

Hi guys,

I know this is a super-lame, cliche question, but I've got some more specific questions around it.

Basically I got what I think is a pretty good idea for an app, which I think would have good potential. I initially spammed friends with it and asked for feedback there, all of which was positive. Then I did a pretty rough prototype using fluidui.com. Then I ended up speaking to a couple of people that I did not know personally, but who would be active in the field that the app relates to; they were very positive about it also, and advised me that I should try to do some more research on it, and suggested I do a survey. I've done that, but have not gotten a huge number of respondents, so I'll need to push that a bit more.

I'm wondering though, if we assume that the idea is amazing, the best idea ever – what's the next thing I should do to move it forward?

I am a software developer by trade, but I am not a mobile app developer, and I don't really know any who would be available.

I gather one of the options I have would be to hook up with an app developer and work with them to get something built, and then just release the product and see if people use it (I could work on the back-end/API).

I'm wondering though, is another option to try and approach investors independently, or would they be unlikely to entertain me if I'm armed only with a bit of market research and a bit of enthusiasm? I think I'd ideally like to get some funding to pay myself, and to hire an app developer and work with them to get the product built.

Also, how likely it be that I could get funding independently, i.e. without a team behind me? I don't think the product is hugely complicated, and I'd be trying to get mentorship and advice from everywhere, but I really don't want to end up in a situation where I have to give away loads of equity and end up with a bloated team of founders for what is a relatively simple product. I'd rather get funding up-front, and then employ people with the skills to compliment my own. Does that happen, or is it a pipe dream?

Thanks a lot for any advice.

The Corinthian

You can take on a mobile developer as a business partner, or you can hire one - the various remuneration models have been discussed at length here and on the Mobile Applications board.

Either way you'll need capital as even if you don't need to spend a penny for development ever, there will still be expenses and you will need a marketing budget at the end of it.

Nonetheless, your first step is to do your homework. In doing so you'll be answering the following questions:

• Does your idea have Business legs? Is there a viable market out there? Might seem like a good idea, but are there already 25 free apps out there filling it? If not, is there a good reason for this? What is your revenue stream going to be? Is it viable or sufficient to run a business on? What are the market demographics? And so on...
• What do you need to get the idea off the ground? A step-by-step plan to go from an idea to a funded business bringing in money.
• Money. If you're looking at getting investment, you will need to combine the above two steps and put together a package that would convince someone to part with their money and take a punt on you.

You'll note I didn't include development in that short list. That's because you're nowhere near that stage yet.

Im doing this very thing at the moment. Although its a fairly complex piece of software

I found a team of developers and created a company with a 50/50 split. They are building a demo and handling all the costs for that, Im handling the business planning, VC presentation and finance raising, and App sales to our targets once its ready and the costs that come on that side.

Not saying this is set in stone as the way to do it, but it made sense for me.

In terms of research etc, I suggest you write a proper business plan up, with sections on the market, competition and so on. Writing these plans and doing the research that way helps you find the problems in your own idea.

pedronomix

Good advice above.
Investors dont back products or individuals, they back coherent teams with the total skill set to deliver and sell the end product.
You appear to be lacking the developer and marketing elements.

If you have come up with an attractive product/solution, I think you should consider partnering with an existing player. I know little of the technology of apps but I do use them and have been involved on the business side of an app related start up that is about to go global with very heavyweight partners. The app market is certainly hot at the moment and as a next step I would talk to EI about any opportunities that may exist for them to do a bit of marriage broking.