- Try Bootstrapping
There are several other established funding sources such as bank loans, credit card loans which are dependable. Finding a co-founder for your app will halve your financial responsibility and help you develop a strong prototype for your mobile app. And if that co-founder is tech-savvy, it’s a bonus!
SnapChat, which has over 1 billion active users in today’s time, is a brainchild of Evan Spiegel and Reggie Brown originated during their classroom project at Stanford. The duo later approach to Bobby Murphy, who helped them deciding the design and functioning of the app as a co-founder. Make sure you spare a good amount of time, like 5-6 months for fund sourcing.
- Visit Crowdfunding platforms
Talking about how Crowdfunding sites work, all sites may have a slightly different business model. But, the concept is mostly similar – you will need to post your app idea (share a demo if you have built one), mention the investment required and explain how you plan to use funds raised from the prospect investors. If you succeed in raising funds, the Crowdfunding site may charge a fee. Yet, it’s a fact that every month, hundreds of app ideas go completely unnoticed on such sites. But a winning app idea can attract a good offer.
- Find angel investors interested in apps
Here angel investors aren’t necessarily individual investors; they can be funding companies or institutions like Techstars and Y Combinator. Marissa Mayer, the CEO of Yahoo, is one example of angle investor who prefers investing in early stage of apps. Also, there is a knack of approaching the investors via email, and if you need some guideline on how to approach investors, click here. Reportedly, angel investors invested about $20 billion in 2015.
- Look for donations
- Take part in app contests
Hope these funding ideas help you roll out your winning app to the market! Though, here I have mostly talked about the funding part of an app development but there are various processes that matters in the transformation of an idea to a successful app.