mobile-apps, fundingI’ve been developing a mobile app for the past few months, and I’m wondering at what point do I reach out to investors and try and get funding? I’m a software engineer by day, and entrepreneur by night, so I’m developing this thing alone. Its going well, but as I’ve been working on this product, ideas for what it can grow into pile up and I realize that I’ll need help in order to get this thing off the ground in a reasonable amount of time. So at what point can I reach out for funding?
On top of that, how does one go about pitching an idea for a mobile app that will be free, but introduce ad campaigns later down the road? I know that investors’ #1 concern is making money, so it seems to me like a free app would be hard to get funding for. Thanks!
Freemium and and ad models for apps are common and understood by investors. No need to worry about that.
I would say you should consider achieving at least one of the following milestones before reaching out to investors. The more milestones you accomplish, the better received you will be and the higher your valuation will be. Assuming you earn funding.
The milestones for you to consider are as follows:
I will say, if you have earned your first dollar and investors can see a clear path of how investing additional capital can help you grow, you will have a much easier (relatively speaking) time of it.
Conversely, if you don’t have a working prototype yet. It will be even more difficult to earn funding.
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