We have our pitch document ready, as well as prototype! We trying our best to raise $funds. At the same point our Android and IOS app is 85% complete , we are doing QA and fixing bugs before an open beta launch, but startup tank is showing $funds level zone in red .
What should we do?
- Commence crowdfunding campaign?
- Find some investor , willing to share fair activity at low investment
- Stop development and stop dreaming :-(
We are between rock and hard place. Anybody has any $cost friendly options?
We are close to Detroit. We are in the Michigan State university (MSU) town (Lansing,MI).
www.Dup-Dup.com (Be Someone`s Hero)
I believe 100% in my idea, and I have fire in my belly. I am trying options
- Crowdfunding ( Preparing for Kickstarter and Indiegogo)
- Investors ( One call in few minutes)
- Friends and Family ( one active discussion)
do not want to try bank loans.
I love my idea, come on who does not - it`s be someone hero , while enjoying AI curated feed based on interest and mood!
@ Krunal ,
We are planning to start open beta launch with crowdfunding project. We have 50+ users doing close alpha test on the app. We have discussed the option to build "Ad" engine inside app, but we believe it is going to take 40+ days , and could be a huge turn-off for the users. Usually, it is not a good idea to start "Ad" unless you have for instance 50K users on the platform.
@Timi - What?
Have a wonderful weekend everyone!
www.Dup-Dup.com (Be Someone`s Hero)
I would consider 2 things to better define the next step:
1) How much value can you offer now in exchange for money
2) How much do you still believe in the idea.
With that in mind, I would think about the alternatives:
Of course, to quit is an option and it is very difficult to recommend anything on that. However, I would recommend you to think about how much you still believe in the idea after all this time you're working on it. Why you still believe on it? Why not? These are important questions to be considered.
I wish you success in this tough moment!
That's great, Saquib!! I wish you a lot of success with these funding alternatives! :)
p.s.: I just subscribed to your email list on Indiegogo!
I would recommend to have minimum user base in your mobile application. Start promoting your application on Social media and through website which will help you to get more user base and people will know about your product.
Meanwhile create MVP - Minimum Viable Product of your idea and plan how much revenue your product can generate if any one is interested in investing.
Show them the numbers as to get investors number plays a vital role. I also suggest you to implement Ad Networks into your mobile application to generate revenue.
Hope this helps you to think more in detail!
You must have figured it by now. It is really hard to raise money before the product is finished and have some traction from early users. Even if you get investment, it would be very costly. Only reasonable option in a town like Lansing would be friends and family.
What is your main cost at this point? Is it the mobile development or customer acquisition? If it is mobile development try to partner with some developer in return for equity. It is difficult to find somebody to do so only for equity, But at least you might be able to find people to do so for mix for part cash and part equity. College towns would be great place to start looking for development partner.
If you are looking for money for customer acquisition, it seems little premature.
Good luck with with the app
I have already begin the journey of finding technical person, and I am ready to share some equity, but we will be needing $cash to support operations (AWS, paid APIs etc).
We are in the process of launching a crowdfunding campaign as well. We have activate the pre-launch page, and in 2 days 300 users, and 30+ email subscriptions.
“A real hero, don't need a mask, cape or special dress - All you need is Dup-Dup.com “ - Saquib Khan"