How to Pitch an App Idea?Posted by: Mariya Parackal | On: 19th Feb, 2020 | New Business, Startup
If you have a creative mindset, you will see things around you in a different way, you will come across new things, formulate new ideas, etc.
When you got an idea for an app, the next thing that comes in mind might be how to make it a reality or how to get funds for your project!
Whether it is about funding or developing it, you have to convince the developer or the investor about your idea, which means you should know how to pitch your idea. But you don’t need to be the “Wolf of Wall Street” to do that!
Pitching your app idea to a developer
It is very common that most entrepreneurs are very confused about how to convey their vision or idea to the developer correctly, this can happen since coding or programming are not a common skill everyone has! One solution is to give the development team is the freedom to start working without you having any control over, but that is very ineffective.
Once you understand the things to be considered when discussing your idea with the developer, you will be able to pitch your idea confidently. Let’s have a look;
- Make Sketches and Mockups
If you have a visual aspect for your app, draw it in a paper or use software tools like Balsamiq, Invision or Mockingbird to create a mockup. The mockups or sketches need not be professional, but it should describe how your app should work, add as many details as you have.
- Break your project into details
After you have made visual sketches for your app, the next communication gap will be lots of ideas, requirements that you have in mind.
◦ List down core features necessary for the product to go to production
◦ In this section, features should have clarity and hence remove any suggestions
- Be open with your suggestions or doubts
Pitching your app idea to an Investor
One of the challenging stage most of the entrepreneurs have to search for is their first investment and pitching idea to investors. But there are different strategies that we can make use of :
- Creating your presentation slide
Your presentation slide is a visual and concise model of your app idea, it should include your project’s vision, the problem you are trying to solve, etc. Most commonly a pitching slide is done in presentation software like PowerPoint or Keynote. As we discussed it must include your company’s vision which gives an idea of what is your company and why the investor should pay attention to you. This part is your company identity.
Let me breakdown details to be included in the slide.
Give a short introduction of your company
2. About your team
Describe your team members and their history
3. What problem are you trying to solve?
Ask yourself, what problem are you trying to solve?
For example, Uber solves the problem of getting around to different places and Facebook solves the problem of connecting with family and friends over the internet.
Your app must solve a specific, simple and meaningful problem or else people won’t be interested in what you have to offer.
What value are you adding with your app? How will you make people’s lives better and solve their needs?
It is important to show the potential of how your app will respond to a problem and present why current solutions aren’t doing the job. It is a good idea to outline your unique value proposition and explain why your solution is so special compared to everyone else’s.
Is it more user-friendly? Is it more efficient? Is it cheaper? Be clear on what separates it from other current solutions.
4. What makes your solution unique?
You can explain about Unique selling proposition(USP) of your product idea.
5. What is your solution and how it is going to work?
Describe about the product and its working
6. How big is your market and the findings of your competition?
In this section, you should justify the reasons for making your product considering the market status.
You can discuss your marketing efforts and targeted audience in this section.
7. What is your business model, means how are you going to make money out of it?
In this section, you should describe a time span when you are expecting to start making revenue.
8. What is your expected budget? What are you expecting from the investor?
Investors will get more confidence in how serious are you if you are able to provide them your expected budget projections.
9. Your contact details to reach you
At the end of your slide include links to connect with you.
Finding Investors for Your Start-Up
Finding investors is a major step in making your company forward. They can be from your family or connections or major angel investors, venture capitalists or even investment bankers. You can use your professional network to find ways to connect with investors or get advice for your idea.
You might have any colleagues on social networks like Linkedin or Facebook who can help you connect with investors. You can use cold emailing to connect with investors, in this case, keep the email concise and try to make follow-up emails.
Make your prototype for demo
It is always better to have a prototype for convincing your investors showing how your app works. If you have a prototype, it will eliminate any uncertainties.
Creating a prototype proves how you are going to put your time, money. Prototype need not be a fully working solution, it can be screen sketches, wireframes or a storyboard. Using tools like SketchApp or Invision you can make the interactive visual ideas of your app.
Create a website and domain
Having a domain and website is an easy way for investors to discover your app later, sometimes it can serve as a link to your prototype. This can be done using any CMS solutions like WordPress. Having a prototype and website shows the authenticity of your company and creates chances for responding to your project idea.
Even having a logo represents your company and it will be able to show investors that your product is a sellable one. Since you are at your first stage, the logo needs not to be perfect instead of having a brand name and an icon also works!
The advantage of being prepared on how to pitch your app idea to your investors or developers is that you will be able to deliver your app idea properly. If you have any app idea then share with us, we have dedicated development services to make it happen for you!
Best wishes for a convincing and great pitch!