With more than 2 billion smartphone users around the world, phone applications are all the rage these days. In these times,building a smartphone (Android/ iOS) appis a great idea. Lots of companies and individuals are coming up with new app ideas that they wish to bring to the audience. Yet most are unaware of the steps to be taken in order to turn their app idea to a reality. And even more are clueless about getting the funds needed to start building their app. Here are some ideas to help you raise funds in order to start building your app before you land an investor as landing one is not an easy task and may take you quite a long time to acquire: 1. Bootstrap:Bootstrapping essentially means that you raise money for your app through alternate businesses, savings, existing jobs and investments. If there is any way that you can bootstrap your app, do it. Work out a spending schedule that will help you keep an eye on the expenses and help you plan for the future better. 2. Angel or seed funding: Ever since the boom in the smartphone market, angel investors are continuously on the lookout for great app ideas that have the potential to become successful. They are ready to invest in ideas that are on paper and have not materialised yet. And if you have a rough, primary prototype that you can offer as an example to give the investors something to visualise, it is evident that you are serious enough about your idea, pushing them to put their money at stake with your idea. 3. App Development contest:There are numerous contests that offer a platform to showcase your app ideas. Numerous tech startups and angel investors hold these contests to scout for the best talents and discover the best ideas for an app. These contests are generally highly competitive, wherein you are required to make a pitch to a panel of judges, mostly comprising of investors. Strong presentation skills, along with a great idea are two two things that are prerequisites here. 4. Crowdfunding:Crowdfunding platforms are fast gaining popularity among startup founders, business owners and pretty much everyone else. These are making it more and more easier to tap the huge reservoir of investors in order to gain startup capital. Platforms such as Kickstarter, Crowdfunder, Fundable etc. offer ample opportunities to raise startup capital in a big way. Sites like Fundable were established by startup founders themselves, and these walk you through the process of raising money for turning your idea into a reality. Sites like Crowdfunder help connect entrepreneurs with more than 12,000 Venture Capitalists and Angel Investors. And the best part is that such websites have a learner’s guide to take you through the whole process, greatly simplifying your path towards obtaining startup capital for your idea. 5. Business accelerators and incubators: Business incubators offer help and support during their initial startup phase, mostly helping startups in crucial cost-cutting solutions such as offering inexpensive work spaces, helping startups acquire financing, helping founders and owners polish and hone their skills as well as by offering consulting services and mentorship. Business incubators are helpful for startups in any field, whereas, Accelerators, on the other hand, are generally focussed on startups in the tech industry. While incubators are not for profit organizations, accelerators are usually profit-oriented. Startup business owners are required to move to the location where the Accelerator is established, where they are taken through a 2 month boot camp or training module where they are trained in a training environment. In exchange for an equity stake, accelerators invest money in a startup, which is a fair deal if you think about it. 6. Government Grants With the new push for “Make In India”, Skill India and the like, it is now easier than ever to obtain startup capital. With the government pushing for tech advancements and reforms in a big way, entrepreneurs basing their business ideas on an app have it easy. The government has launched several grants and programs in order to foster innovation in the technology space. Look a little deeper, talk to some people and you are bound to find one that suits your needs the best.
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