Are you reading this on your mobile or PC?
Chances are, that you are reading this on your smartphone. Today, most of the people online use their smartphones to access the Internet. Smartphones are like pocket size life-remotes, helping you control various aspects of your life. Got lost-Turn on the GPS, Hungry- Order up!, In mood for shopping- Browse from thousands of options online, and so on. This is just the tip of the iceberg. Use of Internet and technology has become a normal practice in almost every field. IoT is gaining a lot of traction, and it is estimated by experts that by 2020, 21 billion devices will be in use, as compared to 6.4 billion connected devices being used in 2016.
It is clear that technology is in our lives to stay. Smartphones offer us the opportunity to stay connected with our friends, family, colleagues, and the rest of the world. There are a huge number of applications, designed to serve variety of purposes. There are E-commerce applications, some apps are for socialising, some apps help professionals in staying connected with their work. There are endless reasons for Mobile applications to exist, and for you to invest in their development.
Successful startups like Uber and Airbnb have proved the potential that mobile app industry has. A simple idea, turned into reality with smart planning and luck. There is obviously only one Uber, but the ideas that we can generate are endless. The task is to notice a need that is genuine and can be fulfilled with use of technology. After that, it is the question of figuring out how to make it a reality. And the first thing that every entrepreneur thinks about, after an idea has been set is- who's gonna invest?
As an Investor, you should look for an idea that actually serves a purpose. This need is going to be realised by a particular audience. Those are the people you are doing this for. When you first hear a pitch, make sure to establish who they are, and how your team plans to connect to them.
Before investing, make sure that you are clear about every aspect of the idea. Ask questions and establish how dedicated the people are, who you are giving your money to. Hear their plan and discuss scenarios, alternate plans, strategy, needed resources, time to execute etc. Basically, clear every doubt you have and establish a plan of action for mobile app development. Ask for their MVP. Have regular discussions and stay connected.
If you are investing in a good idea with your money and time, there is a great possibility that you are raising a unicorn. May 16, 2016