In 2021, there were 230 billion global app downloads, and in 2020 mobile apps made $318 billion worldwide. With all of that success, mobile app entrepreneurship seems pretty enticing. That being said, mobile app entrepreneurship isn’t for everyone. It is important to assess whether or not being a mobile app entrepreneur is the right career path for you.
So you’ve seen the success of the mobile app market, you feel like it’s a good career fit, and you’ve decided you want to get in on the action. You have a good idea and a solid plan, but you still need one major thing — capital. To obtain capital you need to convince potential investors that your app is worth their support. Investors are eager to get in on the ground floor of the next big app, but you have to show them what makes your app unique and a worthwhile investment.
Here are five tips to help you convince investors that your mobile app is the one they want to invest in:
1. Tell the truth about the state of your app.
Investors know the business. They want to invest in someone they feel they can trust. You can gain trust by being upfront and honest with them about your app. Show existing metrics and the anticipated economics of the app. Presenting your existing business metrics and KPIs will help you garner much needed credibility from investors.
2. Make sure you have all of the necessary materials and present them in the right format.
Presenting your information correctly is another great way to establish credibility. How you present your materials depends on what sort of presentation you intend to have, but a quality pitch deck should include:
- Your company information
- Concept, problem, and solution
- Market size
- Competition and competitive advantages
- Business model
- Basic financial information, use of funds, and other investors
- Who is involved
- A ‘thank you’
A good pitch deck should be simple and thorough. Investors care about return on investment and their bottom line. Clearly present your marketing model and your approach to generating revenue. A great product is nothing if you can’t sell it! Further garner credibility by making it clear that you’ve studied the market.
3. Don’t go into too much detail on the nuances of the app.
You have a limited amount of time to pitch your app to investors. During that time, you can’t fit in every detail about your app. Attempting to do so will only bog down your presentation. It is best to focus on the high level user experience or “the big picture.” Show your investors the broad strokes and what is most important. If they bite, you can flesh out those details later.
4. Convey your competitive advantage.
If you want to appear serious about your product and knowledgeable about the market you are entering, you need to show investors that you have spent time evaluating your competition. Clarify advantages relative to other apps and clearly articulate the value proposition. The value proposition is what makes your product desirable to consumers. You should acknowledge that your competitor has strengths that you may not have, but also show potential investors the areas in which your product outmatches them. Establish how you plan to compete with your competition on their strengths in the future. This is research that you’ve likely already done. Presenting it to investors shows that you are well prepared to enter the market and that their investment will be well spent.
5. End the presentation right.
The investors have listened to your proposal, now tell them what it was all for! End your presentation with a clear call to action to make things simple for your potential investors. Include a scannable QR code with a link to the project MVP (Minimum Viable Product) and contact info at the end of your presentation. You are asking them for their investment, so it is important that you make it easy for them to access all the information they might need to make that decision.
Key Takeaway: Be Prepared
The key to any good presentation is preparation. Your metrics and materials are the backbone of your presentation. Make sure that they are clear and accurate. Double check and triple check everything! Not only should you ensure that all of your materials are prepared and in order, but you should also practice your presentation several times before you actually speak to any investors. Practice by yourself and present to your team members to get feedback on what needs more improvement. Think of what questions investors may have for you, and prepare a set of well-thought-out responses. Ultimately, the success of your app depends on you. Be prepared and show investors that not only your app but YOU are worth investing in.
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