Idea Validation & Funding your app

Today, website and mobile app development are much more competitive than it ever has been. Regardless of how cool your mobile app logo or website is, if you do not validate your business idea before launching a startup/company, you are unlikely to succeed. Those seeking reliable solutions are in need of more options than ever before.

Statistically speaking, 42% of startups fail because there are no market needs for their products, apps, or services.

Getting caught up in your ideas is easy. However, most entrepreneurs who fail to validate their ideas have their startup dreams crumbling. You need to be more precise than ever in trying to invest in optimal strategies. An optimal strategy comes from the validation of an idea before investing in its implementation. This is crucial before hiring any app development company.

What is Idea Validation?

Simply put, validation is the testing of ideas in an effort to determine whether they are viable. Using this approach, businesses can avoid wasting time and money on ideas that might not be profitable. But having your ideas validated saves you a lot of suffering post you launch your app.

This is one of the reasons why idea validation is a crucial step in the process of creating a mobile app. This is to ensure that you have enough certainty that your mobile app investment is successful.

Pokémon Go is a perfect example of a highly validated idea before the launch. With over 150 million people playing Pokémon Go simultaneously at the height of its popularity and more than one billion downloads during that peak. Other top apps which have seen the same results after conducting the idea validation process include Uber, Candy Crush, and Angry Birds to name a few.

How to validate your ideas

Everyone wants their ideas to be loved, but only a fraction of those ideas are worth putting into action. Validation is necessary to determine whether an idea has a likelihood of succeeding. Hence, several factors should be taken into consideration to validate ideas. Listed below are some of the most relevant and practiced steps required to ensure optimal results.

• Conducting market research

This is the core of the entire idea validation process for many different reasons, and it is important to remember that marketing research is detailed as a process. Not only does it entail obtaining data on the target demographics, particularly on customer demands and how they seek information to influence their decisions. It also involves looking into competitor information to achieve the desired results.

• Preparing proto personas

Proto personas provide the starting point for the creation of the optimal target audience for a specific product or service. This is a brainstorming process to identify who will be the user of the product(s) or service(s) you are offering.  The creation of proto personas is guided by the question, “What needs does our target audience have?”

• Creating a Customer Journey Map (CJM)

The Customer Journey Map depicts the different types of relationships that people can have with brands. This analytical method enables a company to have a better understanding of how a potential consumer might behave and engage with its products and services. This information can help business owners improve their approach and achieve better results.

• Conducting user interviews

User interviews can also provide a great level of insightful information that is going to provide a wealth of information. Knowing what kind of questions to ask is going to be extremely important in this process and it will make them much more reliable. With all of the analytics tools available, talking to users personally is the greatest way to learn what they want.

• Creating and testing paper or digital prototypes

You can choose to create a digital or paper prototype (Minimal Viable Product – MVP) in order to get a clearer view of what the project should look like once you are done. They both have the advantages and disadvantages, so it depends on the scope, timeframe, and structure of the project. Prototypes allow you to test the flow of a design and get a better understanding of how an app would look before it is finishing.

• Using the Design Sprint

This process should be complete with the purpose of reducing the overall risks involving in the deployment of a new product. It is a very useful strategy implementing by many business ventures. Design sprint has been particularly helpful in solving major challenges, whether when creating new products or improving existing ones. It is not always the choice, but it is a good idea to be able to have the option.

• Identify and analyze existing apps

One strategy that has always been useful and efficient in validating ideas is identifying and analyzing existing apps. This provides a reliable and insightful angle helping you create a superior application.

Funding for your application

Many people decide to find funding for their application to bring their project to fruition. This strategy often comes with additional responsibilities. Not just that, but investors could make the process more complicated by expecting some sort of involvement. You could choose among one of the below-listed funding choices:

• Self-funding – Invest with your co-founders

Who better than yourself to look for funding, if possible! Sometimes, it is better to fund your app by yourself with all other parties involved in the project. This is definitely a riskier option, but the advantage is that you do not have to respond to any external parties involved.

• Crowd funding campaign setup

The process of requesting crowdfunding for mobile app development has become popular over the years. The fact that business owners obtain funding this way is based on the promise of a reliable outcome and attractive perks for all supporters.

• Angel Investors and Partners

Think of the millionaire that funds the digging sites for the palaeontologists in the Movie Jurassic Park. An angel investor is exactly that! A wealthy individual who considers your project worth funding and accepts to take the risk.

• Business Loans

Availing of a business loan can be the best decision you take for funding a project. There are many types of business loans with advantages and disadvantages to consider for funding.

Importance of hiring an experienced mobile app development company

The idea validation process is crucial for any business seeking to achieve optimal results from their investment. This is the reason why it is essential to find a website and/or mobile app development company which can help you give shape to this process for the project to move forward.

Final thoughts

Now that you have a better understanding of the idea validation strategies, you can start this process and ensure that your website and/or mobile app development idea is a success. This is one of the most useful strategies and is worth spending time on implementing and making use of the collected data.

How Can We Help!

Innobayt (Arabic: House of Innovations) is where your desiring ideas are transforming into designs, software, and applications! Right from logo designs to reality apps including SEO and IoT services we deliver them all! Our company was establish in Dubai, United Arab Emirates and has created a strong presence while serving customers globally. We provide a wide range of software development solutions and services to our customers ranging from conception to final delivery of the project, including maintenance