Android App Development · Government funding

Is it recommended to pitch your project at the idea stage,if the budget for the MVP is too high?

TARANMEET SINGH KAKKAR I am an entrepreneur want to hire developer for the android app development

Last updated on September 27th, 2019

Hi,

I have an idea for which I am looking to hire the Android developers , but the app is based on real time video recording and so it makes it bit complex and I am investing on it initially , but it requires investment when it comes to the server part, because I have already made the marketing plan and can get the huge traction within couple of months.

Shall I go for the funding without having the Prototype or MVP with just the idea in hand?

Let me know how to get in touch with the investors ?

Thank you.

Paul Garcia marketing exec & business advisor

September 30th, 2019

No. Do not pitch an idea. Always pitch a plan. If you have an idea people like on the surface, but you haven't figured out the execution plan, you will have shot yourself in the foot. Nobody gives you money to figure it out. They expect you to do your homework in advance.


Work on your marketing strategy first, validate it. Your strategy will inform development. Make a list of your assumptions and then test each assumption individually. Investigate your product-market fit. This will guide your MVP so you don't make costly mistakes going in wrong directions. It will also tell you what resources you will need to reach your goal. Determine your risks and how you will reduce each of those risks as much as possible. Look for ways that you can take part of your idea and generate revenue immediately so that you are in some part self-funded.


Once you have done all of this homework, you might be ready to approach investors.


I realize that you say you have a marketing plan, but I don't believe you have tested it. I don't believe your claim of huge traction. Where's the proof? Your potential investors will surely want to see it. If it's so easy, why hasn't someone else done it? What are people doing now when they don't have this technology? Why would they change? What problem does it solve? Why is it an app? I can think of dozens more questions to poke holes in your marketing plan and the idea itself. Address these concerns in your plan before you approach anyone for money.


Figure out how you can scale this video system so it doesn't require massive resources initially. Prove that you can get customers quickly, even if your capacity is only being able to host 10 of them. Have a plan to grow your resources if you need to jump to 20, then 50, then 100, and so on. Don't start with the resources to host 10,000 customers, figure out how to scale quickly as needed. This will be a key factor to investors so they don't perceive you're wasting resources with no customers ready to consume them and pay.

Ashit Vora Software Engineer, Working as a consultant for past 9 years, Interested in solving real problems

November 8th, 2019

Investors do not invest in ideas. You need to show them proof that you have people eagerly waiting to take out their wallets and pay you for the service you are trying to offer.


At whatever stage you have that, you can pitch your idea.