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About the Episode
Why pay your own hard earned money to get your app developed when you can crowd fund it? Well today’s guest raised over $17,000 to have his app developed and he talks about the key ingredients you’ll need to have people fund your idea. Also, listen to his tip about selling your dreams rather than your idea.
How to crowdfund your app
With the app market exploding, Michael shares he wanted to get into an action but didn’t have the money to build an app. Apart from that, he doesn’t have the needed background of how to go about the marketing or even the full grasp of how the app market works. He came across SellAnApp.com where people can come up with a pitch for their idea and they connect developers and crowd funders to develop that idea. The money raised is then used to the development and marketing of the app and everyone gets a cut from the profit once it’s launched. The goal was set at $12k and they were able to raised approximately$17,800 from 31 investors all over the world.
Michael believes that preparation is the key ingredient in getting people to fund your idea.“Prepare the idea, make it sparkle before letting anyone look at it”, he states. So he spent three months in pitch development, had set up a website to build the app a persona and built the social media before doing any pitch. He started to have followers before I even have the crowd funding. He wanted to create the image that his app is too big to fail.
When asked if he feels that he should get all profits because it’s his idea, he shares that he would rather have a small percentage of something rather than a 100% of nothing. He knew from the start that he doesn’t have sufficient idea how to develop an app this so it’s either doing it this way and give up some future profit or not having an app at all.
Selling your dreams
Michael got his crowd funding goal because he got people excited about his dream. He had a cool, cost-effective marketing done, placed his logos everywhere and made a professional video talking about his idea and what Mystery Trip is all about in a simple way which people can imagine themselves doing it.
What is the #1 thing you’d like the listener to walk away with from this interview?
Sell your dreams to people because they follow dreams, not marketing.