When you plan your app development and picture its success – what are the parameters you measure it against?
For many, success is acquiring investors who can assist with the development and distribution of your idea, allowing you to move faster with the additional funds and get your product to market. The challenge is, how do you set yourself apart in a crowded market and attract investors that are going to facilitate this growth. Not surprisingly, you need to present a proof-of-concept instead of a wing and a prayer, so let’s establish what this looks like and why investors hold this in such high regard.
What is a proof-of-concept app?
A proof-of-concept that will attract investors to your app plays an important role in the life cycle of your app. It should be a straightforward concept that aims to address the following:
- Proof that initial testing has been conducted (how, why, and how long was it used for)
- Proof that the testing has resonated with the sample group (relevant feedback, user data)
- Illustrating design to development phase (what does it look like, visual journey)
If you are still wrestling with this concept, put yourself on the other side of the table – what would you need to see to be able to commit to a concept? This mock-up is almost like a first and final draft – showing investors how it will look, but also as far as it can come at this point in the journey. You can display this proof-of-concept in a variety of formats – storyboards or digitally, so get creative.
What are investors looking for from your proof-of-concept app?
The originality of your idea will stand up on its own with investors, but they will also want to see how this idea works contextually. For example, if the app is designed to track the health of houseplants, how does this work in the market – is it for commercial business or homes?
A niche idea will only work if you can prove that the niche is engaged and willing to use and advocate for your app. This should all be explored and accounted for in your proof-of-concept. Sophisticated investors will also be stacking your app against market conditions and any environmental or societal impacts that will progress or stunt the growth of your app. Your concept should show that you understand the nuances of this industry your app will belong to, and why your app solves a problem.
Who is delivering this proof-of-concept app, and how?
Don’t underestimate the semantics of who is delivering the proof-of-concept, you want to represent the brand and app in the best light possible. Your potential investors are of course going to come to the meeting armed with questions, and so you want to have the best person possible answering those questions and providing confidence. Remember, your investor presentation is being delivered to a group of people who see this sort of thing quite often.
Beyond the presentation, what message are you going to leave them with, and what tangibles can they come away with for further consideration later. You will also want a strategy of how you identify the desired investor type, and what you will do if you get support on the first meeting or the tenth. The more forward-thinking and prepared you are, the greater chance you have in showcasing your worth and getting the green light for your app.
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It doesn’t matter what stage you engage investors, a proof-of-concept is what they are going to ask for. If you are able to, ask your developers for prior samples so that you can understand what is required for you and start to think of what gaps your concept might have and anticipate what questions your investors may have.
