Idea Validation & Funding your app

Website and mobile app development are more competitive than it has ever been. Regardless of how cool your mobile app logo or website is, you are unlikely to succeed if you do not validate your business idea before launching a startup/company. Those looking for dependable solutions require more options than ever before.

According to statistics, 42% of startups fail due to a lack of market demand for their products, apps, or services.

It's simple to become engrossed in your thoughts. Most entrepreneurs who fail to validate their ideas, on the other hand, see their startup dreams crumble. In order to invest in optimal strategies, you must be more precise than ever. Validating any idea before investing in its implementation results in an optimal strategy. This is essential before hiring any app development company.

What is Idea Validation?

Simply put, validation is the process of testing ideas to see if they are viable. Businesses can avoid wasting time and money on ideas that may or may not be profitable by taking this approach. However, having your ideas validated saves you a lot of pain after you launch your app.

This is one of the reasons why idea validation is such an important step in the development of a mobile app. This is to ensure that you have enough confidence in the success of your mobile app investment.

Pokémon Go is an excellent example of a well-validated idea prior to launch. At the height of its popularity, over 150 million people were playing Pokémon Go at the same time, with over one billion downloads. Uber, Candy Crush, and Angry Birds are just a few of the popular apps that have seen similar results after going through the idea validation process.

How to validate your ideas

Everyone wants their ideas to be loved, but only a small percentage of those ideas are worthy of implementation. To determine whether an idea has a chance of succeeding, it must be validated. As a result, several factors must be considered in order to validate ideas. The following are some of the most important and well-practised steps to achieving the best results.

1) Conducting market research

For many different reasons, this is the heart of the entire idea validation process, and it is important to remember that marketing research is detailed as a process. It is not only necessary to collect data on the target demographics, but also on customer demands and how they seek information to influence their decisions. It also entails researching competitor information in order to achieve the desired results.

2) Preparing proto personas

Proto personas serve as a starting point for developing the best target audience for a particular product or service. This is a brainstorming session to determine who will use the product(s) or service(s) you are offering. The question "What needs does our target audience have?" guides the development of proto personas.

3) Creating a Customer Journey Map (CJM)

The Customer Journey Map illustrates the various types of relationships that people can have with brands. This analytical method allows a company to gain a better understanding of how a potential customer will behave and interact with its products and services. This information can assist business owners in improving their approach and achieving a better outcome.

4) Conducting user interviews

User interviews can also provide a wealth of information by providing a great level of insightful information. Knowing what questions to ask will be extremely important in this process, and it will make them far more reliable. With all of the analytics tools available, the best way to learn what users want is to talk to them directly.

5) Creating and testing paper or digital prototypes

You can create a digital or paper prototype (Minimal Viable Product - MVP) to get a better idea of how the project should look once completed. They both have advantages and disadvantages, so it all depends on the project's scope, timeframe, and structure. Prototypes allow you to test the flow of a design and get a better idea of how an app will look before it is finished.

6) Using the Design Sprint

This procedure should be followed in order to reduce the overall risks associated with the deployment of a new product. It is a very useful strategy that many businesses use. Design sprints have been especially useful in overcoming major challenges, whether when developing new products or improving existing ones. It is not always possible, but it is a good idea to have the option.

7) Identify and analyze existing apps

Identifying and analyzing existing apps has always been a useful and efficient strategy for validating ideas. This provides a trustworthy and insightful viewpoint that will assist you in developing a superior application.

Funding for your application

Many people decide to seek funding for their application in order to see their project through to completion. This strategy is frequently accompanied by additional responsibilities. Not only that, but investors may complicate the process by expecting some sort of involvement. You could select one of the funding options listed below:

1) Self-funding - Invest with your co-founders

Who better to look for funding than yourself, if at all possible? It is sometimes preferable to fund your app yourself, along with all other parties involved in the project. This is unquestionably a riskier option, but the benefit is that you do not have to deal with any third parties.

2) Crowdfunding campaign setup

Over the years, the process of requesting crowdfunding for mobile app development has grown in popularity. The fact that business owners obtain funding in this manner is based on the promise of a dependable outcome and appealing benefits for all supporters.

3) Angel Investors and Partners

Consider the millionaire who funds the excavation sites for the palaeontologists in the film Jurassic Park. That is exactly what an angel investor is! A wealthy individual who believes your project is worthwhile and is willing to take the risk.

4) Business Loans 

Obtaining a business loan may be the best option for funding a project. There are numerous types of business loans to consider for funding, each with advantages and disadvantages.

Importance of hiring an experienced mobile app development company

The idea validation process is critical for any company that wants to get the most out of its investment. This is why it is critical to find a website and/or mobile app development company that can assist you in giving shape to this process in order for the project to move forward.

Final thoughts

You can begin this process and ensure the success of your website and/or mobile app development idea now that you have a better understanding of the idea validation strategies. This is one of the most useful strategies, and it is worthwhile to devote time to implementing and analyzing the collected data.