The growing use of smart devices; phones, tablets, and personal computers, has increased the demand for applications. Applications are essentially the specially developed programs that run on smart devices enabling you to execute tasks. The increasing technological advancements have not only provided an opportunity to hardware creators, but also to software developers. To develop an application, an idea is first conceived. Conception involves mental brainstorming, identification of a problem that can be solved and the search for solutions. These advancements have created financial opportunities and growth potential at all the level; hardware creation, application development, marketing and monetization of ideas.
This article serves to enlighten you on how to sell your app ideas to potential investors or companies that may develop your ideas into application software for their businesses. The following are some of the steps and processes that you can follow to successfully market your ideas to potential buyers.
To sell an idea for an app, you must first create a roadmap; create a plan. Planning involves writing down and documenting the measures you intend to take to make your application idea reach the intended investors putting into consideration all the requirements of each potential investor identified. It involves documenting your thoughts of the app by first defining it.
It is quite difficult to sell app ideas, therefore, you have to ensure that the idea you plan to monetize is perfect for it might be the determinant of your success and authority in the field. To define your ideas, you have to ask yourself some of the important questions including;
- What is the name of your application?
- What is the importance of your application?
- Who are the targeted customers or clients?
- How do you plan to reach your target markets?
- What are some of the problems that your application will help solve?
In describing your application, it is important to be simple, brief and exhaustive. Offering concise and important details without watering it down with unnecessary verbiage.
Security of your idea
Before considering selling idea for apps to any company, it is important that you take precautions and protect your ideas from people or companies who might steal and develop it as their own. It is important that you obtain patents to protect you from idea pirates and copycats. To do this, you have to engage a patent lawyer who has experience in the field of application development and cybersecurity. It is also important that you have a non-disclosure agreement (NDA) and have the parties interested sign before any revelation of any detail of the idea.
When selling an app idea to companies, developing a sample or working prototype of your app can give you a competitive edge and help differentiate you from other people with ideas. It is one of the basics required by investors. Creating an application prototype will also help you understand the workings of your application idea. A prototype is developed through rough sketches and wireframes with descriptions of the most important details of your app.
Before selling your idea to any company or individuals, it is important that you develop and evaluate the market potential of your application idea.
Evaluate your competition
To sell an idea for an app, you must first do evaluation which involves the examination of the existing solutions to the problems your app seeks to solve. The existence of several applications or application ideas may point to the viability of your idea. Undertaking market research may provide insight into client expectations and opportunities that may also help improve your invention. Market evaluation will also help you differentiate your app from the rest and assist you in determining its unique selling position (UPS).
Identify the Potential Investors
Companies that buy app ideas are identified in the process of conducting market analysis; those companies that might be interested in your company and can commit financial resources. You can also get a potential investor through an informal or formal introduction by people you know such as a patent lawyer, or other startup focused lawyers, colleagues, and peers or other industry investors that you might have already created a connection.
With the advancements in technology, it is also possible to obtain investors through the use of the internet. After acquiring the patent, you may consider advertising your idea in the internet blogs or sight taking precaution not to reveal the full details but putting just sufficient information enough to get an investor interested. You may also opt to seek finances too and develop your idea into a fully functioning app through venture sites.
Pitching Your Idea
This is the point where you present your ideas to potential buyers or companies to get paid for ideas for apps. To effectively do this, you have to comprehensively understand your application idea and go with the intention of making an impression.
Tell the potential investors why you think your application will help them and how it is different from others already in the market. Some of the qualities of a good pitch include:
- Commanding attention;
- Concise and brief.
When pitching to potential investors with the intention of selling an app idea, be confident and offer all the important details about you and your ideas as formulated in your plan. Engage the investors on the patents and ensure the non-disclosure agreement is signed. Show them the prototypes and explaining workings. Inform them of the benefits and problems that your idea aims to solve in simple and clear language to develop and maintain investor confidence. Inform them of its competitive edge by introducing solutions to the described problems. Explain and show your market analysis outcomes as well as the targeted market. Finally, you can talk about the money you need or your financial expectations considering the amount you already invested and the forecasted financial returns. Be prepared to answer all the questions from your audience.
Potential app investors include
To successfully sell an application idea to Google, you have to ensure that you have followed the above steps as well as followed specific requirements that they have put in place for submissions. Some of the guidelines include;
- Patenting your invention;
- Creating a presence of your app in the google spheres by creating google profiles;
- Developing a PowerPoint deck;
- Create a website to promote your idea;
- Using Google AdWords tool in your website;
- Link the website to your social media sites.
Facebook is another technology company that you may consider selling your idea too.
To sell an app idea to Facebook, you must ensure that you have obtained a patent and developed it to a noticeable extent.
Ensure that tour idea has traction and obtain a patent. Avoid the use of agents and try to contact Facebook directly by finding the right people who might have interest in your app within the Facebook community of developers and attend the events they are at. This will help you build a network of influence who may give you a platform to pitch your idea. Be ready will all the details as advised through the article.