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Why Should You Design And Test An MVP Model Before Reaching Out To Investors?

Why Should You Design And Test An MVP Model Before Reaching Out To Investors?

You have a top-notch app idea. An idea that will change people’s lives. Nobody ever thought of this. And you feel that your idea is so great, it needs to be executed as soon as possible.

But, wait a second! Have you completely thought this through?

I mean, have you validated your app idea? Is there a potential market for your mobile app? If so, what about the funds? You’ll need that, right? To rent a workspace, hire your own team, or outsource your mobile app by hiring mobile app development company.

So, where will you get these funds? Investors? That seems like a good idea, but you know you’ll have to pitch your idea first. Do you know how to pitch your startup idea, convince them that your idea is a game changer, and the company will start making profits in no time.

So, how you are going to do this? Convince the investors?

You just decide to wake up one morning, contact few investors, walk into their offices, and just tell them your idea? You think that’ll work? I personally don’t think so. Investors don’t work that way. They don’t get convinced so easily. Convincing investors is like convincing your wife to do something that she doesn’t want to do.

You know how hard it is, right? Assuming you’re either married or in a serious relationship or been in a serious relationship. Nevertheless, you’ll have to think beyond that. Maybe a well-prepared speech will work.

Nah.

Remember, investors don’t spend their millions of dollars by just getting impressed by speeches. So, what are they really seek from Entrepreneurs? A plan, maybe? Yes, that might work.

But still, the plan should be well-prepared, and must be followed with below steps.

Develop An MVP (Minimum Viable Product)

If you feel that your idea is good, and you’re first to introduce a new, simple solution for a particular problem, don’t just rush into things. And do not directly approach investors. The right thing for you to do right now is, design a minimum viable product of your app idea.

Developing an MVP first has two benefits: It’ll take less time to develop an MVP than the entire mobile app, and second, it’ll prevent you from adding features that your users won’t benefit from.

Reach Out To Experts And Targeted Audience

I know this route might take a long time, but believe me it’s all necessary.

When you develop an MVP with sufficient features, present it to your friends and colleagues. Also, find other successful entrepreneurs, industry experts, your target audience, and present your product to them as well.

Now Observe The Response

How did they take it? Did your friends say it is a good idea? What did the experts suggest? And mainly, did your target audience liked it or not? Do they wanna see the full version of it?

Answers to these questions can validate your app idea. And if the response is positive…

It’s Time To Wrap All These Data Into Document/Report

Once you get a positive response from so many people, the next thing to do is, prepare a document containing all the features, requirements, and reports of your MVP. This way, you’ll have the accurate data to convince the investor that your app idea is valid, and it already has been accepted by the target audience.

Prepare a speech too!

Go Ahead, Pitch Your Idea

Prepare a speech with a story. The reason behind this is because investors are now tired of excel sheets, and a story can add a great amount of value to your data or reports.

[The author of this post is Yuvrajsinh Vaghela, Business Growth Strategist at Space -O Technologies.]

Note: The views and opinions expressed are solely those of the author and does not necessarily reflect the views held by Inc42, its creators or employees. Inc42 is not responsible for the accuracy of any of the information supplied by guest bloggers.

Author

Yuvrajsinh Vaghela is a Business Growth Strategist at Space-O Technologies, iPhone App Development Company. He keeps exploring online tools that can help Entrepreneurs to grow their business organically. In his spare time, he loves to read fiction and copywriting books

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