A recent question came from an online forum.
I am from India and I have an Idea for a Social app… Can I approach big companies for funding by just having a prototype of the app..
What are the things that I should be working on and have handy in order to get through it
Let us look at a couple of recent articles
“Microsoft’s Surface tablets essentially invented the market for laptop/tablet hybrid computers, setting a standard that even Apple ended up following with its iPad Pro. Now Eve, a Helsinki-based startup with backing from Intel, thinks it can one-up Microsoft with the Eve V (pronounced “Eve Vee”) – its own Windows 10-powered take on the Surface Pro, starting at $1399 for preorder via IndieGoGo, though it’s backordered to April 2017.”
“Social networking major Facebook has invested $40,000 in an Indian start-up that aggregates home services. Facebook has deployed its investments in FIXU through its arm FbStart, which helps developers grow their start-ups by giving them access to tools and services and global events.”
So, let us look at what Facebook, Google, Microsoft etc are funding:
- Large companies are funding ideas and execution. An idea without execution is vaporware. Nobody wants to be involved with just vaporware
- Ideas that create a buzz – Some social ideas create a buzz, especially among the young demographics. Those ideas are closely watched by investors
- Successful startups might get bought out. Larger companies may opt to buy-out the startup rather than just funding it
Back to your question: Can I approach big companies for funding by just having a prototype of the app.
Ask yourself how can you get your family, friends, network to use your prototype and create a buzz. If your App idea has legs, and you can entice your social network to engage with your app, you are likely to be noticed.
Also in the news:
Kochi start-up to get FB mentoring: TastySpots receives $80,000 assistance from Facebook under FbStart program. TastySpots, a Kochi-based food tech start-up, has been selected for the prestigious FbStart, a global start-up accelerator program promoted by Facebook. As part of the programme, TastySpots has received around $80,000 (nearly Rs.52 lakh) as credits and services from Facebook and its partners. It will also receive mentoring from senior Facebook executives, product managers, and engineers, besides getting access to exclusive events. Facebook had kick-started FbStart in January last year to help early stage mobile start-ups build and grow their mobile apps.