How Ideaction Helps Entrepreneurs Launch Their App
Let’s start with a story. John is a 22-year old living in a small town in Oregon. Instead of moving to a big city and get a job or start his own enterprise, John wants to help the community. He looks around and sees how small farmers in his state are struggling because they can’t sell their products. He decides to build a mobile app that would connect these farmers with their potential customers. With this in mind, John comes to Ideaction.
This is only a hypothetical story, but it illustrates what sort of people we work with at Ideaction. One of our segments are small and first-time entrepreneurs that don’t often have enough resources to build a startup. However, they have great ideas and are enthusiastic about their projects.
If you are one of these people, we would like to hear from you. In the meantime, take a look at how this process would work based on the hypothetical scenario involving John and his app.
First Step: Analysis and Assessment
John gets in touch with Ideaction and is promptly contacted with someone from the business development team. The business development representative conducts an initial assessment, which involves a number of steps from checking John’s credentials to looking into the region to see what other similar apps or services might be there.
After the initial assessment, the project idea is relayed to the Ideaction CEO. The CEO makes the decision whether to proceed with the project by taking into account the availability of developers, the potential costs and monetization opportunities.
Monetization Venues And Partnership Terms
After looking through the initial assessment, the CEO schedules a call with John to talk more about his idea. The conversation also includes details about the partnership.
John doesn’t have a lot of money, but he is willing to invest them in the project. Ideaction usually provides the development team and covers a part of the costs. In exchange, we get equity in the future enterprise. If necessary, we can explore other startup funding opportunities with entrepreneurs.
The equity entitles us to a share of the future profits, but can also give other prerogatives, such as having a say in the future hires, or even board representation.
In addition, the CEO with the business development representative can conduct a more detailed analysis of the project. They elaborate a plan that also includes a timeline, a cost analysis, as well as monetization and profit opportunities.
John’s idea about a marketplace for farmers seems pretty straightforward. It can generate revenue either through advertising, through small fees that users pay for each transaction, or a combination of both.
Therefore, the CEO decides to proceed with the next step.
Idea Validation and MVP
Once the project commences, the project manager joins the conversation. Together with John and other parties, the project manager covers the technical details. This can include stuff like how sophisticated the app’s design should be, or what platforms it will cover (Web, Android, iOS).
After that, the designer sketches the first wireframes for the app. Wireframes are blueprints that provide the skeletal framework for the app.
In the meantime, John has to contribute by providing a name and brand idea and do some additional research regarding the functionality that he would like to see in the app. He can also gather feedback from local farmers. All this is part of the idea validation.
The development team assigned to the project proceeds to building a Minimum Viable Product (MVP). The MVP includes the design and some basic functionality. It can be released to a small part of the target audience, who can provide feedback.
The MVP can already show some data, regarding the future usage of the app. At the same time, it familiarizes users with the design. When building the MVP, it’s important to make it functional but to not overwhelm it with features. Otherwise, it will be too expensive and can overwhelm the users.
Developing the MVP is a long process that can last several months. The team might release new features and scrap others. It’s also the part where developers identify and fix major bugs. In the meantime, entrepreneurs can work on marketing and analyze feedback.
At the same time, the app continues to provide useful data and feedback from a small group of users.
Release And Maintenance
Once the MVP reaches its desirable state, Ideaction can release it to the public. The app goes on the App Store. Entrepreneurs could also have a marketing campaign to boost downloads and spread the word. In John’s case, he can advertise through the word-of-mouth or use social media and other tools to promote the app.
Once it hits the App Store, Ideaction continues to monitor the app, fix bugs if any appear. If there is need for updates, the development team implements them. Maintenance can be done as long as Ideaction is involved in the project through its equity share.
One-Stop Solution For Entrepreneurs
We aim to be a one-stop solution for entrepreneurs with no technical skills, but with a great idea and drive. All you need is a commitment and a desire to achieve something. Get in touch with us, so we could start working together.