The following is a quick summary of the ten fundraising strategies listed in my full fundraising book. For a full discussion of these fundraising ideas, consider getting the full fundraising book.
Let’s quickly go over the possible ways you can raise money for your apps.
1. Investors – as we covered earlier, it is very difficult to raise money from getting an investment. For a full list of professional technology investors, explore angellist.com and see if any of the investors there invest in the kinds of apps that you are working on.
2. Donations via crowdfunding – as we covered earlier, this is a viable but difficult way to raise money. But you will be the one who will have to reach out to many people asking for the donations.
3. Loans – while getting a loan isn’t recommended because it is an extra risky strategy (potentially losing money you don’t actually have), you can get a small loan (sometimes called a micro-loan) on sites like Lendio.com or Prosper.com.
4. Grants – there are very few grants for apps specifically. Nevertheless, you can apply for local grants, minority grants, and any other grants for which you may be a fit. Explore grants.gov for a full list of possible grants.
5. Getting part-time or full-time work – I realize that this does not seem appealing, but it is a great way to ensure that you can have money coming in, and putting some of that money towards your app. I encourage people to embrace this as an option because it is least risky in terms of getting at least some money in return for the efforts you put into this.
6. Generate revenue from your business – this is another not so popular suggestion, but it is one that works. If you can, try to explore possible revenue streams early on in the lifetime of your app. Monetizing your app can slow the growth of your app, but if you need money to sustain your business, this may be a very realistic option.
7. Creative ways to raise money – consider putting on some fun events or fundraisers, or something with your local community to help you raise money towards your business.
8. Raise money by selling to future customers – one very savvy strategy for some businesses is to approach future potential customers and try to sell them the products for a very heavy discount in exchange for upfront payment that the entrepreneur can use to actually develop the product.
9. Provide educational services, materials or workshops – my own business is a perfect example of this. I created courses, books, and a YouTube channel which help my customers, and generate revenue that I can put back into the business. Think about what educational materials you can create and sell to attract your potential customers and generate revenue at the same time.
10. Provide services online – if you need to generate cash, consider freelancing on sites like elance.com, fiverr.com, odesk.com, fancyhands.com, or any other freelance or concierge site.
My Full Fundraising Book
This blog post is a small sample from my book on raising money. Please check out the full book on Amazon. Here is the link to the fundraising book.by