ThinkLions

test

Mike Sims — Thu, 22 Jul 2021 09:14:00 +0000

A pitch deck is a presentation that is specifically designed to give a short but elaborate summary of your company, business plan, and startup vision. Your presentation usually acts as a visual guide and reference to the key points and areas of your business that you want to make known to targeted potential investors. The best pitch decks get investors excited about your described idea and engages them in a constructive conversation about your business, potentially leading to an investment. Whether you’re raising funding for your startup business or presenting your business model to key stakeholders, you need a killer pitch deck to impress your audience and achieve your objectives. We’ve helped hundreds of startups create and design their pitch decks. And we want to help you also to get through this process successfully. Here is how to create a pitch deck that attracts investors to your business idea.

1) Start with a Hook or Elevator Pitch

Don’t wait too long to get your main point across, rather, start with it. Appetizers are great – but everyone really wants to know what’s coming on the main dish! Investors have rather short attention spans, and they often gauge their opinion of a pitch deck or startup from the first slide.Your pitch deck should immediately communicate what you’re pitching, and why they should listen. Present your hook through the form of a question, a strong statement, or an elevator pitch.Castle’s pitch deck, for example, begins with a strong statement, “Rental property owners want to make money without the work of being a landlord.” Immediately, the audience knows who the customer is, what problem is going to be solved, and what the customer hopes to achieve. While your pitch deck doesn’t necessarily have to start with a problem statement, the first slide should be powerful enough to get the reader’s or viewer’s attention.

Need Funding For Your App Idea? Download Our FREE eBook now!

Learn the expert secrets behind building successful apps that attract invertors and get funded!

2) Create an Engaging Flow

Make sure that your pitch deck is engaging across the entire presentation. A common problem for startups is hooking the audience in with the first slide, then losing their attention when they get to the meat of the presentation.Create a layout and a flow of information that ensures that the audience easily follows the idea from beginning to end. Every slide should connect with the slide before and after it, building up the audience’s anticipation while ensuring that they grasp every piece of information.For example, when presenting the Problem, keep it to only the most prevalent challenge customers face. Surround that slide with information that proves that a significant challenge exists for a large market. Presenting too many problems weakens the pitch deck and loses the audience’s attention.Follow up the problem slide with the solution – don’t leave the audience hanging on to a problem statement without resolving it with a solution slide.The flow of your pitch deck is just as important as the information you’re presenting. Think of your pitch deck as a story and be sure that you are telling the story in a way that makes sense, and most of all, connects with the audience.

3) Follow the 10/20/30 Rule

The 10/20/30 rule for startup pitch decks created by Guy Kawasaki is a great technique to follow. The rule states that a pitch deck should not be more than 10 slides, take more than 20 minutes to present, and should not be typed in less than 30-point font. Following this rule will help you to focus on key ideas and really hone your pitch.This approach ensures that you’re not going overboard with too many pitch deck slides or too much information on each slide. At ThinkLions we work closely with every client to make sure their pitch deck is properly structured and well-focused on the key information.Remember – more doesn’t always mean better. Keep your pitch brief, flowing, and remove any extra text that doesn’t support or add significant value to the presentation.

4) Express Your Value and Vision

Vision and value are the two most important ingredients in your pitch deck recipe. Investors want to know exactly what your startup offers to its customers that differs from other competitors, and they want to know where the business is going in the future.When expressing your startup’s value, consider the elements presented in the Value Proposition Canvas. Express your value proposition as gain creators and pain relievers. Gain creators are the things your business provides that result in positive outcomes, emotions, and results. In contrast, pain relievers describe the negative emotions and outcomes that your business removes.Your company’s vision clearly states where you intend to take your business in the future. With a strong vision statement, you can assure investors that your team has a clear focus and a defined plan of action to reach it. The most impactful vision statements are short, simple, well-defined, and passionate.

5) Customize Your Presentation for Your Audience

Before sending your pitch deck out or presenting it live, learn as much as you can about the recipient or audience. Ultimately, you don’t want to slap a Porterhouse steak of a pitch deck in front of an investor, only to find out that they are vegetarian.Research your audience and learn about the types of businesses they have invested in in the past. Look up the businesses they’ve invested in and see if you can find their pitch decks online. Reach out to founders they’ve invested in and ask them about their experience.Don’t be afraid to personalize your pitch deck to the audience. Focus your presentation on the elements that are most likely to get their attention and most aligned to their investment style.Instead of only mentioning the value that your startup brings its customers, also express the value that it offers to investors, like a stronger portfolio, expected ROI, or the ability to serve a specific market they care about.

6) Avoid Overstating the Market Opportunity

This is a common mistake that people make when creating their pitch decks. Don’t overstate the market opportunity and fail to provide the method required for your business to succeed. Overstating the market opportunity can easily put off the investors and make you sound unfamiliar with the industry you’re venturing into. Focus on bottom-up forecasts where you detail your expectations and how you’re going to attract customers.

7) Avoid Boring and Outdated Pitch Deck Design

Avoid making the mistake of using boring and outdated design templates. When it comes to pitching, you want to immediately grab your audience’s attention. With an outdated design, you’ll surely grab their attention but for the wrong reasons. Thus, ensure your pitch deck design is very attractive and appealing.You don’t have to struggle to create the designs when you can easily get in touch with professional pitch deck designers at ThinkLions. Working with us will make sure you get a high-quality pitch deck that speaks to your audience without necessarily uttering words.

Samples of Good Pitch Decks

Here are great samples of great pitch decks you should emulate.

Airbnb Pitch Deck

AirBnB Pitch Deck from Malcolm Lewis

Airbnb used their 2009 pitch deck to raise $600k from Sequoia Capital and Y Ventures. The company has since developed into a travel industry giant with a current market cap of about $90.31 bn. This deck is a great sample because it incredibly summarizes the company’s vision and the market opportunity they had before them.

Facebook

Facebook Pitch Deck from startuphome

Facebook‘s 2004 pitch deck is another sample of a strategically and well-designed presentation. The pitch deck contained the company’s value proposition, key business metrics, and the marketing services that were used to sell advertisements to prospective clients. From the pitch, Mark Zuckerberg received $500,000 from Peter Thiel who was impressed by the pitch deck.

Uber

Uber pitch deck from Donatella Cambosu

Uber‘s 2008 pitch deck was clear, simple, and direct to the point. The presentation focused on showing investors the solution that Uber intended to provide. The pitch deck also elaborated on numerous problems that surround the taxicab industry and how the problems could be solved via Uber. Investors were convinced that Uber could be a fast and efficient car service, and the idea of requesting drivers online was great.

Conclusion

At ThinkLions, we are a group of experienced startup consultants that work with innovative early-stage companies. We will help you to validate your ideas, raise capital, and build amazing products and services. Kindly contact us

by Mike Sims

Mike Sims is a passionate startup consultant and the founder of ThinkLions and PitchLions. He enjoys helping tech entrepreneurs bring their startups to life through strategy, business planning, investor funding, and product development. Mike has written for Foundr, StartupNation, Launch House, YFS Magazine, Young Upstarts, and more. Connect with Mike on LinkedIn and Twitter!

Whether you’re raising funding for your startup business or presenting your business model to key stakeholders, you need a killer pitch deck to impress your audience and achieve your objectives. We’ve helped hundreds of startups create and design their pitch decks. And we want to help you also to get through this process successfully. Here is how to create a pitch deck that attracts investors to your business idea.

1) Start with a Hook or Elevator Pitch

What is a Pitch Deck: A Definitive Guide to Winning Presentations

Mike Sims — Wed, 21 Jul 2021 06:08:07 +0000

1) Start with a Hook or Elevator Pitch

Need Funding For Your App Idea? Download Our FREE eBook now!

Learn the expert secrets behind building successful apps that attract invertors and get funded!

2) Create an Engaging Flow

3) Follow the 10/20/30 Rule

4) Express Your Value and Vision

5) Customize Your Presentation for Your Audience

6) Avoid Overstating the Market Opportunity

7) Avoid Boring and Outdated Pitch Deck Design

Samples of Good Pitch Decks

Here are great samples of great pitch decks you should emulate.

Airbnb Pitch Deck

AirBnB Pitch Deck from Malcolm Lewis

Facebook

Facebook Pitch Deck from startuphome

Uber

Uber pitch deck from Donatella Cambosu

Conclusion

by Mike Sims

Everything You Need To Know About the Role of CEO

Mike Sims — Thu, 16 Jul 2020 05:06:54 +0000

It’s no secret that everyone wants to be the CEO. A search for “CEO” on LinkedIn pulls up 8.6 million U.S-based users who claim to hold the title of Chief Executive Officer. Interestingly enough, the Bureau of Labor Statistics reports that there are only 195,530 CEOs in the United States. Why is it that everyone wants to claim this glorious title? Mostly, it’s because of media sensitization. Every day we hear about how the average CEO among the largest 3,000 companies in the U.S. earns $7.4 million a year. Through television, internet, business news, and every other form of media – we’re constantly shown the glamorous life of some genius CEO that launched a startup and took it public in 2 years. With so many perks, why would anyone not want to be Director? Ask any successful CEO and they’ll tell you the same answer – because it’s one tough ass job. Before you change your LinkedIn job position to Chief Executive Officer of XYZ, let’s talk about what the job of CEO really entails.

What is a CEO?

The Chief Executive Officer (CEO) is an organization’s highest-ranking member. They hammve many responsibilities, but their main focus is to create and implement the company’s strategic vision.

As company leaders, CEOs constantly communicate with internal and external parties including board members, managers, staff, press and media, investors, and more. They set the culture and ensure that the company’s values are established within the organization.

Effective directors are visionaries that look to the future. They put their organizations on a path to success – both in the short-term and long-term. They engage in consistent competitive research, align themselves with industry developments, and work persistently to identify expansion opportunities. Using insights gained from their research, they help develop new strategies and monitor the organization’s performance to ensure that goals are met.

What is the Difference Between a CEO and an Owner?

Many people mistakenly equate being the founder of a business to being its CEO. Granted, in many early organizations, the CEO is often one of the founding members. However, being an owner or founder is not a qualification or prerequisite for being the Director of a company.

Hiring experienced executives is expensive, and new startups can’t afford the expense. Instead, these positions are often filled by early owners – even if they have no executive history. As startups begin to bring in investment and expand their businesses, in some cases, C-level members are replaced with more experienced members. Being a founder of a company doesn’t necessarily equate holding a C-level position.

In established organizations, a CEO is chosen by the board of directors based upon their previous accomplishments and their ability to progress the company forward. CEOs, both owner and hired, can be fired by a board vote. There is an exception though – if the CEO still retains a controlling share of the company, his vote will outweigh the rest of the board.

A successful business may have one founder, but often, there will be several CEO-changes over the lifetime of the Company. According to studies, the average tenure for a CEO across all industries is around 8 years.

What are the Qualities of a Great CEO?

The role of Chief Executive Officer is not meant for everyone. It’s an intense job that requires deep commitment and long hours. While the average worker works around 40 hours per week, the average CEO works 62.5 hours per week.

There are several qualities that a Director must possess in order to successfully run an effective business organization. The most important qualities include:

1) Vision:

The CEO must be able to analyze the current and future state of the market to foresee and take advantage of any upcoming opportunities. In some cases, they may be the lone visionary responsible for persuading the rest of the board to see their vision. They are knowledgable of the customer and their needs, and able to create effective strategies to reach them. In addition, they use their foresight to identify potential future threats and establish plans to quickly pivot the organization to avoid these obstacles.

2) Leadership:

This individual is responsible for leading the entire organization. As the leader, they motivate employees, support teams and individuals, delegate and oversee tasks, and inspire a productive culture – leading by example. As the head of the organization, they often take the most credit for major business successes; however, they also take the most responsibility for the team’s failures.

3) Relationship Building:

CEOs are responsible for building valuable relationships, both internally and externally. They communicate with managers and staff members by listening intensely, asking the right questions, and being open to other’s ideas. As the highest representative of the company, they build relationships with potential partners, investors, media associates, and other individuals and entities that can help progress the business.

What Does It Take To Succeed as CEO of a Startup?

Successful CEOs share many qualities, but their responsibilities may differ based upon the industry they operate in and the business’ maturity level. Startups and established businesses don’t operate the same, and neither do their CEOs. For established businesses, CEOs focus on growing the business, increasing revenues, and gaining a competitive edge. Startup CEOs are usually leading the business from the very beginning, and they must establish these areas before they can expand them.

There are a few qualities that are especially important when leading a startup, including:

1) Enthusiasm

A startup CEO needs to be the ultimate salesman and to make others excited about a product, service or business, they must possess a high level of enthusiasm themselves. They need to be inspirational, motivational, and able to make others excited about the startup and its potential. When team members feel discouraged, a great startup CEO is able to stimulate them and get them back on a path to success. The entire organization will reflect the CEOs enthusiasm, so if they aren’t motivated for the business to succeed, other staff members will lack motivation as well. When they are enthusiastic about the mission, however, the rest of the organization adopts the same enthusiasm.

2) Adaptability

Early startups are fickle. The CEO and the organization must be able to adapt and pivot quickly and frequently. Effective startup CEOs learn constantly, seek advisement from others, and soak up new information like a sponge. It’s impossible to know how to properly run a business from day one, especially as a first-time startup CEO. The learning curve can be demanding, but a successful CEO reads books, follows industry news, and constantly seeks new information so they will be prepared to make confident decisions.

3) Perseverance

The road from startup to unicorn is a bumpy one and over 90% of businesses fail before they find success. Sometimes it’s unavoidable and the startup simply cannot continue, but other times its because the team gave up too soon. Successful CEOs are willing to persevere through hardships and stay committed even when things get tough. Much of the pressure will come down on their shoulders during hard times – investors will expect a turnaround, other members will look to them for direction, and their reputation as a business leader will be on the line. Even when all bets are against them, they must stay focused and continue to move the business forward.

Ready to lead an organization to the top? The first job of a CEO is to create a great business plan. We’ve worked with hundreds of executive teams around the world to develop effective strategies, raise investor funding, and build new products. We’d love to help you too. Contact us to speak to one of our expert startup consultants today!

by Mike Sims

What Does It Mean to Be A Unicorn Startup Company?

Mike Sims — Sat, 15 Feb 2020 04:47:26 +0000

In the world of magic, unicorns are rare and mythical horned beings that have only been seen by legendary storytellers who claim to be in the right place at the right time. These days, the legend has disappeared, and you can find unicorns in the pages of any startup or business magazine. In today’s world, the word unicorn is tossed around the startup scene more often than at a Harry Potter conference – and every new startup hopes to one day earn the title. Being referred to as a unicorn startup is a dream by many entrepreneurs, but what does it even mean?
While there are very few physical commonalities between the mythical unicorn and a unicorn startup, they both share the quality of being rare. Over 627,000 startups launch in the U.S. each year, but there are only 449 total unicorns in the world.
What does it take for a startup to grow its horn? In this post, we’ll examine what it means to be a unicorn company and explore the essential steps of becoming one.

What is a Unicorn Startup?

A unicorn startup is a privately-held company with a valuation of more than $1 billion. Aileen Lee, founder of Cowboy Ventures, coined this term in 2013. When she used the phrase, unicorns were uncommon, and only a small handful of startups even had hopes of reaching this level.
Not even a decade later, unicorns have become more common. With innovative solutions continually being developed and competition growing between venture capital firms, valuations of fast-growing startups have become more substantial. Some solutions have reached this level without even generating significant revenue. For this reason, becoming a unicorn is no longer a marker of success; even some fast-growing startups fail over the long-term.

Characteristics of a Unicorn Company

Unicorn companies exist over a variety of industries, built from entrepreneurs of all backgrounds. While there is no formula for becoming a global startup, there are a few qualities that all successful startups share. Some of the most common attributes of a unicorn company include:

Innovative Solution

Companies that reach the top do so because they introduce new innovations that critically disrupt the effectiveness of solutions already on the market. They are first movers that provide products and services that work faster, more effectively, and differently than competitors. Since they are early to market, they are often able to gain the eye of the media and quickly establish brand awareness across their entire market.

Rapid Growth

Triumphant startups test and validate their solutions quickly, pivoting until they find their path. Once they identify the right road, they put the pedal to the metal and accelerate quickly. Rapid growth doesn’t necessarily mean that they generate revenue quickly. Instead, they have one or several growth metrics that prove their potential. For some businesses, this means that they build a broad base of millions of free users. Other companies may have above average engagement rates or a high conversion rate. No matter what growth factor makes them unique, all unicorns have an incredibly high metric that outpaces the competition.

Ability to Quickly Monetize

Investors invest because they want to realize a healthy return. The more potential a startup shows for creating massive revenues, the higher it will be valued. Even if a unicorn has not yet monetized its solution, it has an effective monetization plan in place. For example, take a dating app that has attracted a million sign-ups and now has the potential to convert users into paid customers. Although they aren’t currently earning revenue, just having a strong foundation for future monetization drives a much higher startup valuation.

Talented Team

Anyone can ride a horse, but only a master can saddle up a unicorn. When valuing a company, investors look for skillful teams that have experience and display a knowledge of how to launch a startup. While the company may have started with inexperienced founders, they have brought in new members to strengthen their position. Unicorn teams display the ability to scale the solution rapidly and have a vision for the future. Not only are they experienced, but they are also committed and solely-focused on bringing the business to success.

Consumer-Based Solution

Businesses don’t have to be direct-to-consumer to earn a valuation of $1 billion or more, but b2c companies are statistically more likely to become unicorns. There are many extraordinary b2b companies, but those that can generate interest from millions of end consumers are often valued higher.

Popular Unicorn Companies

There are hundreds of unicorn startups today, spread across many industries. Here are a few notable unicorns that have launched in the last few years, disrupting their markets and growing to a billion-dollar value.

RobinHood

RobinHood is an app-based stock brokerage that allows users to buy and sell stocks. The company launched in 2014 with the hope of appealing to a demographic of millennials who were increasingly turned off by traditional trading.
Streamlining the way people invested in stocks, Robinhood was able to grow its user base to over 2 million users in only three years. By 2017, they had already executed $75 billion worth of transactions. Further monetizing, they introduced Robinhood Gold, giving users the ability to borrow money for stocks. In only 36 months after its launch, the company reached a valuation of $1.3 billion, cementing its status as a unicorn startup.

Instacart

Other grocery delivery apps exist, but Instacart was the first to earn significant market share, gaining an industry-leading position early on. As of 2018, the company was valued at $7.6 billion.
Instacart, which first launched in San Francisco, grew rapidly to serve more than 15,000 grocery stores with a reach across 70% of the country. By 2018, they had over 50,000 independent shoppers serving over 500,000 grocery customers.

Airbnb

Airbnb launched in 2008 and quickly overtook the room-booking market. Initially, Airbnb was just a way for the founders to make a few extra bucks to pay their rent that month. They took advantage of an opportunity and offered a sleeping mat in their loft to attendees of an upcoming design conference. After proving that people would pay for these accommodations, they began building the business.
Today, Airbnb is worth an estimated $38 billion. In only 12 years, the company has completely redefined the market and built its customer-generated listings to over 6 million properties worldwide.

Casper

Casper launched in 2014 as an online bed-in-a-box supplier. By 2015, they were already gaining steam, and by May of that year, celebrities like Kylie Jenner were posting about the company on their social media pages. Today, only six years later, Casper is worth over a billion dollars, and rumors of a soon-to-come IPO are swirling.
Even early on, Casper had all the makings of a unicorn company. On the first day their website launched, they sold out of their complete starting inventory. Although they hoped to make $1.8 million within a year, they were able to hit the goal within only two months. By 2018, the company was earning over $400 million per year.

Lemonade

Lemonade launched in 2015, hoping to disrupt the insurance industry – and they did just that. Using a mobile application and sophisticated algorithms, Lemonade makes the insurance process more efficient than ever. They give insurance quotes in only 90 seconds, and process claims within 3 minutes. Although Lemonade hasn’t yet put a dent in the overall insurance market, they appeal to a niche market of millennials who are purchasing homeowners or renters insurance for the first time. Today, over 75% of their customers are under the age of 35.
By 2017 (only two years after launch), Lemonade was already serving 425,000 customers, with over $57 million in total annual revenue. During that year, the company’s valuation was over $2 billion.

How To Become A Unicorn Startup

Here’s the truth – even if you know the exact steps required to reach unicorn status, your chances of actually reaching it are meager. Statistically, the chance of building a company worth $1 billion is only 0.00006%. However, companies that reach this level often follow a specific process. Here are five things companies must achieve on their way to the top:

Solve a MAJOR Problem

Entrepreneurs solve problems, but founders of unicorn startups solve significant challenges for millions of consumers around the world. Standout startups disrupt established industries and create considerable competition for market leaders, some of who have been on the top for decades (such as large hotel chains before Airbnb). By approaching a substantial issue in a new way, they quickly earn market share – even in highly saturated industries.

Pivot Quickly

Many businesses don’t start with the same idea that propels them to unicorn level. Growing a successful startup takes frequent testing, learning, and pivoting. Fast-growing startups test their hypotheses quickly and use those tests to adjust their offering until they find the right solution.

Strengthen the Team

Billion-dollar companies are led by experienced teams who can foresee future opportunities and avoid potential threats. Inexperienced founders must eventually surround themselves with experienced team members who can guide them to make the right decisions as they scale.

Raise Funds

It takes money to fuel billion-dollar growth. Startups that reach this level build strong investor relationships and have constant access to capital. With the right startup, this financial arrangement is mutually beneficial. Investors desire to put their money in fast-growing vehicles where they can earn a high ROI. As they invest more money, their equity percentage rises. When it’s time for an exit, their investment pays off many times over.

Scale Like Crazy

The most essential but most challenging part of becoming a unicorn is scaling like crazy. Unicorn startups are often able to penetrate multiple markets and build brand awareness across the globe. Showcasing the potential for multimarket penetration is extremely valuable to investors. As you generate more users across more markets, the value of your company will increase in parallel.

The Last Word On Becoming A Unicorn Startup

Here’s the thing about becoming a unicorn, if your only intent is to become a unicorn, you probably never will. Entrepreneurs who take over an industry don’t do so because they are focused on reaching a billion-dollar value; it happens because they are super passionate about providing a new solution that genuinely helps consumers. If you want a significant valuation, solve a big problem for a big number of people.

How To Write The Most Effective Executive Summary

Mike Sims — Wed, 08 Jan 2020 05:12:07 +0000

Business plans are long and comprehensive documents. Although investors may receive business plans regularly, they actually read very few.

You may spend months writing your business plan, but the unfortunate truth is that most investors will only spend a few minutes with a document before deciding whether its an interesting venture or not. The key to getting investors to read your business plan is to create a detailed and effective executive summary. In this post, we will detail exactly how to write an executive summary that captures investors’ attention and gets your business funded.

What Is An Executive Summary

An executive summary is a short document that precedes a comprehensive business plan. With a length fewer than two pages, executive summaries provide a quick synopsis of the accompanying proposal. The main objective of an executive summary is to drive curiosity and convince readers to read the remainder of the business plan document. While the executive summary often reiterates the same points as the business plan, it does so with much less detail. The executive summary should be relatively short but should provide the data necessary to validate any claims. While the summary includes research, it excludes elements that may be found further in the plan like charts, graphs, and deep analyses. When seeking to land an investor, secure a loan, or persuade potential partners, a strong executive summary is critical. A successful executive summary makes the reader want to learn more. A failed executive summary makes them lose interest before they have a chance to learn the fine details of the business.

How To Write An Executive Summary That Wins

Throwing together an executive summary on a whim is pointless. Realize its importance and give your best effort. Your ability to get funded may be directly linked to the quality of your summary. In this section, we will show you how to write an executive summary that investors pay attention to. These five tips are based upon our experience after working with hundreds of startups, and they will help you avoid the obstacles faced by many entrepreneurs when writing an executive summary.

Display it first, but write it last.

Executive summaries are always presented first in a business plan format. However, the best summaries are written after the actual business plan has been completed. As you write your business plan, you will uncover information, detail complex strategies, and introduce the research that backs your claims. In most cases, you will not know the depths of your business until you go through the complete business planning process. Once your business plan is written, creating your executive summary becomes much easier. The information in your business plan will lay a foundation for your executive summary and provide the details needed to deliver a convincing case.

Make it persuasive and convincing.

An executive summary isn’t just an informative document. In many cases, an executive summary functions more like a sales document. What are you selling? You’re selling the rest of the plan. Business plans can be extensive. A comprehensive business plan can be 40-50 pages or more. Just because you’re excited about having someone read your business plan doesn’t mean that they will be equally excited to read it. Reading through a business plan can be a tremendous time-consuming feat. If you want readers to read your plan, you’ll need to convince them to do so with your executive summary. Think of your business plan as if it were a novel. The executive summary would serve the same purpose as the blurb on the back of the book. Before purchasing an unfamiliar novel, most people read the blurb. If the blurb excites them, they consider purchasing the book. If the blurb doesn’t pique their interest though, they will put the book back on the shelf and move on to the next. Essentially, an investor will do the exact same thing if your executive summary fails to excite them.

Keep it short, but informative.

The ideal executive summary is one page. This length is easily digestible but provides enough room for you to give a thorough synopsis of your plan. Only provide the details that really matter. Stick to the main points and give the reader something to look forward to. Use the space wisely. Place every word strategically. Each sentence should be well thought out and each section should give the reader exactly what they need to understand your concept better.

Align it with your business plan.

When an investor reads your executive summary, they expect that the accompanying business plan will go into greater detail about what they just read. Don’t use the executive summary to present new ideas. Instead, use it to highlight your business plan’s most prominent ideas. Make sure your business plan has a table of contents. Sometimes, readers will read the executive summary and want to immediately learn more about a specific point.

Support it with strong research.

Don’t oversaturate your executive summary with too much industry research, but give enough to support your case. Cite your resources and show that your ideas are validated by real data. Use data only in the paragraphs where it is most expected. For example, when estimating market size, a strong stat or data point is expected. The executive summary isn’t the place to trap readers into a dark-hole of research. Instead, you should use data to help drive the reader’s interest and convince them to continue reading the plan. Consider how stats and data are used in a television commercial. They are used to validate the existence of a problem – not placed just for the sake of presenting data.

The Step-By-Step Guide To Writing An Executive Summary

Now that you know the rules behind writing a fantastic executive summary, it’s important to choose and follow a proven format. Follow our guide below to write a captivating five-to-six paragraph executive summary.

1) Intro and Company Information

Start off your executive summary by introducing the document and stating its purpose. Arguably, the first sentence is the most important sentence of the entire executive summary. This section will make the initial impression upon the reader and set the stage for the rest of the document. Provide some background on the business, its founders, and its core values. Use this paragraph to describe any notable milestones that have been reached.

2) Customer Problem

Describe the issues and challenges that consumers face. Why is a solution needed? Use data to validate the existence of a real problem. Does your solution serve a real problem that a large number of consumers are facing? Just because you realized that a problem exists doesn’t mean that people need a new solution. Some problems aren’t really problems at all, and some aren’t big enough to convince a consumer to pay for a solution.

3) The Solution (Product/Service)

Now that you’ve described the customer problem, you can introduce your product or service – which should be a direct solution to the aforementioned problem. Describe what makes your product the perfect solution to their challenge. Explain how it works, what features it entails, and the benefits that consumers will receive by purchasing and using your product or service. Keep your product detail brief. Be strategic in how you present your product. Remember that you don’t just want to present information about your product or service, you want to sell it enough that readers want to continue reading to learn more about it.

4) Market Analysis

In this paragraph, it is important to introduce some of the research and data that you have collected. Explain what market you will serve, why that market is the right market, and how big that market is. Look for reputable data that shows how many people exist in the specified market or how much revenue a particular market earns on an annual basis. Try to identify what percentage of this market you can realistically capture and how much revenue you can realistically produce.

5) Competition

Competition exists even if you have an incredibly innovative and one-of-a-kind product. It’s important that your executive summary shows that you understand the competitive landscape that your business will operate in. Introduce the brands that you will compete with and explain how you will differ. What is your competitive advantage and why would a consumer choose you over the competition?

6) Financials & Financial Ask

At the end of the executive summary, describe the financial side of your business. Detail the revenue plan. Explain your fundraising goals and itemize your requirements. How will it translate to revenue? When will you break even? Be realistic about your financials. Use your research to prove that your projected revenue is actually possible.

Using Your Executive Summary

Simply writing an executive summary isn’t enough. An executive summary is a great tool, but the thing about having a tool is – you must know how to use it! Use your executive summary as an introductory document. When having a conversation with an interested party, offer to send them your summary. Keep the file handy on all of your devices (including your mobile phone) so you can email it over immediately. Send the executive summary over before sending the entire business plan. If you were successful in garnering their attention with your executive summary, they will request more information. At this point, you can supply them with your full business plan or pitch deck to provide further detail about your business. Need help writing your executive summary or business plan? We’d love to help. Our business plan consultants have worked with hundreds of startups, helping them raise the funds needed to start and grow their businesses. Contact us today and schedule a consultation!

by Mike Sims

How To Improve Revenue With Mobile App Advertising

Mike Sims — Thu, 05 Sep 2019 11:04:34 +0000

Mobile app advertising, or in-app advertising, has become one of the most successful monetization strategies for app entrepreneurs. For marketers, it is an effective method to reach targeted customers and drive new sales. But, how does it work? More importantly, is mobile app advertising a viable option to help you monetize your app? In this post, we’re going to break down everything you need to know about using in-app advertising as a monetization method.

Need Funding For Your App Idea? Download Our FREE eBook now!

Learn the expert secrets behind building successful apps that attract invertors and get funded!

What is Mobile App Advertising?

In-app advertising is the method of delivering marketing messages to consumers through apps on their smartphone devices. For marketers, mobile advertising is an effective way to display advertisements to consumers.
In exchange for that advertising, marketers pay a fee that is collected by the app’s creators - providing an effective and profitable monetization method for many apps.

The History of Mobile Advertising

Although smartphones existed even before the iPhone, it was the launch of the iPhone that gave way for mobile ads. When the App Store launched, the concept of “mobile apps” was introduced - software that was built specifically for the device; unlike traditional mobile websites that were built for display on desktops.
Many of these early apps were free to users. However, apps are expensive to build, market and maintain. App developers needed a way to earn back their expenses - and hopefully, create a profit.

Enter mobile app advertising.

As smartphones quickly penetrated the entire globe, mobile apps became more integral in marketing and advertising. For the first time ever, advertisers could connect with consumers right at their fingertips.

The Value of In-App Advertising to Marketers

In-app advertising grew to over $70 billion in 2018, a 20% increase from a year before. According to eMarketer, this represented over 75% of the total digital spend.
But what makes mobile app advertising so attractive to marketers? There are several major benefits to advertising through mobile apps.

User Engagement

At one point in time, television commercials were all the rage. The only problem? Viewers weren’t that engaged. Even if they were engaged with the show they were watching, they’d walk away from the television or flip to a new channel when commercials came on.
Mobile apps completely changed how users engage with advertisements. Today’s average smartphone owner spends around 3.1 hours each day consuming digital media on their device. This equates to 69% of their total media time.
Not only do users now spend an unusually lengthy amount of time on their mobile phones, but they are also increasingly using mobile to make purchases. In 2017, mobile e-commerce sales already accounted for 34.5% of total e-commerce sales. By 2021, it is expected that this number will rise to 54%.

Accurate Targeting

It’s incredible how much information one’s phone is able to collect about their interests and purchasing habits. Unlike a desktop computer or even a tablet, mobile phones are often unique to the device’s owner.
Users download apps that are meaningful to them. They use apps that are impactful in their personal lives. They watch YouTube videos on their smartphones that entertain them and make purchases of products/services that solve their own unique challenges. In some ways, the way you use your smartphone almost tells everything about you.
This data allows marketers to target consumers more accurately than was previously possible. Whether by demographics, spending habits, location, or etc.; marketers can now promote their products and services directly to their ideal customer. As a result, they are able to convert higher and spend less on customer acquisition.

Click-Through Rate (CTR)

With better user engagement and more accurate targeting, mobile advertising often leads to significantly higher click-thru rates.
According to studies, while web ads only receive a CTR of around 0.23%, mobile app ads reach as high as 0.58% on average.
For companies, higher CTRs mean more customers and less money. It’s not hard to see why advertisers increasingly prefer mobile app advertising over other marketing avenues.

Should You Offer Ads In Your Mobile App?

Now that you know what mobile app advertising is, it’s time to answer the most important question. Should you use in-app advertising as a monetization strategy for your app? The answer to this question is --- well, it depends.
There are a number of benefits and weaknesses associated with offering mobile ads. When deciding whether you should monetize this way, consider the following pros and cons.

Pros of Mobile App Advertising

There are several reasons that an app creator would decide to add in-app advertising. Mostly, these benefits revolve around the ability to monetize.
In-app ads shift the costs away from the business and its users, and puts it on advertisers instead. Over the last decade, app developers have realized that free apps are downloaded much more often than paid applications. Instead of making the consumer pay to download the application, they could offer it for free, but charge advertisers to market their products/services to users. Offering a free app means more downloads, and for many apps, this is a big enough reason to implement in-app advertising.
In-app advertising is also often used as a secondary method of revenue generation. Although paid apps don’t attract as many users, pay per download is still quite common. Instead of supplementing income with ads, mobile apps that generate tens of thousands of paying customers may choose to use ads to further maximize their potential revenue from each user.

Cons of Mobile App Advertising

While the monetary draw of mobile ads can be tempting, they don’t always provide a positive experience. In fact, monetizing with ads can have the opposite effect and cause you to lose users and earn less money.
Used incorrectly, mobile ads may severely diminish a user’s experience. Some ads are extremely intrusive and can heavily annoy users. Consumers are forced to see ads all day long, from billboards as they drive to video ads on their favorite TV streaming platforms. Sometimes, consumers just want the ability to do something (anything!) without being advertised to.
Some of this intrusiveness can be managed by ad format, placement and timing. Spammy ads popping up in the middle of a user’s intended action can totally ruin their experience and cause them to abandon the app. Users already paying for an app are even more likely to get annoyed by advertisements.
Used incorrectly, ads will make your app seem spammy and cause users to lose trust in your brand.

Best In-App Advertising Platforms

For app developers that choose this route of monetization, there are several platforms that make it easy to implement and track ads.

Here are a few of our favorites:

AdMob: Google AdMob is an ad platform that maximizes the value of every impression by combining global advertiser demand, innovative ad formats, and advanced app monetization technology. AdMob works with millions of advertisers across a variety of industries, providing a variety of ad formats including rewarded, native, banner and interstitial.

AppLovin: This platform is a multi-faceted solution that allows mobile game developers to earn revenue and engage users in a single place. AppLovin helps increase app revenue for developers by working with advertisers around the world.

Vungle: This solution allows app developers to reimagine the way their app makes money by showing innovative content from global advertisers. Vungle works to improve the ad experience by bringing pixel-perfect, tech-tailored formats that blend in without slowdowns or interruptions.

Making A Decision

Now that you know what it takes to earn revenue through mobile app advertising, it’s time to decide whether you will use ads in your app.

READY TO BUILD YOUR

WINNING PITCH DECK?

OUR AWESOME CONSULTANTS CAN HELP

The best way for an app entrepreneur to decide on which monetization strategy is best is to test them. Set up a monetization strategy and send traffic to it for a few weeks to see how it performs. If it performs negatively, pivot to something else. However, if it performs positively, then continue to persevere - you’re on the right track to earning revenue!
Do you use in-app advertising to monetize your smartphone app? Tell us about it in the comments below!

by Mike Sims

How To Create A Low-Fidelity Prototype Like An App Expert

Mike Sims — Mon, 02 Sep 2019 06:54:09 +0000

App development is expensive, and entrepreneurs assume a huge risk when seeking to launch a new app. New software can cost tens of thousands of dollars to develop, with ongoing maintenance costs that grow as the software expands. Yet, out of 10,000 new consumer apps, only one will become a financial success. If you’re an app creator, the odds for success are unfortunately stacked against you. However, your potential for success can be much greater if you follow the right steps - like creating an effective low-fidelity prototype to generate early feedback and ensure that you are on the right track.

Need Funding For Your App Idea? Download Our FREE eBook now!

Learn the expert secrets behind building successful apps that attract invertors and get funded!

Somewhere around 2009, the startup world was introduced to the concept of the lean startup. In his book The Lean Startup, Eric Ries describes a new methodology to develop businesses. This methodology seeks to shorten product development cycles and prove the viability of business models by launching experiments through iterative product releases. One of these experimental methods is prototyping, and especially, building and testing low-fidelity prototypes. In the following post, we will look into how prototyping can help you as you build your app and explain exactly how to build your first low-fidelity prototype.

What is prototyping?

Building an app is challenging. There are many variables involved between the time an idea is conceptualized and the point that it is successfully launched to market. The closer a project is to being finished, the more expensive it becomes to make changes and implement feedback. A prototype is an early product sample that allows entrepreneurs to effectively test their concepts. When building an app, prototyping is often used while designing the user experience (UX) and user interface (UI). The prototyping process allows designers to experience the application as a user, before even going into the actual design stage. App designers use prototypes in the same way that writers use an outline. Writers use headings in their outline to map out the flow of their piece, while app designers use pages to map out the flow of their software.

Prototype Categories

While there are many types of prototypes, they can generally be summed up in one of two categories - low-fidelity and high-fidelity prototypes.

Low-fidelity prototypes are simple and extremely low-tech. In some cases, they involve nothing more than just a pen and pencil, or a slideshow program like PowerPoint.
High-fidelity prototypes are functional, interactive, and may even involve some coding. Typically, these include things like clickable wireframes or even low-function MVPs.

Some people include a third category - medium-fidelity prototypes. These models are digitized and may have some clickable/interactive areas. They include virtual elements but do not take as much effort to build as common high-fidelity prototypes. In many cases though, these prototypes still fall into a high-fidelity category.

Why create a low-fidelity prototype?

Low-fidelity prototypes provide many great benefits to entrepreneurs, designers, and developers of new app solutions. There are five major reasons that you should add low-fidelity prototyping into your app development process.

Team Collaboration

In most cases, designing is not a one-person activity. For an app startup, the app design process may include several managers, marketers, designers, developers and beyond. Low-fidelity prototypes provide a non-intense opportunity for teams to map out their app concepts and make changes with the least amount of risk. Paper prototypes, for example, can be constructed at little to no cost. Members of the team can provide their feedback and the ideas can be implemented immediately - with no risk aside from losing a few hours of time. During this stage, inefficiencies in user experience and screen flow can be ironed out, while the general layout of the application can be perfected.

First Visualizations

Although you will likely wireframe your idea first, a low-fidelity prototype gives you the first visualization of what the app will actually look like in motion. Trying to explain a complex vision that you see in your head isn’t always easy, but with a low-fidelity prototype, team members and consumers are able to easily see what your concept is and how it will perform once it is built. The tangible visualization of a project is important. When an idea is in your head, it’s difficult to notice inefficiencies or weaknesses. By skipping the prototyping stage, inevitably, these weaknesses will make their way into your software. Realizing these weaknesses after development can cost several thousands of dollars. These same changes, if made in the low-fidelity prototyping stage, probably wouldn’t have cost anything to change.

Testing & Validation

Prototypes provide the lowest-risk method for testing an idea and generating real user feedback. In the early stages of app design and development, user feedback is important. As you test your concept more and more with real users, you learn more about what those users need, how they behave, and what they expect from your solution. Wireframes, while usually understood by the management and design team, usually progressed enough for users to comprehend. Prototypes, on the other hand, give something real for users to touch, use, or at least, see in action. Prototypes can be used in focus groups, sent to beta users, or even used as a customer demo. They can be used in a variety of ways to generate feedback, gather data, generate insights, and validate your customer assumptions.

Types of low-fidelity prototypes

Low-fidelity prototypes can take on many forms from simple pen/paper sketch prototypes to concept demos. Some of the most common low-fidelity prototypes are described below.

Storyboards

Storyboards go one step beyond a simple app wireframe. Each screen in the storyboard can be hand-drawn using UI stencils or even constructed of different on-screen elements from wireframe kits or cards.

Once the elements of each screen have been laid out, they can be positioned into a storyboard that details the purpose of each page and the response of each element. A flow for each button, icon or link can be defined using arrows that point to other screens and display what happens when a specific element is clicked.

Paper Prototypes

Storyboards are great for connecting the dots, but they aren’t very interactive. Paper prototypes, on the other hand, are the first and most basic types of prototypes that users can actually engage with. These models are basic and are a far cry from a real application, but they are flexible enough to mimic real functionality. Paper prototypes don’t have to be extensive. Screens can be placed next to each other. A cardboard phone mockup can be placed over the paper to better envision what the application would look like and how it would function if it were developed and digitized. The following video shows an awesome low-fidelity prototype example. This example displays exactly how a simple paper & pen model can represent real app functionality.

Clickable Presentations

A clickable presentation carries all of the same benefits as a paper prototype, but it uses presentation software to automate the flow of pages. Each slide in this presentation incorporates a single design or wireframe screen. As the slideshow progresses, the audience is able to better understand how each screen ties together. Clickable presentations can also be used in a focus group setting, presented to large groups, or sent out to beta users for feedback.

How To Create A Low-Fidelity Prototype

Low-fidelity prototypes are simple to construct and can provide a significant level of insight to improve your concept. Although the process is simple, there are still several considerations you want to keep in mind as you give your idea it’s first visual life. Here are five steps you should follow when creating a prototype.

1) Define Objectives & Goals

Before putting together a low-fidelity prototype, decide exactly the reason you’re building one in the first place. Not all prototypes serve the same purpose. Some prototypes are meant to generate feedback from an internal team while others are developed for user feedback. One entrepreneur may be building a prototype to check for total page flow, while another may be only testing the flow of a single feature. Define what you want to achieve by creating a prototype. Before you can decide what type of test to put in place, you must know what assumption it is that you are trying to validate.

2) Type of Prototype

The type of prototype you build will depend upon the assumptions you seek to validate. You may decide you need a paper prototype or a clickable presentation, or you may find that a low-fidelity prototype doesn’t suit your needs at all. If you find that your assumptions can only be validated with something more substantial, a medium or high-fidelity prototype may be necessary. Medium-fidelity prototypes have limited functionality but often have clickable areas that allow users to engage. A low-fidelity prototype may be used to validate screen flow or placement of elements, while medium-fidelity prototypes can be used to better understand how users interact with different elements. High-fidelity prototypes are computer-based representations of the product. In comparison to the other models, these prototypes offer the closest representation of the product without being actually developed. These models may be built up in a program like InvisionApp to offer maximum engagement. Ideally, these prototypes will include every necessary screen and allow users to click or swipe between the screens. While a HFP may include some front-end coding, it does not include any back-end functionality - functionality is mimicked instead of actually being coded. Low-fidelity prototypes allow you to better test the user interface (UI) while high-fidelity prototypes allow you to also test for user experience (UX). In most cases, it is best to test multiple prototypes, beginning with the most minimal low-fidelity model and building your way up.

3) Build It

Finally, it’s time to build your prototype. Make sure you have all the tools that you need. For a paper prototype, all you will need is paper and a pen. If you’re building a clickable presentation, you’ll need Powerpoint or another presentation software. First, figure out what pages you need. Then, go through each page and detail what purpose each page needs to serve. Write up major headings on each page and begin drawing in the elements. Here’s the important step. Examine each screen that you have sketched out, and decide what elements are not needed. Any elements that could be left out without affecting the functionality of the application, should be removed for smoother performance. Now decide how each screen will flow with one another. Layout the screens next to each other or in a storyboard with arrows to show how they flow. You’ve created your first low-fidelity prototype. Yes, it’s that simple!

4) Test

The whole point of building a prototype in the first place is to test for usability and generate necessary feedback to improve the concept. Depending on your specific situation, you may decide to test your prototype with your team only or extend your testing to include real customers. Set up the test environment. Make sure that your prototype is built to a level that users can engage with it on their own without needing your help or explanation. Once they have used it, ask the right questions to gather sufficient feedback and to validate your specific assumptions.

5) Repeat

Your job isn’t done after making a single prototype. A prototype is a valuable tool that can help you as you further develop your application and as you introduce new features. After collecting responses from your team and from users, evaluate the responses. Did the data validate the assumptions you made? If so, great - move on to the next test and validate your next assumption. If not, make the necessary changes and test it again. Even after your app has been developed and launched, prototypes can be used to test changes or validate new ideas before coding them.

READY TO BUILD YOUR

WINNING PITCH DECK?

OUR AWESOME CONSULTANTS CAN HELP

Your Prototype Was Successful, Now What?

Congrats! You’ve finally launched your prototype. What does success look like? A successful prototype is any prototype that allowed you to learn more about your user. Whether your assumptions were validated or proven false, both of these situations are considered a success since it provides you with the insights you need to take your concept to the next level. Use those insights to build your next prototype, or if you’re ready, to go ahead and build your first minimal viable product. As you continue to test, you can use the metrics you’ve generated to prove your concept and even to raise investor funds for further development. Ready to build your minimal viable product? We’d love to help. Our team of app developers knows exactly how to bring an app idea to life. Did you build an awesome low-fidelity prototype for your app? Tell us about it in the comments below!

by Mike Sims

The 5 Best Kickstarter Alternatives for App Startups

Mike Sims — Tue, 27 Aug 2019 07:24:15 +0000

Kickstarter crowned itself as king of crowdfunding early on, giving entrepreneurs and creatives a space to raise early funds for their ventures. For certain types of businesses and projects, Kickstarter is a great place to introduce new concepts to an audience and raise the money needed to bring it to life. Hardware innovations and cause-related campaigns often do extremely well on the platform. Software and app startups, on the other hand, don’t usually share the same success. Luckily, there are several Kickstarter alternatives that can give software startups the boost they need. In the following post, we’ll review five of the best Kickstarter alternatives for app startups and provide some examples of software products that were successfully funded through these platforms.

Need Funding For Your App Idea? Download Our FREE eBook now!

Learn the expert secrets behind building successful apps that attract invertors and get funded!

1. Indiegogo

Indiegogo is a crowdfunding platform that has long been considered one of Kickstarter’s largest competitors. As an international platform, Indigogo allows anyone to raise money from anywhere, and for any reason.

Unique Features

In comparison to Kickstarter, Indiegogo features several unique features. The most notable of these is the ability to access funds even if the campaign has not been fully funded. However, all-or-nothing campaigns typically have better results than keep-it-all campaigns. In a study of 22,875 crowdfunding campaigns, each of which was trying to raise between $5,000 and $200,000, those who used a keep-it-all model only met their funding goals 17% of the time, while 34% of all-or-nothing campaigns hit their fundraising goals. Furthermore, all-or-nothing campaigns attracted 188 backers on average, while keep-it-all campaigns attracted around 73. Another major difference between the two platforms is that Indiegogo also allows for equity-based crowdfunding, while Kickstarter only allows for rewards-based opportunities. For businesses that are seeking investors as opposed to donors, Indiegogo provides a valuable opportunity to secure funding in exchange for a small ownership percentage.

App Crowdfunding?

Although Indigogo is one of the largest and most well-known Kickstarter alternatives, it is extremely tough for app startups to raise money on this platform. Donors on this platform seem to prefer social causes and physical products over software and apps. With enough effort though, success is possible even for app startups.

The following app-based crowdfunding campaigns were able to successfully fund their campaigns on Indiegogo:

Becuzz: A microfinancing platform that allows individuals to fund small goals between $10-$599. Through Indiegogo, Becuzz was able to fund 102% of its funding goal.
Placebo Effect: A mobile app that allows you to personalize and customize your own placebo effect to help improve your joy, abundance, motivation, or any other factor that is important to you.

2. WeFunder

WeFunder is an equity crowdfunding platform that is available to individuals that are seeking to invest in startups. Unlike other equity crowdfunding platforms, WeFunder does not only open its doors to accredited investors but allows the average individual to invest as well. In 2016, the JOBS Act, which allowed non-accredited investors to invest, went into effect - and WeFunder immediately took advantage of this opportunity. Like Kickstarter, WeFunder is an all-or-nothing platform. In other words, if the business is not able to raise the full amount of capital, funds are sent back to investors and the entrepreneur must start back over from the beginning.

Unique Features

Unlike Kickstarter, WeFunder is equity-based only. Investors on this platform hope to see a return on their investment over the long-term, and since this is the case, only business-based campaigns are supported. As mentioned, WeFunder is also one of the only platforms that allow regular people to invest their funds into new startups. Non-accredited investors can invest as little as $100 and own a piece of the next generation of innovation.

App Crowdfunding

Since WeFunder seeks to attract investors instead of donors, traction and potential are more attractive than rewards alone. WeFunder has several app-based businesses using the platform to raise investor funding. For the right app startup, WeFunder can be a great way to attract new investment.

Here are several startups that have successfully funded their apps through a crowdfunding campaign on WeFunder:

Boon: On-Demand temporary dental, veterinary and medical staffing.
Happy Tax: Convenient, on-demand CPA prepared tax preparation.
Digitally Imported: Electronic music streaming service with a human touch.

3. Fundable

Fundable is a business crowdfunding platform that gives companies the opportunity to raise capital from investors, customers, and peers. The platform allows businesses to run either rewards-based or equity-based crowdfunding campaigns, giving them wider flexibility than other Kickstarter alternatives.

Unique Features

Fundable is extremely flexible, allowing startups to crowdfund under their own guidelines. Fundable gives startups the chance to raise either equity or rewards crowdfunding, choosing to secure their funds from investors or donors.

App Crowdfunding

Apps have a much higher chance of succeeding on a platform like Fundable - especially when using an equity-based campaign.

Some of the most recent apps that were funded on this platform include:

FansRule: Where fantasy teams make the rules.
Swych: The first global digital gifting network.
Garageio: Smartphone control for existing garage door openers.

4. Ulule

Ulule is a crowdfunding platform that is quite similar to Kickstarter. Like Kickstarter, it is an all-or-nothing platform where you must reach your goal in order to receive the funds. Furthermore, it is open to all types of ventures - not just businesses, but cause-related, art/creative and non-profit ventures as well.

Unique Features

Ulule focuses on “Making Good Things Happen” and they claim to have the highest success rate for project creators. Furthermore, they take a lower percentage than some other platforms, only charging 5% of the full fund plus a 3% transaction fee. Another great feature of Ulule is that they offer support. Personalized coaching is available for each project owner, before, during, and after their campaign. As a result of this, the Company has over 28,000 successfully funded projects and a record success rate of almost 70%.

App Crowdfunding

Ulule’s record high success rate also extends to app and software projects - especially those that serve a cause.

Here are a few apps that have successfully met their funding goals on Ulule:

Go Zero Waste App: The app to get a life without plastic.
SoundR: A new way to explore your music.
Ocean’s Zero: Helps reduce waste to save the oceans.

5. PitchLions

For those looking to land real investors (angel and VC) for their project, PitchLions is an awesome Kickstarter alternative. On PitchLions, startups can virtually pitch their concepts live to an audience of accredited investors. PitchLions allows startups to host detailed profiles where they can upload their business plans, pitch decks, promotional media and more, showcasing their product/service and detailing the traction they have generated. Then, a “Live Pitch” can be scheduled for a specific date and time. By browsing the Investor Database, startups can invite investors to view their pitch. During the pitch, investors can learn more about the business, ask questions, and mark themselves as “Interested” to schedule further discussion.

Unique Features

PitchLions is the first platform that allows startups to present their offer in a live presentation setting. While there are other Kickstarter alternatives that help startups meet investors, PitchLions is the first to create a platform where entrepreneurs can pitch their businesses in a virtual live setting and where investors can view startup pitches on their own terms.

READY TO BUILD YOUR

WINNING PITCH DECK?

OUR AWESOME CONSULTANTS CAN HELP

App Crowdfunding

Since PitchLions is centered around investors, it is an awesome platform for all promising startups to raise funding - including app startups. App entrepreneurs can filter the investor database by location, interests and more.

Choosing The Right Crowdfunding Platform

There are dozens of crowdfunding and investor matching platforms out there, and each of them has its own benefits and weaknesses - especially for app startups.

Before launching your campaign, consider the following questions:

What type of crowdfunding fits your business better - equity or reards based?
Which categories are most funded on the platform?
Is the platform better for hardware or software businesses, or is it suitable for both?

Need help writing your business plan or creating a great crowdfunding campaign? We’d love to help. Contact us today to speak with one of our expert startup fundraising consultants.

by Mike Sims

How To Write A Crowdfunding Campaign That Gets Funded

Mike Sims — Tue, 20 Aug 2019 15:43:50 +0000

Over the last few years, crowdfunding has risen to become an ideal avenue of raising capital for startups. During this time, thousands of businesses have raised billions of dollars to bring new innovations directly to consumers. Between 2014 and 2016, over $2.1 billion was raised through crowdfunding campaigns. By 2025, it is expected that total crowdfunding raised will reach over $300 billion. For those that know how to write a crowdfunding campaign, and can do so effectively, the potential is endless.
Crowdfunding is not easy, though. The average success rate of a crowdfunding campaign is 50%; so for every business that raises capital through this method, another business fails to meet its financial objective.

Need Funding For Your App Idea? Download Our FREE eBook now!

Learn the expert secrets behind building successful apps that attract invertors and get funded!

While there are many things that must be implemented to successfully meet your crowdfunding goal, it all starts with the pitch - or the crowdfunding campaign itself. If you’re looking for a template, you won’t find it here. Templates give you a “standard” way of doing something, but when it comes to effective crowdfunding, it’s the businesses that go outside the standard that succeed.
Whether you're raising money on Kickstarter or one of the many Kickstarter alternatives, you'll need a strong campaign to win. In this article, we’ll share several campaign tips and show you how to write a crowdfunding campaign to successfully raise funds for your startup.

Expert Tips - How To Write A Crowdfunding Campaign

1. Create The Perfect Campaign Name and Title

There’s no point in writing an incredible campaign if consumers never read it. Before you begin writing your crowdfunding pitch, start by crafting an amazing title.
The goal of a title is to persuade people to click through to the campaign. According to David Ogilvy, the Father of Advertising, “On average, five times as many people read the headline as read the body copy. When you have written your headline, you have spent eighty cents out of your dollar.” In other words, your title is probably just as, if not more, important than the actual body of your campaign.
Don’t name your campaign after your product, but use this real estate to woo consumers. Use it to capture people’s attention by being descriptive and detailing the benefits of the product. When someone reads your title, you want them to feel connected and driven to find out more. Let them know what your product is and give them a reason to want it - before they even get to your actual campaign! When thinking about your crowdfunding campaign title, consider these titles of campaigns that were successfully funded on Kickstarter:

2. Use Content to Describe A Real Solution to a Real Problem

People don’t buy stuff just because it’s cool… well, most people anyway. Consumers buy things that solve a real problem for them better than other solutions can. A new video game console may be entertaining, but people will only buy it if they perceive that it can entertain them better than their current gaming system. Consumers want products that allow them to solve their problems more easily, more accurately, or more efficiently.
Know who your consumers are, the challenges they face, and their issues with current solutions. Then, decide exactly what problem they have that your product provides a solution for. Here are a few crowdfunding examples of well-funded startups that used a problem/solution statement to stimulate consumers:

G:Ro Carry-On Luggage's Campaign - “We all know travel can be a hassle. The more you do it, the more tiring and frustrating it becomes. To get from here to there, too many of us depend on inferior bags, travel gear and accessories. So, we set out to design a bag that is better than anything else available.”
eufyCam's Crowdfunding Campaign: Wireless Security Camera - “Hate getting robbed? Love solving mysteries? Installing a security camera might seem like an obvious answer for surveillance, but it may surprise you that only 3 out of 10 homes have any sort of security device set up. And, as basic as a security camera system might seem, you’ll be surprised to know that other cameras on the market actually present more problems than solutions.”
SuperBook Crowdfunding Example - “You already do a lot on your smartphone: it's convenient, portable, and holds all of your apps, files, and contacts. In fact, you could accomplish a lot more with it, but are often held back by its small screen size and limited mobile interface. That's why we created the Superbook - to remove those restrictions and give you the freedom of using just one computer.”

3. Write A Crowdfunding Campaign People Want to Share

Believe it or not, people don’t share online content because they “like” it. From a medical standpoint, sharing things to our network and receiving positive feedback (likes and comments) releases dopamine in our brains, giving us euphoria. To write a powerful campaign, you should know how to use your crowdfunding content to encourage specific user behaviors - like sharing. There are five main reasons why we share things on social media:

To bring valuable and entertaining content to others.
Define ourselves to others.
To grow and nourish our relationships.
Self-fulfillment.
To get the word out about causes or brands.

Think about these factors as you develop the content for your campaign. Consider the second factor, for example - to define ourselves to others. This means, people may not share simply because they “agree” with your cause or brand, but because they want others to perceive them as someone who agrees with that product or brand. In essence, the product you’re offering isn’t the only thing that must solve a problem for them - your content must do the same. While some consumers will just want to get the word out about your brand, remember that this is last on the list. Give them the dopamine release they are looking for with your content, and it will pay back in shares.
Getting viewers to share your content with their networks can have exponential benefits to your campaign. Not only does it expose you to new customers, giving you a wider reach, but it does so with the recommendation of the person who shared it; immediately boosting brand credibility.

4. Make Readers Feel Inspired With Your Campaign

Consumers who purchase from crowdfunding sites often don’t just want the product, but they find pleasure in being a part of the mission of the brand. They don’t just want to use a product, they want to be inspired by the brand’s existence and want to connect to the brand’s overall vision.
When writing a crowdfunding campaign, tell users about your story. Use your campaign to tell consumers why you exist, how you discovered the problem, and how your solution came about. Users connect to a brand story more emotionally than they do simply to brand claims. Of 1,000 consumers, 65% said they felt an emotional connection to a brand. From those individuals, 65% said they have an emotional connection to a brand because they make them feel, “like they care about people like me.”
If you want readers to connect to your brand, explain your mission in your campaign; displaying that you care about them and the challenges they face. Inspire consumers and give them a reason to connect with your brand. If successful, consumers will naturally turn into brand ambassadors; sharing the campaign and enticing their network to pre-purchase your product as well.

5. Sell Your Crowdfunding Campaign With Rewards

Just like when pitching investors, consumers also expect a return on their investment. Sure, they want to receive the incentive or reward that you’re offering in exchange for their money, but there are other reasons that they want to buy as well.
Use your crowdfunding campaign content to nurture their desires and to offer them a return. Maybe their desire is to be an early adopter or maybe it’s to be the “discoverer” among their friends. The better you understand your customer, the more effectively you can align your campaign to convince them to make a pre-purchase.

NEED A WINNING

STARTUP PITCH DECK?

OUR AWESOME CONSULTANTS CAN HELP

How To Write A Crowdfunding Campaign - Putting Your Campaign Together

If your crowdfunding campaign achieves all the objectives stated, you’ve positioned yourself for crowdfunding success. These stats from a study of successful campaigns may provide you with some additional guidance when writing your campaign:

The average number of words for a effective crowdfunding campaign is 609.
The most popular campaign contribution reward level is between $10-25.
The average number of rewards levels for a crowdfunding campaigns is 9.

Now that you know everything about writing a powerful campaign, all that’s left to do now is launch your campaign and promote it to everyone who will listen. Need some help putting your campaign together? Contact ThinkLions today and speak with one of our startup funding experts! We’d love to help!

by Mike Sims

ThinkLions Founder, Mike Sims, Interviewed by BloggersIdeas

Mike Sims — Wed, 26 Jun 2019 06:31:07 +0000

This week, our founder, Mike Sims, was interviewed by Harshit Bluja of BloggersIdeas. In this interview, he details his entrepreneurial journey, tells about his journey in writing winning business plans, and gives advice to up-and-coming entrepreneurs.
BloggersIdeas is an awesome platform aimed to help bloggers & SEO’s who struggle to understand the concept of Internet Marketing. The following is an excerpt of the BloggersIdeas interview:

First of all thanks a lot for coming on my blog Mike, you made my day by accepting my interview request. Tell me something about yourself & your entrepreneurial journey.

My pleasure and I appreciate you having me!

Honestly, I’m just a regular guy – a dad, a jokester, and someone who really loves seeing the beautiful things that the world has to offer. Just so happens, I have a knack for entrepreneurship as well.

My entrepreneurial journey started in grade school. I stumbled upon a new website (at the time) called eBay, and began buying cool stuff and reselling to my classmates at school for a profit. Well, the school didn’t like that very much, so instead of getting expelled, I started a lawn care business.

As an adult, I fell in love with technology and started a social media network for musicians which never took off. After a few other entrepreneurial attempts, I launched ThinkLions and I finally found my pathway to success. There were a lot of failures along my journey, but each one of them introduced solutions that made success possible today.