Have a million dollar idea for an Iphone app but cant fund creation... what to do?

Hi Ben,

If it's really a million dollar idea you should be able to raise the funds through a business loan, private investor, family investment, release the equity in your property, sell your car, sell your body, get an extra job...

It's all really about the risk, the money is easy to obtain but are you willing to take the risk?

Think long and hard before you make your decision, I have million dollar ideas everyday but a few days later I realize it was stupid idea.

Short and quick answer:

Draw up a business plan, put much work and detail and explain specifically the idea, approximate funding needs for creation, projected profit, etc.

When you have this, I'm pretty sure you will want to protect the idea somehow, but I don't know specifically legally what you need to do, I would suggest consulting legal advice on this.

Then you need to identify some wealthy investors, either locally or on the internet who are willing to invest capital in this. Of course, you'll be cutting yourself short of some of the profits, but in the end you can see your idea out if it truly is a very profitable idea.

Also, another option, is looking to the SBA for a loan or a business loan if you truly believe it can't go wrong. Lots of risk, but risks are a necessary evil when investing to make large returns.

Good luck in whatever you choose.

It does not cost thousands to develop an Iphone App...I think what the OP was trying to ask is if it would involve a lot of costs....

My only solution is check out Elance and look for Iphone developers and get a quote. Get them to sign an NDA before anything else.

If you think it has never been done before, good luck

draw up a business plan and find an investor! also, a good programmer is a must, always.

Find someone how has done well with an iPhone app before and see if they are interested in partnering.

Joel Comm has released a couple....sure he's hard to get hold of but he's a complete Twitter nut....(hint hint....)

Good luck with it.

Mike

There are a ton, of questions that have to be answered, an idea, is good, but is it possible to make it work, can it be done?

If it can be done, and here is the really big question, will apple approve it?

Right now I am waiting on an app in the itunes store, because it was rejected, because there was a reference to a website that had an image on it, that might have been in question, so they rejected it, because of some other website which my app has no control over at all, so remove the website, ok sure, now we wait again, so far, looking at almost a month of waiting, I can tell this, there are few real ipad apps on the market right now.

Because you cannot get them approved, and for free,

Let me tell you it is not as easy as these get rich with iphone app ebook's say it is, there is a whole other world out there, you have to almost have a legal advisor to see if there is a chance that apple will actually approve the app, and then you are still taking a chance that they will say no.

Not trying to discourage you, but just know that it is not as easy as it sounds, I am an apple developer and have been for five years, it is easier to rob a bank than to get some apps into the app store,

everyone and their babymamas think they have a great million dollar app IDEA. How much of a percentage of the profits are you going to be giving to your investor? Unless its a very high percentage I dont think ANY investor would be willing to take on 100% of the risk for 50/50 of the profits.

There is a kid (he is like 10 or something) who posts vids on youtube showing you how to create iphone apps (you can do it for free) then you only need the licence free to get apple to look at it (its around $100 if i remember correctly)

Make a list of all the people you know...

In that list, circle the names of those people that could be potential investors (either they have a lot of money or they trust you a lot)

Call them up, let them know the situation you're in... let them know you're ready to make a presentation to them anytime (make sure they sign a NDA) and fix an appointment...

If you get rejected... it's ok! Ask them for contacts they know that might be interested in funding your project...

Keep doing this until you find enough angel investors...

Yes it takes work... so the question is... are you prepared to do that bit of work for your million dollar idea?