It seems like there is an app for everything these days. You search for a solution and the app store pops out the closest best thing for you. It is truly an age where ideas are rewarded, and if you too have an idea, not being well versed in the technical side of it should not stop you.
An app incubator or a venture studio is the perfect avenue to get the knowledge, expertise and tech that will kick off your app startup off the ground. Here is everything you absolutely need when joining a venture studio.
A good venture studio will screen your idea and its potential as a minimal viable product. This will give them and you the confidence that your app is definitely something the current market could use. Their primary research should help you unfold how saturated the market is, who are your main competitors, and what your target market looks like.
A good business plan is one that takes into account everything you would need to stay on route. This includes future financial projections since you have no history of revenue and cash flow to follow as a brand new startup. It would have an analysis of what your business’s value proposition is and what gives you the competitive edge in the market. To prove it there should be a landscape analysis to support this as well.
A solid business plan will serve as a guide for you to tick off milestones as you achieve them. It helps the founder make better decisions and prepares the management for the obstacles that must be tackled in the next few years.
Advisors are influential professionals in an industry with years of experience at big companies under their belt. An advisory board will help the founder solve problems they have never faced before, and have access to invaluable connections in the industry. Usually, when you sign up with a venture studio or an incubator they will assign an advisor to you from day one. After that, it is entirely up to you to interview and pick your own advisory board. **
When developing a startup you need funding and in order to gain that you have to seek it with an impressive pitch deck. Venture studios know what prospective investors are looking for, and they will help you compile it in your very own pitch deck.
The main thing you should be getting is having your idea come to life. You should have a working prototype with you. For this, you will be assigned a team of developers and a team of UI/UX designers. They will help you declutter and bring functionality to the user experience.
Marketing and PR
In order to penetrate the market, your app needs the right communication put out there so that it is downloaded the day it hits the app store. Digital marketing is something startups spend the bigger portion of their budget on, and an incubator should be able to provide you the services you need for a pre-launch hype strategy.