Has anyone here applied for the ifund?

Discussion in 'iOS Apps' started by VeganTnT, Sep 4, 2008.

  1. VeganTnT

    VeganTnT Moderator
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    Jul 19, 2008
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    Freelance Entertainment Analyst
    Orlando, FL
    I have had an idea for an iphone app since the launch of the 3g iphone.

    So far I've yet to see an app like it and I think it can really take off.

    However I have no programming experience =(

    I am working on my Ifund application right now. The goal is to get enough to hire programmers that can make this app come to life.

    Has anyone here applied for it and succeeded? I could really use some help
     
  2. mek

    mek Well-Known Member

    negative, i haven't applied i'm busy making 3 or 4 apps and still getting offically established as an iphone developer

    i do wonder how many people have jumped at trying to get that ifund money though...and how hard it is to get...cause to my knowledge no one has been awarded that money yet
     
  3. VeganTnT

    VeganTnT Moderator
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    Jul 19, 2008
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    on the website they specifically say that Whrrl is the first to be funded by them

    the application consists of

    marketing opportunities

    solution, how is the app unique

    tech or proprietary intellectual properties

    and the apps competition


    right now my app is really unique, has no known competition, and has huge marketing opportunities
     
  4. WildCowboy

    WildCowboy Active Member

    May 28, 2008
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    The number of companies who have received iFund money thus far can almost certainly be counted on one hand, not more than two hands. This is out of thousands of applications, so the success rate is unbelievably low.

    And I'd say a lone person who has only an idea with no means of developing a prototype/alpha version (which appears to be your situation) is at a severe disadvantage right off the bat.

    As for a lack of competition, that's generally not a good thing when it comes to business plans. Convincing investors that you can create a new market is much, much harder than showing them an existing market for which you have a killer technology. So try to find some sort of competition out there. They don't have to be a Fortune 500 company, and they don't have to exactly match what you're trying to do, but it'll help if you can compare yourself to someone.

    Do some solid market research. Who is your market? Is it the general iPhone-owning public, or is it more specialized? Can you talk to potential customers and gauge their interest? Not just informally, but getting hard data.

    I don't mean to throw cold water on your idea, but these venture capitalists haven't been successful by tossing their and others' money around easily. They demand a lot more than just a good idea before they'll plunk down their cash.
     
  5. VeganTnT

    VeganTnT Moderator
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    Jul 19, 2008
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    I've actually been working on the application for the ifund on and off for about 4 months now. I'm just very nervous about sending it in because I know how slim the odds are.

    I have sketches and notes on everything I want and how I would like it laid out. The problem is that I can't make it functional. The research I've done on the Ifund says thats all I really need as they say the money can be used to higher people to create your app.

    Currently I have a few big companies that offer very limited and rarely useful services that are similar. They are used in a different way but I will add another section to make sure I explain where those services fail and where perhaps mine can succeed.

    I have done lots of research and fact finding which is why I think I'm ready for this. I've talked with friends, family, students from my college, and a few parents who all have Iphones. They all showed interest. I also asked about how likely there were to actually use the app on a weekly basis, and then again on improvements that I could make to anything that could increase use.

    Don't worry about that cold water ;). Constructive criticism is exactly what I need. I somehow doubt that I'll get a second chance at this so I want to make sure I do as good a job as possible.
     
  6. dudehuge

    dudehuge Well-Known Member

    Sep 7, 2008
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    "I've talked with friends, family, students from my college, and a few parents who all have Iphones". - Big mistake, they will never ever be objective with their answers to you. I'm not trying to be rude, but that's Business 101.

    Getting a go signal at the iFund is only a small step. You gotta think about how much equity are you willing to give to them. Then you have to prove that your idea is worth something. Now you have to give them some real data based on real market research, hopefully a working prototype, etc.

    How much do you earn now? Do you have some extra savings? You know you can easily hire a good freelance developer for about 3-4K a month and have him make a prototype, just have him sign an NDA. Atleast when you go to the Venture Capitalist presentation you don't just have your sketches to show but a concrete working prototype.

    As an example, the creator of the website Digg started by hiring a freelance programmer for 1000 dollars to make a prototype. Then he went and pitched his idea with a prototype got some funding and now they're the biggest social bookmarking site out there.
     
  7. diesel

    diesel Active Member

    Sep 23, 2008
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    makes me wonder who's making the funding decisions. i tried whrrl and it's a pretty crappy app.
     
  8. VeganTnT

    VeganTnT Moderator
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    Jul 19, 2008
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    hahaha, I'm sure the idea was good on paper. They just didn't follow through
     

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