Guide: Pitch Advice, Legal Advice And Funding Sources for App Startups in London, UK

Funding 

Appsjunction.net -  your favourite networking, #crowdfunding & freelancers platform, brings to you this extremely valuable and practical pitch advice and funding sources.

Lets be frank, without funding at seed or post launch stage, there won't be a Startup ecosystem anywhere in the world.  At Appsjunction Meetup In London, we invite startups for demos and pitches and often mentor them pre and post meetup session about how to pitch, what to pitch and which ones are the best sources for applying for funding at different stages of a startup. Here is a culmination of 3 yrs of our coaching into one slideshare slide.

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Following is the best slideshare guide we have ever seen on Practical Funding & Pitching Advice. 

The content/commentary of the slides in text form here:

  1. If you walk around with just an idea, for funding, this is how it sounds to others
    1. If someone says I have an idea and a painting (equivalent to wireframe) of a chicken farm in scottish highlands. I need someone to buy me the land (investor) and someone to farm it (developer) for me. Would you invest in it? Of-course NOT!
    2. The truth is - Wireframes and MVP usually only get funding if you have been a millioniare entrepreneur before and commiting your own money in idea. Just like buying a new farm on mortgage. Your only option with just an idea is  join an incubator, polish it up, launch and show traction
  2. Startup Facts  Just an ”idea” is worth nothing. Just An Idea means nothing - grow up, get real
    1. Equity in an idea is no good for investors or app developers.
    2. 99.99% App Developers don’t work for free.
    3. MVP rarely gets funding (explained later)
    4. 300000+ apps on itunes appstore. All started with a great idea Very few make decent recurring enough profit to present to Angels. 
  3. What do Investors look for?
    1. Experienced team
    2. Traction & IP protection
    3. Real market problem solved
    4. Founder’s own money in it
    5. Numbers should match
    6. Competition research done
    7. Entrepreneurs who are not at beginner level – don’t need much schooling.
  4. Got an Idea, what next?
    1. Make App Requirements document with user journey steps – its your responsibility not the geek’s. Spend good time on this Key document
    2. Prepare Wireframes & Graphic Designs – Google free tools like ”Justinmind”, ”Axure”, ”Balsamiq”, ”Moqups” etc !
    3. Get quotes from iPhone/Android Freelancer + Web Services Freelancer to build an MVP - an iOS Dev is not a tech cofounder or CTO.
    4. Arrange for initial funds from savings, friends Or family, crowd funding sites, cheap bank loans etc
    5. Sort out at least a VPS Linux Apache Server for Web Services & DB server . No server = No emails from App, no push notifications, no signup details storage
    6. Create a company with legal help, then Register it with app stores
    7. Launch MVP as beta launch – use launching site- use SMM- get feedback. Examples of App Launch sites given below
      1. http://uinterestme.com/   
      2. http://PoshCrowd.com 
      3. Get cheap themes from http://themeforest.com or make a site at https://www.strikingly.com/ 
      4. Make a responsive (any device) website and do some basic organic SEO (analytics, meta data, keywords, blogs, social media)
    8. Fix feedback –> launch public –> market well -> wait for some traction
    9. find experienced co-founder who knows business execution & investment
    10. make business plans
    11. then finally join incubators or approach angels.
    12. Need more guidance on this? Have you checked out A Popular Guide: How to go about an App Idea yet?
  5. Need Legal Help for your App Startup in London or UK, try the following law firms which are more active in Startup landscape
    1. http://buckworthsolicitors.co.uk  - a very supportive law firm for SMEs 
    2. http://bit.ly/NDA_article  - Download a free NDA via this link.
    3. http://keystonelaw.co.uk  - Affordable for SMEs
    4. http://www.bootlaw.com/  - Lawyers for Startups, helping with legal issues and possibly investments etc managed by http://winston.com
    5. http://www.taylorwessing.com/twtechfocus / - Free Legal Documents
    6. http://www.lawbit.co.uk/legal-documents  - documents and legal advice
  6. Top Investor Questions after seeing your Pitch/Business Plan. 
    1. • What makes you different?
    2. • Who is the competition?
    3. • How will you make money?
    4. • What do you want?
    5. • Why should we believe you?
    6. N.B. If you are asked one of these questions you have not got your message across!
  7. So what should you put in? key areas Business Plans & Pitches.. You will have 3 minutes for a pitch! We recommend 5 key themes
    1. •Identified market gap, problem i.e. what is the opportunity
    2. •Your solution
    3. •How you’ll make money – Running Cost, CPAs etc
    4. •Why anyone should work with you / reassurance
    5. •What you want
  8. How to Put the pitch together
    1. Step 1 = Brainstorm
    2. Step 2 = Select and reject
    3. Step 3 = Structure Step
    4. Step 4 = Produce visual aids and support
    5. Start with the brainstorm not PowerPoint!
  9.  Pitch - Brain Storm - 1, For each theme / key area, brainstorm everything you could include
    1. •Identified gap, problem or opportunity – Research?
    2. Market definition?
    3. Competition?
    4. Target market?
    5. What is the problem / need?
    6. •Your solution – What are you selling?
    7. Why does it work?
    8. What makes you different / unique?
    9. How do you win Vs competition?
  10. Pitch - Brain Storm - 2
    1. How you’ll make money – Income streams, business model
    2. Why anyone should work with you – Your research? PHD? Serial entrepreneur? Case histories? Recognisable clients? Track record? Proof of concept?
    3. What you want – what is your objective?
    4. What are you looking for? Call to action?
  11. Structure The Pitch.  Every pitch should have
    1. •An introduction
    2. •A main body covering the 5 themes
    3. •A summary
  12. Elaborate on 5 themes. For each of the following 5 key themes, what are the 2 or 3 key points?
    1. Market Gap?
    2. Your Solution?
    3. Make Money?
    4. Why You?
    5. What do You Want?
  13. Pitch - Introduction 
    1.  Over your title slide – name and company. Do
      1. Introduce yourself
      2. Tell them what you want and what you will talk about
      3. Make your presence felt
    2. Don’t
      1. Crack a joke,
      2. ask a question
      3. Never apologise
  14. Pitch - Summary 1-  Over the summary and action slide Summarise your key messages
    1. Stress what you are looking for
    2. Thank them for listening
    3. Take any questions
  15. Pitch - Summary 2-
    1. •Everyone is nervous – practice it before
    2. •You have 3 minutes
      1. •To make an impact
      2. •To get your message across
      3. •and make them want to talk further!
      4. •Restrict your content to short, motivating messages!
      5. •You should always have a 1 page teaser/executive summary ready in networking meets and to participate in pitching competition
      6. •Should have a serious 4 page business plan ready for serious mailing to Angels.
  16. A Good Executive Summary Content  
    1. 1. Punch line – 1 line USP
    2. 2. Company/Concept Introduction
    3. 3. The Opportunity – market size, competitive advantage, business model
    4. 4. Company Milestones – previous funding, orders, MOUs
    5. 5. Marketing/Execution Plan, SWOT analyses.
    6. 6. Management Team – short but smart into
    7. 7. Financials – Amount Sought, Exit plan, Objectives of financing & Revenue forecast for current + 5 years
  17. Google about fundraising and prepare better More Resources..
    1. Blog post A fundraising Survival Guide from Paul Graham as its quite relevant
    2. Mark Suster makes some sound observations around building relationships and continuing a dialogue with investors in his blog “Lines not Dots” found here - http://www.bothsidesofthetable.com/
    3. How to Pitch to an Investor by Simon Devonshire
    4. 10 must Business Plan Questions that need answering
    5. Apply for Funding here - http://www.potential.co.uk/funding.php

Now that you know A-Z of pitching and how to seek funding, Once you are all prepared for it, have a look at our two other relevant guides for you

  1. Hall of Fame: The most Active Investors in London Tech City
  2. Hall of Fame: Some of the best incubators and accelerators in London & UK
  3. All about crowdfunding, types of crowd funding, how to be successful at raising funds from crowd

 

We hope you liked the content compiled for you above!  Please do tweet/share it!

Click here for more Popular Guides

  1. A Popular Guide: How to go about an App Idea! by PhoenixGMN.com
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  3. Guide: Pitch Advice And Funding Sources for App Startups in London, UK
  4. Guide: Top Tips on growth hacking for App Startups
  5. How to find a good iOS or Android or Win Phone Developer

You may signup at http://appsjunction.net to hear about our latest Blogs & Guides, and stay at the top of your game. If you have an app idea , why not post a project here and see freelancers sending you quotes (including revenue share quotes) for it. You may also be able to raise funds for it via our crowdfunding platform. List your apps in our App showcase for Free Promotion or if have an existing App/Game and want to sell it, then you are most welcome to sell it in our marketplace.

 

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