Entangle Media develops apps. I like to say everyone has a one or two go-to songs for karaoke and everyone will eventually have one or two apps that they think are going to be huge. So huge, in fact, that when they meet someone that develop apps, the app developer is going to be so enthralled with the app concept, they will work around the clock for free to get a chance for a small percentage of stock options or revenue.
There are two hurdles I like to place for everyone that has an app idea. The first is to wait a week or two after hearing the idea if it is a new idea. If the app can stand the scrutiny of a few weeks of trying to figure out why it will not work with multiple people researching, then go to step two.
The second hurdle is the $20,000 test. I like to tell people if they are willing to give me $20,000 to develop the idea with a high probability that they will lose it all. 20K is a high hurdle for sure. It reverses the dynamic. Most people have no problem with a developer taking all the risk while they get the reward, but it is a big red flag if you are not willing to spend money on your idea. It takes a lot of work to design, program and test the app. Even in the best-case scenario, where the app is functional after just a few versions, then the marketing has to start, and this will take money, time, and energy.
Think of building an app the same way as creating a business because you will need the same energy, focus, and resources to get it off the ground. If you started a regular business, losing $20,000 is a reasonable risk for most people to take but also enough money that you are fully vested in the project.
Ready to open up the wallet?