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Writing documentation or getting users

My partner and I made teen social app and now we have our disagreements about next steps. I say we should focus on getting users and he says we should focus on documentation so we can pitch to investors. It's important to say that we live in different countries and even if we get some money it's hard for each of us to relocate just like that.So we made social app, there are ton of social apps out there. From my POV writing documentation and preparing pitch for investors is worthless and time consuming at this point. Answering some common asked questions like:

  1. How do/will we make money?

  2. What is your (our) cost structure?

  3. Who are your target customers?

  4. What is the financial size of your market?

  5. Who are your competitors?

  6. What is your competitive advantage?

  7. What is your path to customers

won't get us too far. Since this is social app it's really hard to put some realistic numbers there that will prove investors to invest in us since he/she can invest in any other social app claiming the same.From my perspective we should start getting users and get some traction and let real numbers do the talking.What is your opinion?

Startups | 👁 720 | Posted 2018-11-03 | Share on Facebook | Twitter | Google+

| Modified: 2018-11-03 | Author:

5 Comments

littlemancro 3 months ago

Exactly, that's what I was thinking

Clogish 3 months ago

This - and in this case, the only validation is number of users, measured a few different ways. New users per month Daily/weekly/monthly active users Time spent in app Churn rate If you can also demonstrate your cost of user acquisition and eventually a lifetime user value, then youll have enough to start basic conversations with investors. That said - it wouldnt hurt to start looking for investors who are interested in this space, just dont spend any time trying to pitch them yet.

justinmlawrence 3 months ago

Get users. That's all that matters. Investors want users, you want users, every company needs customers. Don't mess around with investment until you are making actual money with your app. If you need investment, then you're not in any position to get investment. And, even then, if you're making $10,000 a month, a lot of investors would scoff. Get the logistics and finances worked out before you waste years begging for money. I've been there. Not worth it.

cil0n 3 months ago

You cant get funding until you determine if your product is a valid idea.

dave_ace 3 months ago

I would agree that getting users is primary. It allows you to test what you have, get feedback for changes or features that are needed, and validates it is something the market even wants. If you don't have a strong group of beta users downloading and using the product ...... all you have is code and your using "hope" as a strategy. In the outside chance you have something big, it will only be an angel investor interested who will take on financial risk for a hefty portion of equity or control. All of those questions are relevant, and could have be researched prior to building an app. Since the app is built, get people using is and start marketing for awareness to see how the market really responds to the app itself. I would think working on distribution plans and executing them would be a solid next step. There are plenty of social apps, that are well funded, marketed, have had several social media influencer mentions and still are working out the kinks 4 years later. (i.e. Vero, Ello)


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