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 Investing in Android and iOS mobile application., Seeking for advice,suggestion and info.

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TSRyan Chong
post Mar 20 2019, 11:13 PM, updated 6y ago

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Hi everybody!

First of all,my apologize if this is not the right place to post this cos I'm not too sure which category I should post this.πŸ™


Recently I have got an idea to build and develop a mobile application but I have zero experience and knowledge in doing this.So currently I just write down my idea,concept and draw some sketches of the apps while seeking advice,suggestion and info before I proceed to next step.

What's my idea?

Basically this is an e-commerce apps that will help streamline the process of selling and buying a product.Currently there is a platform but it is not designated for it and I noticed some problems for both seller and buyer.So I want this app to be a better option and solution for the current platform with some additional features.
I've done some research and surprisingly there is no such app yet in the market.Not something exactly I'm thinking about.
*Sorry cos I can't tell the whole idea here but to let you know roughly my idea πŸ™

What's my plan?

Since I have zero knowledge in building and developing mobile app,my current plan is to find a developer to do it.But I have some concerns :
1. What if after I explain my ideas to the developer but didn't deal for whatever reason it is,and then they copy my idea and do it instead?I know I sounds kiasu here 😁 but this is my idea and I am very confidence with it,at least it's something I'm confidence to risk for but not to leak my ideas before I try it myself.
2. Price.I know this gonna be expensive and it takes a long time to build.After some research and asking around,I can estimate roughly that the cost to develop his app is at least RM150k and above.
3. I'm ready to take the risk to invest with this estimation,but back to the number 1 concern,I'm stuck in here as I'm not sure if I should go to find any developer and tell them my ideas?
4. I got an idea which is to find a co-founder but this co-founder have to be able to build and develop the app.1 is not enough for sure,maybe 2 or 3 as long they believe in my ideas and committed.I will hire them as the in-house app developer and give them a certain share percentage.I can't do all this by my own anyway so I think this might be a good option,if I can find the right person.


What do I need?

I need some advise and suggestion on how do you think I should do it?And maybe if you have any useful info for this situation.
I'm 100% confidence with my idea and ready to take the risk,but I'm not sure how to do it correctly to transform my ideas into reality in this situation.



Thanks for reading.Many thanks in advance and any help will be much appreciated. πŸ™

NightHeart
post Mar 21 2019, 12:59 PM

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QUOTE(Ryan Chong @ Mar 20 2019, 11:13 PM)
What's my plan?

Since I have zero knowledge in building and developing mobile app,my current plan is to find a developer to do it.But I have some concerns :
1. What if after I explain my ideas to the developer but didn't deal for whatever reason it is,and then they copy my idea and do it instead?I know I sounds kiasu here 😁 but this is my idea and I am very confidence with it,at least it's something I'm confidence to risk for but not to leak my ideas before I try it myself.
2. Price.I know this gonna be expensive and it takes a long time to build.After some research and asking around,I can estimate roughly that the cost to develop his app is at least RM150k and above.
3. I'm ready to take the risk to invest with this estimation,but back to the number 1 concern,I'm stuck in here as I'm not sure if I should go to find any developer and tell them my ideas?
4. I got an idea which is to find a co-founder but this co-founder have to be able to build and develop the app.1 is not enough for sure,maybe 2 or 3 as long they believe in my ideas and committed.I will hire them as the in-house app developer and give them a certain share percentage.I can't do all this by my own anyway so I think this might be a good option,if I can find the right person.
What do I need?

I need some advise and suggestion on how do you think I should do it?And maybe if you have any useful info for this situation.
*
1. You can employ the developer (if you can afford) & make the person work/build accordingly to your specification

2. If it cost RM150k to build it, you need several times that amount to market the app. Cause no matter how good your app is, it's pointless if too few knows about it.

3. Actually your concern can be mitigated with a Non-Disclosure Agreement (NDA). Just be ready to lawyer up as well when the time comes. Many make people sign NDA but have zero capacity to bring anyone to court.

4. Co-founder works too, if you can find someone that shares the same sentiment as you.

I'm assuming you're trying to build an e-marketplace like Lazada, Shopee etc. As far as I know, not a single e-marketplace is making money. Few smaller ones like GemFive & Rakuten already dried up their funding & close down. Those had multi million USD funding, while yours is probably less than RM500k. There will be few smaller ones popping up soon, people with same thoughts as you. So I hope you can find ways to make money of out it. If you're planning to charge commission per transaction, FYI Lazada & Shopee no longer charges commission. You'll have a tough time competing if you do charge that.


CyrusC
post Jun 2 2019, 11:55 PM

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Look for developer who agree on your idea and give him shares rather than money because it will be long term business.
lyrilmaki
post Jun 3 2019, 12:31 PM

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don't pay for developer to do it..

start an in-house or co-founder is better option

 

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