I have a multi million dollar idea

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DrewChan

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As per the title. I truly have a multi million dollar idea (app), its currently being developed although terrified the developer is going to run the idea. (there is a non disclosure agreement)

The base application will be done in about 2 weeks. I have around 150k to market it.

There are a lot of people who think they have great ideas - but I know this is. I have investigated and its a game changing niche in a saturated market. The five trusted and smart people I have confided in have agreed. One (Who is tight with money) has offered up 75k for a 15% share without me even trying to "sell" the idea.

Another said that its so good that as soon as it enters the market it may be replicated and dominated by a team of devs from a company with more money - or bought out if i get people onboard (making it worth buying rather than dominating)

I am terrified of messing this up.

What do I do?

Please flood this with advice I don't want to mess something up that is life altering and I am so inexperienced with implementation.

Excuse the terrible writing. I have been running on obsession and Adrenalin for a month
 
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702 has some initiative. I think it's the business incubator? Can they perhaps assist. Alternatively standard bank has something called the playground which performs a similar function and can perhaps advise
 
It's cool. For 8% of your idea I will offer up boobs.
 
Be interested to see the killer app, hope it doesn't have a in built barrier to implementation, like you need uncapped fiber speeds to run it properly, remember we by in large have 3rd world infrastructure.
 
When will you launch OP would like to see what you came up with
 
pay someone in the field, preferably from a big name company ..... don't take internet advice. If it's as serials as you think it is, be serious in getting the right advice.
 
Mephisto_Helix said:
pay someone in the field, preferably from a big name company ..... don't take internet advice. If it's as serials as you think it is, be serious in getting the right advice.
Click to expand...

Thanks for the advice I agree. I am looking into marketing companies for the field.
 
DrewChan said:
Get a wealthy investor to assist me and give me guidance? Would love that, do you know one? (Only ever watched first ep)
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Look for some venture capitalists that invest in whatever sector it is that youre working in. They usually also provide guidance.
 
Start by realizing that any idea, no matter how good, is actually worthless. The only thing that matters is execution.

In the unlikely event that nobody else has thought of it, the moment it's out there, if it's truly good, it will be instantly replicated and inevitably there will be a larger, more talented, better resourced company out there that will execute better. Uber is a great example. It was by no means the first to come up with the idea, but their execution was superb.

My advice is to behave as if you assume that somebody is already out there developing the same app, and develop an obsessive focus on what aspects of the execution will make your future potential customers choose to use your app over others. This generally means making it as simple as possible to install and use, with the least cost and greatest benefit.

The fastest way to kill it is to release something half arsed, that looks crap and/or has usability issues and/or has an unworkable revenue model.

I know this from experience, mostly with failure which provides the most valuable lessons. Spend money on professional UX design, test it to death, explore every way of making it simpler/easier. Put yourself in the shoes of your target users and obsess about the aspects of the execution that will make it compelling for them. Oh, and be prepared to spend a fair whack marketing it, but don't do that until the execution is spot on.

Not knowing the details here, reading between the lines, I'd say you should consider the first version a proof of concept only that you can use to leverage further investment.
 
Thanks for the advice garp. I luckily have a gf who does digital design and ux for a living, app will be amazing.

I get you completely re: the idea is worthless without implementation and that is where I am stuck - there is no way I am equipped for implementation but at the same time there is no way I can waste the time equipping myself.

I am currently in constant state of pseudo-reality. It's almost like I have won the lotto but there are people trying to get the ticket. The product is amazing.

I am also constantly nauseous from stress. My fight or flight reflex is constantly on.

I have applied for mentorship, hopefully something comes of it. I have no idea what to do. I'd give up 30% of this just to have a market leader help me with implementation.

I understand that most people reading these posts will role their eyes "everyone thinks their idea is the best".

But to me, this is very real and scary and I have no idea who to approach. I don't even want to present it to someone in a business plan because its reallly easy to replicate.
 
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Just imagine for a second that what I say is true and that I am not a deluded moron. What would you do from my current point?
 
DrewChan said:
Thanks for the advice garp. I luckily have a gf who does digital design and ux for a living, app will be amazing.

I get you completely re: the idea is worthless without implementation and that is where I am stuck - there is no way I am equipped for implementation but at the same time there is no way I can waste the time equipping myself.

I am currently in constant state of pseudo-reality. It's almost like I have won the lotto but there are people trying to get the ticket. The product is amazing.

I am also constantly nauseous from stress. My fight or flight reflex is constantly on.

I have applied for mentorship, hopefully something comes of it. I have no idea what to do. I'd give up 30% of this just to have a market leader help me with implementation.

I understand that most people reading these posts will role their eyes "everyone thinks their idea is the best".

But to me, this is very real and scary and I have no idea who to approach. I don't even want to present it to someone in a business plan because its reallly easy to replicate.
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To hell with them, don't add to your stress ......... wooo saaa and clear your head, heh. I'm sure it will work out for the best, you don't come across as an idiot. Good luck and I hope you get your answers/help soon.
 
Mephisto_Helix said:
To hell with them, don't add to your stress ......... wooo saaa and clear your head, heh. I'm sure it will work out for the best, you don't come across as an idiot. Good luck and I hope you get your answers/help soon.
Click to expand...

I appreciate that, thanks
 
garp said:
Start by realizing that any idea, no matter how good, is actually worthless. The only thing that matters is execution.

In the unlikely event that nobody else has thought of it, the moment it's out there, if it's truly good, it will be instantly replicated and inevitably there will be a larger, more talented, better resourced company out there that will execute better. Uber is a great example. It was by no means the first to come up with the idea, but their execution was superb.

My advice is to behave as if you assume that somebody is already out there developing the same app, and develop an obsessive focus on what aspects of the execution will make your future potential customers choose to use your app over others. This generally means making it as simple as possible to install and use, with the least cost and greatest benefit.

The fastest way to kill it is to release something half arsed, that looks crap and/or has usability issues and/or has an unworkable revenue model.

I know this from experience, mostly with failure which provides the most valuable lessons. Spend money on professional UX design, test it to death, explore every way of making it simpler/easier. Put yourself in the shoes of your target users and obsess about the aspects of the execution that will make it compelling for them. Oh, and be prepared to spend a fair whack marketing it, but don't do that until the execution is spot on.

Not knowing the details here, reading between the lines, I'd say you should consider the first version a proof of concept only that you can use to leverage further investment.
Click to expand...

While I agree with most you say, one thing I don't.

There is no point in developing an app and wait until it's perfect. If you do that your competitors have already landed such an app and have gained most of the market.

Idea - develop - release closed alpha - feedback - beta - go live. Your best and most valuable feedback will be from real world testers - namely your users. Your app will never be perfect.

@OP, don't wait until it's perfect, it won't be. Launch as soon as possible to get the feedback needed so that you can be guided in which direction to head.
 
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