How To Evaluate Your App Idea

Mobile Apps are all the buzz these days. Unlike ever before, startup companies can become unicorns (valued at 1 billion or more) using apps as their launchpad. These startups leverage mobile software technology to create beautiful intuitive experiences that can be accessed by all. Regardless of how large these companies grow, they all start with an idea. From idea stage, the founders of these companies carefully analyze the market to see if there is a problem the apps are solving, seek a market that is willing to pay for the solution, and build a team of dedicated engineers and product people that are willing to build it (sometimes for pure equity). So do you think you have a good app idea that could turn into a billion-dollar startup? Below are the questions to ask yourself when evaluating your idea.

Are you solving a real problem?

I mean, a real problem. Taxis existed before Uber, but they were unreliable, felt unsafe, and the experience with taxi drivers was far from smooth. Uber solved this problem. You need to make sure that your idea solves a problem. Problems are present in all areas of life and it’s what ends up driving users to look for a solution. If you truly solve the problem big or small, users will flock to your app.

Is there a market for your idea?

Your idea needs to solve a problem for someone other than yourself. If you have the problem, it’s highly likely that others share the same problem. But in order to make an app successful, you need to ensure there’s a large enough user base for what you are building. If your app will solve a problem that most 20-30-year-old people have, then you are in the clear. If your app caters to 50-year-old men who play soccer on Mondays in NYC with no job and a negative bank balance for instance, then you might want to rethink how you can cater your app to a wider audience.

Does your idea already exist?

I cannot stress this question enough. Here at Lithios, we get inquiries all the time from people that haven’t done their research. If I can find a competitor that already has a platform and 5 million users in one search on Google, then you haven’t done your due diligence. Even if there are potential competitors, your app still can be successful. Think Uber/Lyft. They both solve the same problem, and both became billion-dollar companies. You need to have a key differentiator in order to get people to believe in your idea, but it is possible.

Do you really believe in your idea?

One of the most important aspects of a successful app is having the founders truly believe in the idea. If you have an idea that you truly believe in and are willing to make sacrifices that could include life savings, quitting your 9-5 job, etc, then you may be ready to jump the cliff into entrepreneurship. Building a successful company is hard but is possible with passion and dedication.

Think this is the one?

We at Lithios hear about hundreds of app ideas a year. It’s part of our job to make sure your app idea can be successful and will do everything in our power to work with you to design, develop, and maintain your app so that you can focus on building a business. We are experts at picking out good ideas, and we would love to hear yours. Contact us today!