So I’ve Invested In An iPhone App
There are over 500,000 iPhone apps in circulation right now with hundreds, if not thousands added every day. Trying to stand out amongst the crowd has proven to be a nightmare for a ton of hopeful entrepreneurs who’ve sunk their time and money into creating an app they think people want only to see it slaughtered in the App Store. Meanwhile achieving success in the mobile space I can imagine would be an incredibly stressful and eventful feat that very few have encountered. So naturally this is where I’m heading.
A few months ago I decided to invest in an idea; an application that has yet to be built. I was lucky enough to secure 20% equity in the company which overtime will hopefully pay off. While I won’t go into detail about what the app does or how much I invested, I can say it’s in the photography related area and I can see it being big. Over time I’ll be writing more about the app and its progress and documenting the app’s success or failure – hopefully the former. I’m confident in the team who will remain nameless for the moment which includes 2 talented designers and a top notch developer.
And like any startup you’re bound to run into a few setbacks in the beginning and this venture was no different. In a bittersweet twist, one of the designers was offered a position at Apple while the other was headhunted from both Google and Facebook. This was a pretty big concern for me, 2/3 of the core team were offered positions at some of the biggest and most innovative companies in the world. Both have pledged their allegiance to this startup however I will keep you updated with any negotiations or activity.
Right now, we’ve got wireframes in development, an icon almost completed, a landing page almost up and a name sorted out. I can see this being a great experience – this is the first time I’ve ever invested in an iPhone app so it will be interesting to see what challenges occur and how the team tackles them.
In the comments, feel free to talk about any experiences you’ve had with developing an iPhone app as well as if any member of your team have been poached and how you’ve dealt with it. I’d love to hear your thoughts!
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