How do you make a billion-dollar app company?
This is for anybody who’s thought, “Hey, this could be a huge app.”
Here are 3 key things that are the foundation of a billion-dollar app business. Even if you’re just getting started and you have big dreams, this is a good set of guidelines.
You need to be the market leader in some particular market: a niche market or a big market. Or you need to solve a very specific problem for somebody who is already a market leader. One example is Instagram, and another one is WhatsApp. Both bought by Facebook.
Whenever you look at any big app idea or any big company, what you’ll see is that they become the best at something very specific. For Instagram it’s photo sharing, and for WhatsApp, it’s messaging. And typically a much bigger company buys them for having the solution to a problem that they have.
You either need to solve a problem that everybody has or you need to solve a very expensive problem that one person or a small group of people has.
Look at dating apps. They’re solving a massive problem that a lot of people have. Same goes with music apps like Pandora and Spotify.
Then there’s Uber. The company bought a trucking app for $600+M. The trucking app’s technology had huge value for Uber.
You need to have the average person or some market force growing your company for you.
You need to be able to launch the product and then leverage the momentum of the world that starts to grow and grow your business. That can be through things like viral loops, like people sharing with each other or word of mouth.
You have to have some market force that’s propelling you. Timing is part of it. Also, it’s the way that it interacts with people so that the app is growing faster than you could ever buy the installs yourself. You need some sort of growth that’s pulling you up that level.
If you get those three things, you’re on track for something really big.
Interesting steps, and makes perfect sense. Just wish it was that easy to make a billion-dollar app! Solving problems is the most critical aspect of an app.
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