As the world has become technologically advanced, the need for making new inventions can be greater than ever. Unfortunately, many of these ideas are not profitable enough to make them worth going through with, so they do not get realized. A popular solution for this is crowdfunding, which allows people to raise money from their supporters who want to see an idea come to fruition.
However, turning an idea into reality requires quite a bit of time and resources. At the same time, it could be done voluntarily by an individual or small group of people with no extra expenses beyond their time. This may not result in producing something appealing or worthwhile enough in the eyes of potential backers.
Building a platform that can reach a large number of people, on the other hand, requires a significant investment. In this situation, just working with a top-rated mobile app development agency isn’t enough. You need to figure out various factors. Let us give you an overview of how much it costs to create a crowdfunding app.
The app development cost will depend on the target platform. But the most common ones are iOS, Android, Windows, and browsers. The process from planning to implementation takes 2 to 6 months if no additional features are required and if they can be implemented quickly.
We’ll discuss that in more detail later on; right now, let’s take a look at the statistics of crowdfunding to help you know whether you should consider it or not:
1. $17.2 billion is generated yearly through crowdfunding in North America.
2. Funds raised through crowdfunding grew 33.7% last year.
3. There were 6,455,080 worldwide crowdfunding campaigns last year.
4. Successful crowdfunding campaigns have raised $28,656 on average.
The statistics show some potential in investing your time and resources into developing a crowdfunding platform. It also shows that there is a need for it as well.
What is a Crowdfunding app & how does it work?
A crowdfunding app is made for individuals and small groups. When you need money to start the project, you will want to let people know about it, but you don’t want to go through all the trouble of a traditional business plan. At its core, it’s just an app that allows users to pay or donate money without leaving their homes.
The platform also offers additional features like sorting through what users are willing to pay for different things or giving tools to let users know who else has joined in on the campaign – and even rewards for backers willing to donate more than their initial limit if they meet specific goals.
Basic Business Models for Crowdfunding App
1. Reward-based crowdfunding
This is one of the most popular ways of funding projects. In this case, people are crowdfunding a project in exchange for a reward for their donation.
2. Equity crowdfunding
In equity crowdfunding, companies sell shares of ownership to individuals outside the company; these shares are often done as an investment opportunity and usually as part of a corporation to raise more capital. This can also be referred to as equity or securities-based crowdfunding.
3. Donation-based crowdfunding
This is the least common of the three, but it has recently increased in popularity. In this case, users donate to a cause (usually charitable), and there is no expectation of rewards for their donation.
How To Create A Crowdfunding App?
For a successful crowdfunding app, it’s not only important that the platform works well but also looks appealing. Let’s find out how to create a crowdfunding app:
1. Audience Research
Before you can even begin to create a crowdfunding app, you should take a look at the audience you are trying to reach. This can help figure out what kind of app will be best suited for those people.
Your specifications should be according to the audience you want to reach and the kind of app you want your crowdfunding platform to have. It is also necessary to ensure that the specifications address other important factors such as the complexity of development, ease of use, the time required for implementation, and others.
Also, it would help if you consider whether or not the platform your app will be developed for will affect how much it could cost to create. Android and iOS are the two most popular options for mobile apps, but if you want to invest in more cross-functional solutions, there are other options like Windows and browsers. Each of these has its specific processes for development; as such, this could affect the costs to create a crowdfunding app.
3. Hiring app development company
One of the most critical factors in the costs to create a crowdfunding app is how much time and resources will be required to develop it. The team you choose is the most important factor in the development of your crowdfunding app. So you should hire a mobile app development company with experience and skills in developing result-driven crowdfunding app.
4. Development Process
In the development process, you will have to consider various things such as the design and UX of your app, user profiles that can be used for different purposes, implementation of features that can enhance the user experience, and the delivery time for features. An excellent mobile app development company with a strong team will help you meet your goals faster, saving you money in the long run.
5. Quality assurance
The quality assurance process is vital to the success of your crowdfunding app because it serves as a backup for your team and ensures that all features are working without errors. This can also be referred to as QA testing or quality testing.
6. Product Release
Once you have completed your crowdfunding app development and tested it, it’s time to release the application and spread its word to others who could use it. To make the crowdfunding application more popular, invest in digital marketing.
How Much Does Crowdfunding App Development Cost?
There are a variety of factors that can affect how much development costs will be in your crowdfunding app. The platform you choose: Android or iOS? Windows or browsers? Different platforms have different ways to implement code, which can drive up costs depending on your options.
The cost of developing a successful crowdfunding app depends on how much time, expertise and technical knowledge you have. Many things can affect how much a crowdfunding app will cost to create: The type of platform you choose, features you want (or don’t want) in your app, the complexity of development, the speed at which features need to be implemented, the number of users or amount of data you can store on your platform and many others.
The average cost for crowdfunding app development is about $30k to $50k for web-based and mobile app platforms, but this can change depending on the number of features you want in your app. If you want to know the exact price feel free to contact us now.
Why Choose Auxano Global Services?
At AGS, we offer custom mobile app development services to help you create a crowdfunding app in just six weeks. We have a team of 50+ developers, designers, and project managers who have developed over 300 mobile apps across multiple platforms, including iOS, Android, Windows, and browsers. AGS is cost-effective, easy to work with, and delivers the best solutions for your business needs.
Our mobile app developers will create an app that makes it easy for your target audience to use it to achieve their goals in the fastest possible time. You can hire mobile app developers from our team or outsource mobile app development using our remote development model – where we manage the entire process from start to finish. At the same time, you focus on other essential business activities.
Crowdfunding apps are a great way to earn money for your business or non-profit organization, but you should go into it with your eyes wide open. If you aren’t sure that your app idea is viable and you aren’t able to market it properly, it may cost you more money and effort than you ever expected.
However, suppose you do have the right notion and the right plan. In that case, crowdfunding can provide an opportunity for your business to benefit significantly without risking that much in terms of time or finances. If you are looking for a firm that can offer bespoke mobile app development solutions, we can indubitably help you at AGS. From designing to building your apps, our team of mobile app developers will create a customized solution based on your needs and requirements.
Our pricing is transparent and easy to understand, our app developers are skilled and experienced in their fields, and we’re backed by 100% customer satisfaction.
Frequently Asked Questions
1. What three things should I consider before deciding on crowdfunding app development?
The three things you need to consider before deciding on crowdfunding app development are:
1. Project ideas, revenue models, and mobile app platforms to choose from.
2. Minimum viable product for your idea creation (user requirement and functionality).
3. Your budget depends on how much money you need for each project component.
2. How much does it cost to create a crowdfunding app?
The average cost of developing a crowdfunding app ranges from $30,000 to $50,000. If you want to know the exact price feel free to contact us now.
3. Where can I get more information about crowdfunding app development services?