Everycards
Versatile flashcard and quiz maker
I ask for your advice on the following situation.
I work on a big side project. Users of my app can:
• Create digital content;
• Use content for self-learning;
• Sell their content to other users;
• Buy content created by other users.
So it’s a tool for creating, a tool for studying, and a marketplace. But it’s one product not three, as Steve Jobs said.
The tools part of the app released recently. Now I’m going to look for an investor to build a marketplace. But investors love numbers, and that’s understandable. However, I feel that my app won’t shine until the marketplace is ready. Why?
Because users of my app (mostly students) do not understand that for their good, they actually should create their own content, and not use someone else’s. But until students try to learn from other people’s notes / flashcards / quizzes, they cannot understand or feel it. And for this they need a marketplace, a missing part.
So I don’t expect big initial sales of a content creation and learning tools only.
My question: how to convince investors of the potential of the project if the sales figures are not impressive yet?
Many thanks to all who responded.
14 Comments
This is problem. I believe that all parts of this ecosystem should be developed and sold together, only then there will be organic growth.
So if site visitors see that they can crate, use and sell content and everything is done beautifully, then they have no excuses and reasons to look for something else.
It's like the App store + xcode but for flashcards. One part of this formula doesn't make much sense without the other.
You say you need a marketplace to make your app popular. But what is it that is going to make your marketplace popular?
This is problem. I believe that all parts of this "ecosystem" (tools and marketplace) should be developed and sold together, only then there will be organic growth.
So if site visitors see that they can create, use, and sell content, and everything is done beautifully, then they have no excuses and reasons to look for something else.
It's like the App Store + Xcode, but for flashcards. One part of this formula doesn't make much sense without the other.
You are mentioning features of your product. As some say in the comments, it's important to focus on the problems you are solving. It also feels you are trying to "bend" your users to your desired outcome rather then solving the problem they have right now.
Also building two sided marketplace is really hard, but you might be able to hack it by for example building amazing flashcard groups that they can use and then lead them to add some on their own.
I would also recommend you learning more about your target audience. There might be a lot of convos around this problem space on reddit. Something like reddit keyword alerts might help you find those conversations. Be part of them, listen and learn.
Good luck!
Thanks Johan. That sounds good, theoretically. However students have such pains that I am trying to solve:
Actually, I have been grazing on student subreddits for a long time, and I have numerous confirmations (screenshots) of my thoughts.
One suggestion is to focus on the unique value proposition of your app and how it can benefit the students who use it. You mentioned that students may not initially understand the value of creating their own content, but having access to a marketplace where they can buy and sell content can help them see the value in doing so. Emphasize this point to investors and explain how the marketplace will be a key driver of growth for the app.
Another strategy could be to find early adopters who are willing to create and sell content through the app. This can help you gather data and user feedback that can be used to improve the app and demonstrate its potential to investors. This can also help you build a community of users who can advocate for the app and help it gain traction.
Thank you sissyru, I’ll try
I would focus on usage rather than revenue for your potential investors.
Show the growth of users, get testimonials from your users, and show that it's something they really need.
If you've got any evidence the marketplace will be what makes your company show that as well. Try to find some people who would like to sell / buy on your marketplace once built and get testimonials from them.
I would also just start talking to investors. They will tell you what they want to see in order to invest (be careful, it can be a moving target). They want to keep their eyes on opportunities and having a relationship there when you are ready for investment is a good thing to have.
Thanks for the advice, it’s well worded.
Just my opinion as someone who's never created a market (few have):
Creat a great flashcards app for single users and then make it collaborative. Then create a market which you fill with your own content and buy up any contributed by users.
So as an investor I wouldn't buy a marketplace idea until the prerequisites are fulfilled and it's a case of building a critical mass in the final step.
Steve Jobs didn't even want an app store, it was created due to demand by existing Apple developers.
Thanks for your response, noted.
I said, the great flashcards app is ready and it’s designed to be easily collaborative.
But to make it popular I need to create a marketplace which is an impossible task for me via bootstrapping. But investors like fast growing… So it seems like a vicious circle for me, that’s why I ask for advice.
Many thanks for your opinion anyway.
I suppose you did, but I didn't believe it. You haven't linked to EveryCards and I tried searching for it, but couldn't find anything.
Perhaps you need better marketing not a market place?
(personally I need better everything)
Edit: I see you added a link now, my point still stands.
Sorry, it was my first post and the product page was in "pending approval" state for a while. The website also just launched and the search engines haven't indexed it yet, I guess.
I agree with your thoughts, need to make some marketing first. Thanks for your genuine interest.
Yes, I hope it works out.