Crowdfunding Application Development: Brief Overview

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Startup launching and development is all about the ability to attract adopters of your idea and raise money. One of the most popular ways to get investments in your project is to use crowdfunding. According to recent Forbes research, the crowdfunding market is expected to reach $300 billion by 2025. It’s high time to enter the crowdfunding market with a new platform and get success. Below you will find a brief guide on the crowdfunding app development process. Let’s move on!

What is a crowdfunding app?

The crowdfunding app is a specific platform where startupers and innovators can pitch their idea and raise funds for their implementation. Fundraising apps can be of several types:

  1. donation-based platforms where people can financially support ideas without the intention to get some profits
  2. equity-based platforms where people can invest money and get guarantees that they will get decent financial equity in case the project will be successful.
  3. peer-to-peer crowdfunding platforms where startupers can get loans.
  4. reward-based crowdfunding platforms where investors can get some rewards as compensation for the money they gave

Crowdfunding App Development

Crowdfunding app development is a comprehensive process that consists of several steps. To achieve the best possible results, you don’t have to jump into code development at once. Start with thorough investigation and planning.

First, you should decide who will create your fintech app – an in-house team, freelancers, or a crowdfunding app development company.

Then you should analyze your target audience carefully – their location, needs, problems, goals, interests, etc. Also discover your competitors and key players (for example, the most popular crowdfund platforms as of now are Kickstarter, Patreon, Crowdfunder). 

The next step is project planning and evaluation – you should create a precise development strategy that includes the estimation of all the required resources (time, budget, talent, and so on). Also in the planning stage, you should pick the tech stack which will be the most appropriate for your project and outline key and additional features.

It’s worth noting, that if you create your crowdfunding platform from scratch you can add any feature you like, there are no limits! However, some features are of crucial importance for crowdfunding apps:

  1. Payment Gateway – you should provide the ability to fund money or make other transactions in different currencies
  2. Progress bar – people like visualization, so add a progress bar in bright colors to better understand the final goal, how much money has been already raised, and what the needed money amount to complete the goal is. 
  3. Security features – pay special attention to this as any of the apps that include financial activities are always at the risk to become a victim of fraud
  4. Social Networks Integration – it’s needed to easily share startup ideas among the crowds and get more early adopters.

With a detailed plan on board, you can move to platform prototyping and design. When the last one is approved, you can start code creation and QA activities. And only after that your crowdfunding can be ready for launching to the market. 

How To Make Crowdfunding App Development Cost-Efficient?

Here’re some simple tips that can help you save your budget:

Firstly, you can move step-by-step and launch each next update to the market gradually. In this case, the best option is to build MVP. A Minimum Viable Product (MVP) is a basic version of your app which consists of the key functionality only. MVP is used by startupers all the time to engage first users, get their feedback, attract more investors and even gain some profit to continue the development process.

Secondly, we recommend thinking of a cross-platform approach that allows you to launch your app on multiple platforms at once. This way you don’t need to develop separate apps for iOS, Android, or other operational systems.

Finally, choose crowdfunding app development outsourcing instead of hiring in-house tech teams. If you find a tech team with a great price-quality ratio, you can save your money significantly. Let’s compare! The average hourly rate of app developers in Ukraine is 40$. In the US this ratio is 80$. At the same time, it is proved that Ukrainian developers are reliable, and have high levels of tech expertise and soft skills. So you can get a crowdfunding app of great quality and pay less for its development.

Contact  Perfsol – a Ukrainian crowdfunding app development team that creates up-to-date solutions for innovators!

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