Mobile games have burst onto the app market scene in recent years, becoming one of the most popular forms of media for casual gamers across the globe. While mobile games have become an attractive form of digital entertainment, there are many costs associated with launching a successful game. Developing a high-quality game usually requires an experienced team and well-developed technology, both of which require an investment. As such, seeking out funding for a mobile game is a common practice for many game developers and entrepreneurs. This guide explores the steps to take and the different approaches one can take when seeking out funding for a mobile game.
Steps to Take Before Seeking Funding
Game developers and entrepreneurs who plan to seek funding should understand that certain steps must be taken before they even attempt to secure the money they need to launch their project. Here are a few key points to consider when preparing to secure funding for a mobile game:
Market Research
It’s essential for game developers to conduct adequate market research prior to launching any type of game. Mobile game developers should take the time to investigate the mobile gaming industry, as well as the current trends in mobile game design. This research should include both a competitive analysis of what similar games are available on the market and an analysis of the customer base for these types of games. Additionally, researching industry trends that may impact the success of a game should be taken into account as well.
Develop a Prototype
After conducting the necessary market research, it is important for game developers to begin developing a prototype for their game. Even if the prototype is a basic version of the game, it can be used to demonstrate the concept and gameplay of the game to potential investors. Having a working prototype is often essential when securing funding, as this is the best way to demonstrate the concept and gameplay of the game.
Consider Your Target Audience
When creating a mobile game, it is important to consider who the game is intended for. Developers should accurately identify their target audience and create their game accordingly. This involves making sure that the game is appropriate for the target age group, as well as being designed to meet the needs and preferences of a specific demographic. Determining the target audience early on can help investors feel more secure in investing in the project due to the fact that a well-defined target audience can make the marketing and launch of the game easier.
Types of Funding
Now that developers have taken the necessary steps to prepare for mobile game funding, it’s time to explore the various methods one can use to secure the finances they need to turn their vision into a reality. In this section, we will explore the different types of funding available, as well as the pros and cons of each option.
Venture Capital
Venture capital is when an investment firm invests in a game project in exchange for a portion of ownership or a predetermined rate of return. This approach requires the developer to have an existing prototype that can be demoed to the investors. Additionally, having a well-thought out business plan and clearly defined goals can go a long way towards convincing investors of the merits of the project.
Crowdfunding
Crowdfunding is another popular method for funding a game project. On online platforms such as Kickstarter or Indiegogo, game developers can post their game project and request funding from interested backers. This process requires the development of a pitch or presentation that will explain the game concept and urge potential backers to invest in the project.
Grants
Game developers can also seek out grants from organizations to fund their project. Grants are typically awarded by government agencies, research institutions, or charities and require intense research and preparation on the part of the developer or team. Grants are also usually very competitive and often require the applicant to demonstrate a certain level of innovation in their project.
Angel Investors
Angel investors are high net worth individuals who invest in game projects in exchange for a portion of ownership in the project. While angel investors often require a smaller investment, they are usually more involved in the day-to-day operations of the project and have a vested interest in the success of the game.
How to Maximize Your Chances of Securing Funding
Achieving success when searching for funding requires work as there are few guarantees. Here are a few tips on how to maximize your chances of success when attempting to secure funding for your game.
Build an Engaging Pitch
The most important aspect when seeking funding is to craft a compelling and engaging pitch for your game. A great pitch should be able to both accurately explain the concept of the game and why it will be successful. Ensuring that the game features a unique concept and attractive visuals can help in the effort to draw in potential investors. Additionally, having the right messaging and storytelling can go a long way in convincing investors to part with their money and provide financial support.
Identify a Network of Supportive Investors
Successfully securing funding can be greatly helped by having a supportive and reliable network of potential investors. Finding a strong network of investors that have experience in the mobile gaming industry can go a long way in ensuring success and connecting with one’s target audience. Additionally, engaging with the right investors can provide developers with valuable insight and contacts that can prove invaluable.
Present a Professional Business Plan
The final step when seeking funding is to present a professional and detailed business plan to potential investors. It is essential to make sure that the business plan is written clearly and concisely and accurately outlines the goals and objectives of the project. Moreover, the business plan should lay out an adequate timeline and provide detailed financial projections and a breakdown of expected costs. Presenting a professional business plan can be invaluable in convincing investors of the merits and viability of a project.
Conclusion
Securing funding for a mobile game can be an arduous task that requires a great deal of research, preparation, and networking. Developers must first conduct the necessary market research and prepare a prototype of their game before even attempting to secure funding. After this, developers should familiarize themselves with the various types of funding available, such as venture capital, crowdfunding, grants, and angel investments. To maximize the chances of success when seeking out funding, developers should build an engaging pitch, identify a network of supportive investors, and present a professional business plan. Keeping these key points in mind can help game developers increase their chances of securing the financing they need to launch their mobile game.
