How would you make a million dollars in one month???
Every app entrepreneur seems to share a very similar reoccurring dream.
At the beginning of this dream, you own a mobile app, and it is mentioned in a single Facebook post. Then, people begin to share this Facebook post with their friends.
Shortly afterwards, a major news outlet picks up on the story of your beloved app. You find out that the news outlet has already written an article over your app, and has shared it with their massive network of readers. Your app begins to receive mind-blowing levels of media attention. Even bigger news outlets begin to cover your app’s story.
Then, you turn on the television in your living room and realize that your app is being featured on the World Business Report. It goes absolutely viral. Your app becomes ranked in the top 10 of its category within a matter of days, and eventually breaks into the #1 spot.
You’re suddenly a multi-millionaire!
“ execution.”
If you were to build a unique and new technology, such as longer lasting batteries that can be shipped immediately, then you’d be very smart to get a patent. Otherwise, business in today’s world all comes down to execution.
Whilst many different people claim to have invented social networking platforms, none of them (except for the likes of Facebook, and Instagram) successfully built an engine of continued growth, closed deals with investors and secured billions of dollars in funding, or pitched and convinced hundreds of top people to join an unknown start-up.
Friendster, once a potential rival to Facebook, launched years ago only to then become a significant failure that is virtually unknown to most people today.
Keeping ideas hidden from others can work well in traditional markets such as manufacturing or commodity supply. For example, if you find a cheaper supplier of bananas than that used by your competitors then you’re in a good position to do lots of business within the local market.
The market exists, your product is cheaper than others, and, provided your product is good, your superior price is ultimately the only thing that will matter. You clearly would not want to share the name of your supplier with anybody else.However, we shouldn’t be talking about these dynamics in 2019! Technology start-ups are different than traditional markets — very different. Start-ups are all about innovative products, novel business models, and new markets.
A start-up either launches a product that, unlike bananas, nobody has ever used before or it creates and offers a new business model that has never before been tested.
In many cases, the start-up market is entirely new, offering no guarantee of continued growth. Such was the case with AirBnB’s experience of flat sharing.Start-ups usually have very little, if anything, to do with finding cheaper suppliers of a very popular commodity or with other traditional ways of cutting costs and increasing revenue. Rather, they are about innovative products that virtually no one is using yet as well as new and unproven business models and markets that have only very recently come into existence.
The App Store has historically led Google Play in terms of developers’ ability to monetize their apps, including consumer spending on in-app purchases and subscriptions. Today, a new report from Sensor Tower offers new insight as to what that means for app publishers’ businesses: It found that the App Store produced more million-dollar apps in 2018 than Google Play. Nearly twice as many, in fact.
According to the app store intelligence firm’s analysis, 164 publishers earned their first million dollars in net revenue on the U.S. App Store in 2018, which was nearly twice that of Google Play, where only 88 did.However, while the App Store outpaced Google Play in terms of the sheer number of new million-dollar apps, Google Play’s ability to mint million-dollar publishers is growing at a quicker pace.
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