I have been in the app business for the last 4 years. We have mainly worked at building our own smaller projects. I have an idea for an app that I see as potentional massive. Bigger then Uber and possibly the end of Uber - I don't want to take the chance of taking too long in making this happen. I was thinking of finding a VC or partner that not only has the funds but actually has the connections required to make this the next billion dollar app. What criteria should I be looking for and where should I start.
I am a corporate lawyer and business adviser for over 7 years. I worked mainly in Israel, "the startup nation" and at least twice a year an entrepreneur comes over with a similar question. Don't know how to say it better but straight forward - no one EVER starts as a billion dollar company. Did you try your idea on a small market first and saw that it's working? A lot of experts (ask Dan Martell the founder of Clarity) will tell you that you cannot take the whole world by a storm at once. You start small and you scale it little by little. I'm not saying your idea is not good or that it cannot kick out Uber, what I'm saying is that since you don't have to start big, you can take a co-founder that complete your skills - if you are good in developing and lack the marketing, take someone that is great in marketing. If you cannot pitch, take someone who can talk and sell.
But first of all - show a proof of concept.
By the way, if you didn't do it till now, I recommend you read Zero to One by Peter Thiel one of the founders of PayPal. It's a great book where he discusses the creation of something new - from 0 to 1 in oppose to from 1 to n, i.e. adding more of something familiar. Don't define who you are by others, say what's unique about you.
If you wish to elaborate, just give me a call.
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VC is by no means my area of expertise, however, I suggest partnering with the biggest benefactors of Uber's exit (in my opinion that would be the Taxi companies). Who are the most influential taxi company owners/corporations? Are those companies tied to larger investment firms? That would be my starting point.
You need capital, people, connections, and other criterias to make this the next billion dollar app. And, then you speak about possibility of replacing Uber. The market out there is cauldron of entrepreneurs in obsession with their idea; everyone thinks they have got something groundbreaking. However, the ones with genuine idea start at remotest possible level, bootstrap as much as possible, and let the concept speak volume about its potential. During this entire process they become aware of their limitations and choose appropriate partners. I believe you should start somewhere and you'll know the guys to look out for.
In my one decade of experience around hand-holding startup entrepreneurs, and helping them establish profitable business venture, I've seen a lot of them hinging everything on investment. A few of them actually invest energy and effort behind gauging true potential of their idea. If you are too confident about the success of your idea then pen down "How" and approach the people you find having credibility. It's not too challenging to identify such lot on social media. Hope above helps!!
Feel free to reach out for anything in particular that you may be looking at.
Build a working version of the app and apply it to a test market. While you are in motion toward the creation of the app and the business, you will find that the connections you need to make to be successful will become apparent and available.
Everyone that has answered your question just gave you years of experience and thousands of dollars in advice for free. Most business ventures like this don't get out the door, not because it's not a good idea, but you may see the vision, but getting others as excited as you is extremely difficult in most cases. I've been working on a project for more than ten years in my spare time (not good for venture capitalist lol) and I have had hundreds of road blocks and have spent more money than I care to tell you about. I've had several partners that all gave up. It's very hard to continue with a vision once obstacles start popping up everywhere. Whatever you do I suggest you get a NON-DISCLOSURE AGREEMENT with whomever you decide to reveal you concept. If it's a billion dollar idea like you say, then I am going to tell you this. If you are that confident sell everything, downsize your home, get rid of your car and box yourself into a room and finish the app. Don't you think the sacrifice now would be worth making a billion dollars? If that's not reasonable for the creator of the concept, just imagine how investors are going to look view the idea. Good Luck. B
