More and more startups and small businesses are looking for app development partners who can provide them with a successful mobile application, especially for companies that have a mobile app valued notably higher–more than 800%–than those without one. The startup landscape is oversaturated with 137,000 new startups launching globally every day, which is 95 startups being established every minute. However, most of these startups end up going bankrupt within five years.
Venture capital (VC) funding is also more common than ever before. Healthtech has garnered more than $85 billion in investments so far, making it one of the sectors that has received a significant amount of funding. But with so much competition and available VC funding, how can startups set themselves apart within their industry?
Mobile Apps as a Solution
A mobile app can be a solution. Mobile apps provide a better user experience with ease of use and accessibility. Companies committed to improving the user experience see a 9,900% increase in their return on investments for every dollar spent. Mobile apps can make business growth more cost-effective as well. Initial versions of apps can cost between just $40k and $60k for the first few months before costing between $250k and $500k during the app development stage. More than 70% of organizations in fields such as manufacturing, telecom, and retail experience an increase in ROI when they invest in an app.
Growing Your Business
When appealing to investors, a mobile app can help validate your business concept. This helps by showcasing scalability, consumer interest, and long-term vision. It can also help companies gain additional revenue through app purchases and in-app spending. Further monetization through subscription bundles, in-app ads, and app-data monetization is also helpful.
For scale-ups and startups that want to last at least five years, finding a mobile app development partner can be the right strategy to take.
Source: Tapptitude