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One of a kind app
One of a kind app
As of now, there is no other app like the Fulcrum app. This app provides a comprehensive hub to know more about university life and admissions. Other university specific apps only provide campus tours. Notably the Visit Harvard App that is pictured on the left hand side of this content block.
With the student as the centre of the design for the app, this can contribute to higher prospective student enrollments. Educational institutions will definitely pay attention to tools that could boost their image, student engagement, and enrollment.
THE ASK
THE ASK
The investment ask for the Fulcrum app is based on these following things listed by Shiotsu (2021). These considerations are crucial in creating the prototype for the Fulcrum app. Click the arrows to read more information about each consideration.
- Hiring the correct people
To develop an app this scale, we need the following roles:
At least 2 mobile app developers. The cost to hire mobile developers will be discussed later.
1 UI/UX desingers. On the average their hourly rate is between 30 to 70+ USD.
At least 2 back-end developers. On the average, their hourly rate is between 35 to 120+ USD.
1 project manager. On the average their hourly rate is between 60 to 120+ USD.
2. Considering app developer rates, experience, and expertise
2. Considering app developer rates, experience, and expertise
To build a proof of concept, we want to hire intermediate mobile developers because they have the general expertise needed to design most of the features proposed in the app.
The average rate for each intermediate mobile developer is 60 USD.
3. Platform cost
3. Platform cost
To maximize our audience reach, we want to design an app that would work for Android and Apple users.
The cost of specific platform mobile developers are:
Average rate for iOS developers: 43-75 USD.
Average rate for Android developers: 25-85 USD
4. type of mobile app development technologies
4. type of mobile app development technologies
The creator wants to build a native app. This app technology boasts better performance compared to web, hybrid, and cross-platform apps.
5. Core mobile app features
5. Core mobile app features
These are the core mobile app features and the estimated mobile developer times to develop them:
App login and sign-on: This will take an extra 20 developer hours.
In app features: This mainly pertains to the text capability between users. This will take an extra 80 developer hours.
6. Additional costs
6. Additional costs
The additional costs pertain to:
Back-end considerations like databases, cloud storage, and network security.
Maintenance costs like security updates and debugging.
Our Investor Ask
The Fulcrum app is a start up and it is in the first stage of the venture capital model. At the moment, we are in the pre-seed stage where we are developing a business concept, working on partnership agreements, getting any patents or copyrights, and right now we’ve created a pitch deck (Silicon Valley Bank, n.d.).
To validate our business concept, and hire the proper people to build a prototype of the app, we need $250,000 investment in exchange for a 20% stake in the business.
Our Investor Return
Since the Fulcrum app is stil in its nascent stages, at this current stage, it is important to gather the right resources and support to progress in the ladder of venture capital series funding. We are pitching our app to you as we are confident that you are the right person to help start this venture.
To close the venture pitch, you can read the reflection of the Education Venture Analyst in the Reflection page. Click on the button below.
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