FundedApps Wants to Make Your App Ideas a Reality — Is there a Catch?
If you’ve ever thought that you had the perfect idea for an app, but just didn’t have the time, the means, or the skills to build and launch your gift to the mobile world (and your wallet), well guess what: there’s an app for that. Now before you begin mentally slaying me for my use of Apple’s now cliche slogan, read on — I’m actually not joking. The app is called FundedApps, and its entire purpose is for you to send in your idea so that they can make it happen for you. If they like your idea, you get £250 upfront, plus 25% of the net profit that the app makes.
So what’s the catch?
On the whole, after reading through the Legal section on FundedApps’ website, the operation appears to be legitimate, and not just a way to scam you out of your brainchild. There are protection clauses for them, of course, but also many for you that sing to the tune of confidentiality, data protection, and the ability for you to still use the idea if they reject it. Once they take on your idea, they become the owners of it, but all you have to do is just hang around and wait for your quarterly cheque.
So far so good, right? Still waiting for the catch? Don’t worry, that’s up next.
The catch is actually related to rejection. FundedApps reserves the right to reject your idea based on their own determination, and that of their investment committee, of marketability. If the idea doesn’t cut it, they reject it, and appear to be contractually bound not to steal the idea and make millions off of your baby without you (those terms are not specific, though — see section 7 of the FundedApps Legal page — so I would love it if people with lawyer-eyes could have a read through and report back). However, the only way to submit your idea in the first place, is to send it in via their free iPhone app. This is where they get you: each submission you make via the iPhone app costs you £1.19.
Paying that little amount may not seem like a big deal to you, especially if you consider it is the only investment you have to make, and your cut of the profits could make you a millionaire, but bear in mind two things: more ideas will be rejected than accepted, and there are no original ideas under the sun — which is to say that, if you’ve thought of it, then so have a few thousand other people. Not to mention the fact that, with the thousands of apps already on the app store(s) it is possible that your idea already exists, in some form.
I don’t say all of this to bash FundedApps — on the contrary, I think their idea is brilliant, and I wish I’d thought of it. The thing is, they are likely to make money hand over fist, even without their cut of the profits brought in by the multitude of apps they do to create. It could very well be that a submission to FundedApps is the best investment you ever make. I do advise that you read their legal page carefully, however, and have it and any related documents looked over by a lawyer. I also advise that, before you start spending your £1.19 on a wing and a prayer, you do your research first — especially if you have a lot of ideas. £1.19 may not be much, but as any avid iTunes user or slot-machine gambler can tell you, it adds up quickly.
Here’s the FundedApps process, as stated in their FAQ:
- You download our App
- Using our App, write down your idea and submit it to us for a cost of £1.19
- We reveiew your idea
- If we think it is a good idea we invest our money and make the App
- You receive a payment of £250
- We use a bit more of our money to launch the App
- You receive 25% of the Apps’ net revenue
- We continue to manage the App and make it even better
So what are your thoughts on FundedApps? Planning to give them a try?