Interview APP Founder – Chris Dowling
Name Founder: Chris Dowling
Name Company: Invire
Name App: Invire
Category App: Finance, Entertainment (Games)
Is the App created for a certain country/area or for worldwide use: Worldwide
App description: Invire is a mobile gaming app that allows users to create simulated stock portfolios to compete against other users in Daily, Weekly, or Monthly events. Once entered into an event, users will decide on how to allocate their budget and whether or not to diversify through different stocks. The most successful portfolios within each event will earn the most i-bucks (Invire’s form of mobile currency). As users earn i-bucks through competition they can redeem their winnings for real money.
Although the fear of investing is realistic, it has been proven throughout history that compounding your earnings is crucial in order to retire, so now is the time to learn through Invire!
App promo action: Currently Invire is offering a promo that gives each new user 100 i-bucks for registering and 50 i-bucks per referral. Making these users aware of the sign up and referral bonus has made people excited because if they refer 8 people (400 i-bucks) and register an account (100 i-bucks) they are eligible to enter into the high risk events (500 i-bucks entry fee). The top performers in these events made an easy $10.
As Founder of this fantastic App, what was your motivation to create such an App?
CD: “After receiving a pay raise at my job I wanted to know how I could invest my new money. I figured that investing in the stock market would be fun because I have always loved business and finance. Immediately I became intimidated by the stock industry and made many decisions that cost me money. Although these failures didn’t help financially, this caused me to understand how important it is to learn before you earn. Invire allows my users to learn how to properly invest while offering them all an opportunity to make real money from their education. Creating Invire was a way for me to achieve my lifelong goal of becoming an entrepreneur, while rewarding my users with education, experience, and money.”
Why should Users download this App?
CD: “Users should download this app if they are interested in learning how to properly invest in a fun and entertaining way. Whether they are complete beginners or people that want to perfect their investment strategy, Invire allows everybody to develop more confidence with absolutely no risk. Those users that are most succesful in our events are well rewarded with money too.”
What are the advantages compared to other similar Apps?
CD: “Invire is the only stock simulator that pays people real money for their success. Other apps occasionally will offer a reward if you perform the best out of thousands, but Invire rewards at least 50% of the people who enter into every single event.”
Can you tell something about the process, challenges, hurdles and time spent from the moment you start (The Idea) till the moment you launched the App at the AppStore / GooglePlay?
CD: “Throughout this entire process there have been many challenges, but if making a business were easy everybody would do it. The two biggest hurdles were financing the development and communication. In order to fund the app development I had to find a bank that would allow me to borrow money with no APR in the first 12 months of my charges. Through creating a bank account and working over 60 hours a week, I was able to fully fund the development of this app on my own.
Since I do not have a background in app development and coding I had to outsource this to a company called Code Brew Labs in India. The difference between my time zone (EST) and Code Brew Labs (IST) was 10.5 hours. Although this wasn’t ideal for communication, I was willing to sacrifice sleep (and still do) in order to make my dream a reality.”
Once you launched the App in the Appstore / GooglePlay, what did you do to promote this App to your target audience (user group)? Do you think Applepies (as worldwide rating and reviewing Online App Magazine) can have a certain role in this?
CD: “I believe in destiny. The day before my marketing campaign began I was very fortunate to meet with Stig Brodersen from The Investor’s Podcast at a networking event in New York City. Stig took an interest to my app and was willing to promote my business on his website to thousands of investors in the world. Because of this, I was able to generate over 100 downloads in the first few days after launching. Applepies is another great platform that can continue to grow my company. I just heard of this business, but I think this is a great way for people to be able to learn about the process of creating an app from great founders and case studies.”
You as a visionary person, what is your view on the new technologies of the digital smartphone (App) world. Do you think that within 1 to 5 years Apps will be indispensable?
CD: “I believe that smartphones have already become indispensable. I cannot think of one industry that does not have an app that allows a business to be more efficient in some way. The fact that my grandparents now have iPhones is a pretty good sign that change is here too.”
Are you currently (still) looking for investments or funds to finalise or optimize your App?
CD: “I am not currently looking for investments, but I am fortunate to have developed great relationships in case I need funding in the future.”
What is the business model of the App (how does the App earns money?) Think of advertisements, premium subscribtions in the App etc?
CD: “Currently Invire can only make money if an user runs out of their i-bucks (coins to enter into events). If the user runs out of their i-bucks they have the option to buy more or watch advertisements to earn more for free.”
Last but not least is there anything you want to recommend other creators/founders?
CD: “I would recommend that all creators/founders have no ego. I am proud of persevering though difficult times, but it would have been great if entrepreneurs were more willing to extend a helping hand. I understand that some of the best ways to learn is through failure, as I have done multiple times, but the difficulty of getting a response from top executives is too large. Treat others the way that you would be treated.”