Rise of the App Economy

As a technical architect and a start-up enthusiast, part of my work is consulting organizations on how to go about implementing and monetizing their ideas. The past decade’s experience of working in this field, as well as having successfully built the product and development teams of two start-ups (which secured VC fundings) ensures that a lot of people are willing to share their ideas so that I can advise them on the implementation.

Each year has its set of trends. These trends become apparent when people read about them in TechCrunch / Mashable and then integrate them somehow in their plans. In 2014, Kleiner Perkins’ analyst, Mary Meeker announced that the Education and Healthcare industries are the ones to watch out for. A lot of individuals started thinking and re-shaping their ideas along those lines. Similarly, since 2013, the famous analyst has been saying that mobile Apps are going to dominate the way consumers are going to engage with the brand.

I am seeing more start-ups gravitate towards this concept every year. Everybody who has a product, wants to also have their apps in the app stores (both Apple’s and Google’s). Back in 2000, when the DotCom Boom was apparent, everybody wanted to have their own site. Currently, we are definitely seeing the App Boom, where not only do entrepreneurs want to have their apps, but also individual celebrities are launching their own apps.

App Development can be a costly affair, with native apps costing as high as 2000 to 3000 USD to develop for the most basic apps. Add multiple platforms (iOS, Android, Win8) to the mix and the development costs surge.

This is where app template marketplaces like this website help tremendously. The core functionality is already in place, what has to be created is the creatives and voila, a custom app is read! Not only is this approach a faster method, but also it is extremely profitable. With the app economy maturing, we are seeing retail consumers using their handheld devices more than television sets!

This means that the media consumption is changing, thus an app is slowly eating away at TV’s timeshare. With tablets growing at 80% Year on Year, I’d say that both mobiles and tablets are here to stay, and with them a horde of enterpreneurs, developers and investors who would be happily launching multiple apps!