How things work today:
- Raise funding with an idea and impressive founders
- Spend 6 months building up a product
- Submit to the app store and launch with much PR fanfare
- Fail to hit product/market fit
- Relaunch with version 2.0, 6 months later
- Add Facebook Open Graph
- Try buying installs with Tapjoy, FreeAppADay, etc.
- Repeat until you run out of money
Don’t burn 1/2 of your funding to get to a v1!
An interesting post on mobile app startups.