5 Essential Tips for Securing Funding for Your Game Development Project
Video game funding is an essential part of the development process. The proper preparation and research can help developers unlock the funds they need to complete their projects. When crowdfunding, consider setting stretch goals for additional features in the game that would only be possible if you hit certain funding levels. This can add a lot of value to the campaign and build excitement.
Build a Strong Team
It’s a good idea to build a team with complementary skills. You’ll want at least one person on your team who can help with programming and a few who are great with art and design. Having someone on the team who can handle business aspects of the game development process is also helpful. This can be a co-founder or a business-minded partner with experience in this area. This will give your project more appeal to potential investors and make the game development process run smoothly. Another great thing to do is to ask for a little more money than you need. This can help you cover unexpected expenses and give you time to finish the game. Consider also partnering with a venture capital group specializing in video game funding. These groups often provide more funding than individual investors and will have access to industry contacts that can help you with your game’s marketing strategy. However, they will probably expect a more significant share of the game’s profits than an individual investor.
Have a Great Idea
The best way to secure funding for your game development project is to have a great idea. Video games are a dime a dozen, so your game needs to stand out and offer something unique. One way to do this is by combining two or more genres into one game. You can also hook up with a publisher that will distribute your game. However, this is a risky move, and it’s essential to understand how the publishing process works before approaching any publishers or platform holders. If you can get a publisher or platform holder to notice your game, they may be willing to pay for marketing and deck placement.
Create a Compelling Prototype
A prototype is a working version of your game that allows you to test it in the real world and get feedback from potential users. It can be as simple or complex as you like, but it must have the ability to change quickly. A prototype can also help you identify potential flaws in your design and work to improve it. A good prototype can make your game seem more credible to investors and help you secure funding. It is essential to have a clear idea of what you want your prototype to look like and create it with the best tools. This might mean using a free project management tool for small teams. Getting funding is one of the most challenging aspects of game development, and it is essential to understand the different methods available. Be sure to research your options carefully, and remember that you must provide a clear and compelling pitch if you are seeking equity investment. The best way to do this is with a prototype demonstrating your concept and how it will benefit the market.
Build a Strong Marketing Plan
A video game studio business plan is essential for setting goals and outlining a clear path to achieve those goals. It’s a document that showcases the studio’s games(s), resources, finances, marketing strategies, and player community. A solid marketing plan can help a studio attract investors and create awareness of their project. This plan should also address potential obstacles and risks the studio may encounter during development. Developing a solid strategy is crucial to success. However, it’s important to remember that nine parts of execution for every one-part strategy will make or break the campaign. Ensure that your objectives are tightly aligned with your budget and are measurable via objective measurements. Another critical aspect is understanding your audience. This area often gets overlooked but can be vital to your game’s launch success. Performing a SWOT analysis will help identify what your competition does well, provide insight into where it might struggle, and ultimately inform how you approach your messaging in the future. It will also help you determine which channels to target with your efforts.
Be Flexible
To be successful in securing funding, it’s essential for developers to have a plan and to be flexible. They should utilize all of the resources at their disposal, including developing a prototype and working asynchronously. They should also be willing to give up a share of the profits in exchange for the funds they need to complete their projects. There are various options for developers seeking funding, including venture capital groups and publishers. They should be prepared to present a well-researched and realistic plan that includes development costs, marketing strategies, and monetization models. They should also be willing to negotiate, as the better deal they can get, the more money their game will make in the long run.
