Market research surveys are often tedious. To change that, initially three, now four young entrepreneurs have developed the market research app APPINIO, which allows to conducts market research via the most personal device – the smartphone. User answering on-the-go via mobile app will be rewarded immediately with money that they can cash in into vouchers or donate. Companies are enabled to generate consumer insights and feedback instantly from their individual target group, with results being provided instantly in real time by paying only a fraction of the usual cost.
Their business ideas seems to meet market needs. In a first financing round, APPINIO successfully collected some hundert thousand euro of funds.
Today, the heads behind the startup are Jonathan Kurfess, Kay Granaß, Matthias Deppenbusch, and Flemming Kühl. The app developed by the team has been exceeding all expectations in its five months of testing. According to the founders, APPINIO is today’s fast market research tool, while simultaneously better accessing target groups than Google and Facebook. Thus, it was more than a logical step to look for investors to grow and expand.
Fundamental for the success of the app is the fun factor. By adding playful elements (gamification) and the opportunity to compare one’s own information with other users, APPINIO quickly won many user, with 20,000 registered to date. For companies, the real-time tracking of the results is of particular high interest. Furthermore, APPINIO, the target group categorisation makes the app an interesting tool for both research ono national or international level.
According to the founders, the scalability of the project and the high initial self-financing were crucial to the successful investment. One of the investors is Michael Trautmann of thjnk, an acquaintance of the founders and early supporter of the idea. The capital gained will flow into the product development and provide the groups for a future globalisation of the app.