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What is the best way to make a million dollars?
Create a frustrating, viral app like ‘Flappy Bird’ and keep it in the App Store for at least 20 days.
Payment from mobile ads: At its peak, “Flappy Bird” creator Dong Nguyen says he was making $50,000 a day on his free app by running a tiny mobile ad banner at the top of the game.
Million-dollar math: $50,000 per day x 20 days = $1,000,000.
Who did it: Dong Nguyen created “Flappy Bird” last spring and claims he organically grew it to the top spot in the App Store. While “Flappy Bird” was at the top, Nguyen toldThe Verge’s Ellis Hamburger it was generating $50,000 a day. After about a month, Nguyen removed the app from the App Store and Google Play because he felt his game was”too addicting.”
Sell 714,286 self-published books on a Kindle.
Amanda Hocking made millions selling a self-published e-book.
Average cost of a book sold: $2
You keep: 70%
Million-dollar math: For every $2 book sold, you keep $1.40. $1.40 x 714,286 books = $1,000,000.40
Who did it: 29-year old Amanda Hocking was the best-selling “indie” writer on the Kindle store a few years ago. She was selling about 100,000 copies a month at $1 to $3 a pop, which set her on track to pocket a few million dollars.
Come up with something innovative, like a smartwatch, and get it funded on Kickstarter or Indiegogo.
What Kickstarter and Indiegogo are: Crowdfunding sites that let people submit ideas for projects or inventions. If the community likes the ideas, they can contribute money to the cause to help it come to life.
Cost: Free to set up the Kickstarter or Indiegogo page, although creating a video and visuals could eat up some marketing dollars.
Million-dollar math: On Kickstarter and Indiegogo, you set a goal of how much money you’d like to raise from the community for your invention (example: “$1 million”). You can exceed that goal, too. On Kickstarter, you must reach your goal to collect the community’s money. Kickstarter takes about 5%. On Indiegogo, you collect the money, no matter how much is raised.
Who did it: Many people have raised over $1 million for their startup ideas on both crowdfunding sites. They don’t get to pocket the money, though. Instead, they’re supposed to use the funds to bring the product to market, although many products never end up being mass-produced. One of the most successful Kickstarter campaigns ever was the Pebble Watch, whichraised $10 million in just a few weeksand arguably persuaded tech giants such as Samsung and Apple to create rival smartwatches.