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- Jul 11, 2012
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Hey everyone! If you havent already noticed, Applits has made a few chances regarding prize money based on the feedback of our user community. We cant wait to explain the reasoning behind these changes, and think youll agree that theyll be beneficial to you, the user of our community!
First and foremost, the prize money dollar amount has been changed from $1,500 to $450. The $450 is divided into two portions: $350 for the winning app idea, and $100 for the rewards pool (the small thank you for participating amounts given out by our staff). Why has the prize money decreased so drastically? Well, were also giving the submitter of the winning app idea 10% of all net profits that Applits LLC makes off of the app for the duration of the life of the app. Thats right: youll be receiving continued royalties for as long as your app is being sold. What a great deal!
So, why the change? We were getting loads of user feedback from people who were concerned with a flat $1500 prize, who commented What if my app is the next Angry Birds? You guys make millions, and Im stuck with only $1500. Well, thats a valid argument. Even though a large majority of apps dont end up being as popular as Angry Birds, we acknowledge the fact that the possibility is of large concern to our users. That is why weve decided to compromise, giving you a cash prize but also a cut of all app sales (and any other way we make money on the app) that it racks up in the future. Clearly, although you see less cash up-front, the potential of making a lot more money is now in sight never before has the quality of the idea you submit been so important!
As always, if you have any questions or comments about the change to the prize money, let us know what you think by either sending us feedback here, or by tweeting directly to co-founders Keith and Joshua. As you can tell, your feedback really does impact our decisions over here at Applits.com. Thanks, and well see you around the site!
~Keith Shields, co-founder and CEO (@_keithshields)
Joshua Tucker, co-founder and CFO (@JoshuaRTucker)
First and foremost, the prize money dollar amount has been changed from $1,500 to $450. The $450 is divided into two portions: $350 for the winning app idea, and $100 for the rewards pool (the small thank you for participating amounts given out by our staff). Why has the prize money decreased so drastically? Well, were also giving the submitter of the winning app idea 10% of all net profits that Applits LLC makes off of the app for the duration of the life of the app. Thats right: youll be receiving continued royalties for as long as your app is being sold. What a great deal!
So, why the change? We were getting loads of user feedback from people who were concerned with a flat $1500 prize, who commented What if my app is the next Angry Birds? You guys make millions, and Im stuck with only $1500. Well, thats a valid argument. Even though a large majority of apps dont end up being as popular as Angry Birds, we acknowledge the fact that the possibility is of large concern to our users. That is why weve decided to compromise, giving you a cash prize but also a cut of all app sales (and any other way we make money on the app) that it racks up in the future. Clearly, although you see less cash up-front, the potential of making a lot more money is now in sight never before has the quality of the idea you submit been so important!
As always, if you have any questions or comments about the change to the prize money, let us know what you think by either sending us feedback here, or by tweeting directly to co-founders Keith and Joshua. As you can tell, your feedback really does impact our decisions over here at Applits.com. Thanks, and well see you around the site!
~Keith Shields, co-founder and CEO (@_keithshields)
Joshua Tucker, co-founder and CFO (@JoshuaRTucker)
