Two Liverpool tech entrepreneurs who funded their app start-up by “using every credit card and loan available to them” are now celebrating after their project generated a six-figure turnover.
Darren Galvin and Danny Webster launched Expert Apps just six months ago and the start-up has already generated revenue of £220,000.
Expert Apps has developed what it describes as a social media-style app platform that allows experts in niche areas to monetise their knowledge.
The free app allows users looking for support, inspiration or advice to access a range of experts’ knowledge in areas ranging from business and property investment to fitness, martial arts and arts & crafts.
“We can’t believe it,” Galvin said. “We knew this idea had legs, we were both willing to risk everything to get it live after months in development, yet we could not have imagined we’d be in this position just six months since launch.
“We have created our app in such a way we have proved it is possible to fund your app idea without high level investment.
“If you are an expert in any discipline you can start making some passive income through the technology.”
Galvin, aged 37, and 22-year-old Webster initially funded the development phase of Expert Apps by using every credit card and loan available to them and started the venture in “a room above a taxi office”.
“We have worked flat out to bring this app to life,” Galvin said, adding that the pair have received support from their mentors including Nick James, Matt Elwell and the Seriously Fun Business team, as well as from Kul Mahay.
The entrepreneurs have recently moved into Innovation Park on Digital Way, Liverpool, as they expand their operations.
The official opening was attended by presenter Claire Simmo of Radio City 2.
Expert Apps provides users with free access to content from experts, or they can choose to subscribe to premium content for a monthly flat fee currently set at £5.99.
Webster said the fee is shared among the co-founders, the licence-holders for each area of interest and the experts themselves.
“We have licences available worth around £1.6 million and that is just in the UK and Ireland with global expansion on the horizon,” added Galvin.
“We believe licence-holders can generate £6,000 a month or more by sharing their expertise and growing their own audience.”
Expert Apps is preparing to expand into other areas including parenting, pets and music in 2019.