Six recipients of MSC Malaysia’s Technopreneur Pre-Seed Fund Programme were paraded by Roslan Bakri Zakaria of Multimedia Development Corporation (MDeC) during Startup Camp KL yesterday. The six Pre-Seed’ed projects:
- Elevyn, web-based platform that connects community-based sellers to a socially-conscious market
- EzyPzy, contact management, information repository and information distribution web application
- Urekalabs, creator of videoAD and roo.my
- Thisisbinding.com, print, photocopy and bind your work
- TeDDology, social network for Malaysia’s technopreneurs
- SocialWalk, social network that revolves around events
Devan Singaram (Elevyn), Kenneth Kiffer Fong (EzyPzy), Roni Shah Mustapha (Urekalabs), Hakim Albasrawy (Thisisbinding), Asyraf Abdul Rahman (TeDDology) and Tham Keng Yew (SocialWalk), together with Roslan Bakri Zakaria, shared their experiences applying for the Pre-Seed Fund and also their start-up adventures.
- The Pre-Seed Fund offers up to RM150,000 for anyone to kick-start their business ideas.
- To date, there are 168 start-ups funded with 90% 19% of them already with some forms of revenue.
- In recent months, each Batch attracts about 400+ applications.
- Lots of submissions related to greeting cards and education. Majority of the Pre-Seed fund applications were related to education and online wedding.
- The Fund is an outright grant a conditional grant.
- If a funded company makes RM1 million within 3 years upon completion of the project, the company is required to return the RM150,000.
- If a funded company receives RM1 million investment within 3 years upon completion of the project, the company too is required to return the RM150,000.
- Preferably, two stakeholders for each project, with one as primary as full-time and the secondary (can be part-time).
- The minimum requirement: Develop a prototype at the end of one year
- Only 60% of the approved fund can be used for ‘allowance’.
- Each project team member can only receive a maximum ‘working’ allowance of RM1,500.
- From Submission to Approval process takes about four to five months.
- Each applicant can only be involved in one funded project, at any one time.
For those interested, some key considerations when applying for the Fund:
- All you need is an idea (with some elements of IT, of course).
- The “Application Form” is important (and probably the most time-consuming).
- Have a right revenue model (e.g. target market and how you plan to get to that market)
- Research on your competitors
- Technology innovation
- Business innovation
- Present your ideas, concisely
- Time and pace yourself during presentation
- Reference – letter of support is helpful
- Know your facts related your business ideas