Terato Tech, one of the hottest startups in Malaysia, rejected a grant offered by the Malaysian Communications and Multimedia Commission (MCMC), in a rather strong-worded letter. The Reza Razali Managing Director of Terato Tech wrote: we at Terato Tech are not serial grantpreneurs. The grouses mentioned in the letter include lengthy application processing (MCMC took 14 months to process the grant application) and below-than-expected grant amount. In the letter, the also suggested to MCMC “to do away with commission members/chairman who are active members of the business community.”
The Malaysian Communications and Multimedia Commission (MCMC) is the regulatory body for the communications and multimedia industry in Malaysia, under the provisions of Malaysian Communications and Multimedia Commission Act (1998) and the Communications and Multimedia Act (1998). The agency administers the disbursement of the Networked Content Development Grant (NCDG), which aims to spur the developments of mobile and TV contents. NCDG is the grant rejected by Terato Tech.
Terato Tech, founded in 2008, specializes in developing (beautiful) mobile applications for iOS and Android. Their products include the AIYO! publishing platform for iPad, AIYO iPad magazine (download latest edition here here) and Forest Fables for iPad app, just to name a few. Clients include CIMB Bank, Maybank, and Malaysia Airlines. The company designing prowess of this startup. Recently, the company was awarded the Most Innovative Application Provider of the Year 2011 by Frost & Sullivan.
Full Letter by Terato Tech to MCMC
Source: Terato Tech’s blog.