I tried responding thru the blog but it was kinda down the past 2 days – then I typed in an entry just now and it gave out an error requiring me to fill in my name and email, eventhough I already did. Clicked back, and boom, all my writings gone.

So anyway – I just wanted to say thanks, and to inform all fellow WDA’ians that this funding thing is something they can try. It’s a great experience – you learn a lot just by writing the business plan and doing the research for it, plus you get to meet lots of interesting entrepreneurs.

Hope to see the real potential of BigSatellite.

I’ve tried asking MSC for money from the Pre-Seed, mind sharing some of your winning tips?

Hi NoktahHitam,

To answer your enquiries – based on our experience, the pre-requisite to getting funding from MDEC is a LOGICAL business model. In other words, it needs to make money that does not depend entirely on advertising revenue. Creating a website that earns income from AdSense will not qualify. Very important to look at your source of revenue – look at things like subscription, or some form or product / service sale, technology licensing, etc.

Once you have the business model – add some form of technology innovation to it. It doesn’t have to be something totally original – adding a twist or an improvement to an existing technology is a start.

Don’t worry if you fail to get thru though; the industry nowadays is so unpredictable that even if MDEC doesn’t approve of your proposal doesn’t mean that it will fail. Twitter for instance – has no business model but look at its success! Plus countless more businesses that employ simple technology but make s***loads of money by offering the right solution to the right audience.

[...] name is Mike Tee, and together with Devan Singaram, we received a grant from the MDEC Pre-seed Fund Programme to develop the project. The project is also a finalist in the recent Youth Social Entrepreneurship [...]