One of our Web Developer Alliance members, Mike and Daven, successfully secures 150k through the MSC Malaysia’s Technopreneur Pre-Seed Fund Programme. The fund allows them to develop their Big Satellite business plan into commercially focused ICT projects with prototype and detailed business plans suitable for venture funding & commercialisation.
Founded by Mike and Melvin, Density Professional team up with Daven of iFuzion Interactive to start the Big Satellite project. It intends to provide a platform to educate, inspire and connect Social Entrepreneurs. It highlights stories of Social Entrepreneurs, what they are doing, and how they are benefiting the communities and the environment.
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.
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 [...]
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