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.

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

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.