Ideas that I will not proposed to MDeC for Pre-seed fund
Recalling that MDeC Technopreseed fund has divided into few clusters, such as Creative Multimedia, Hardware Design, Software Developments, Shared-Service outsourcing, Support Services, and Internet based businesses. With the recent information, of all these clusters, Software Developments and Internet based businesses (Web 2.0) are now tougher to achieved. A lot of ideas has been very much categorized into these 2 clusters, and MDeC will most probably not fund the same similar idea twice.
For the past few months, we have been brainstorming with some friends who is interested to apply for the grant. Eventually, they did not manage to get it. Some of the reason is due to the presentation was not well prepared. Here are some of the systems or ideas that I feels that is not suitable or it is much more difficult to apply for the grant.
- Accounting Software – There are too many established accounting software in the region, even how niche, or how well you could differentiate your software, it will be difficult for you to compete with the established one that has almost penetrate most of the market share in their region.
- Directory or Classified Portal – Examples, a Wedding Portal, listing of directories and branches for all the bridal house, linking up the bridal houses, or even implanting a wedding scheduling system sounds great. But it will not interest the panels. and most does not deserves 150k for development of such sites. and i do believe a lot of people proposed wedding portal in pre-seed before
- ERP/CRM software – No matter you are doing a small scale or big scale of an ERP system, with financial module, inventory module, production, CRM , PO and SO etc. I still feels that the situation is same as the Accounting software. where you will faced difficulties in penetrating the market. Companies like SAP, Microsoft AX, PeopleSoft has many years of experience in the field, and has done a lot of research and developments for many years.
- Buy and Sell Portal – If you are trying to create another ebay system, or lelong.com.my, I suggest that you do it on your own without the funds. You will faced questions from panel saying that they can used less than 5k to complete a buy and sell portal.
I believes there are more that is not suitable for preseed fund, but I just can’t recall. However, the above mentioned ideas is just an opinion, it doesn’t mean you cannot apply, but an extra effort is definitely needed. For an example, just to crap a bit on the ideas. Maybe you decides to create accounting system, you can differentiate that your system is over the Internet, and you are able to ensure your software is robust enough in-terms of security perspective, plus additional features to tackle the existing problems in the market. So, you can still leverage the existing technology or software, is just that how you can differentiate yourself in terms of technology, business model, strategy is more important. Anyway, it is just a crappy idea.
Just to recap on the tips and guideline for application for funding, you can visit here: http://cheehoong.com/entrepreneur/basic-tips-and-guide-for-applying-ict-funding-in-malaysia
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5 Responses to “Ideas that I will not proposed to MDeC for Pre-seed fund”
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Life is interesting, its all about experimenting, trial and errors and self improvments. This blog is all about my personal experience. I am full with ideas, and i will achieve every one of them step by step.
Hi there,
Just curious about the MDEC pre-seed fund. As far as I know, even freelancer are able to get those fund as long as the idea is good and accepted by them.
From your blog, I read up somewhere you open up a company. Is it because you are require to do that, or there is another reason for this?
This pre-seed fund, if today me and a guy called A manage to get a fund, then after a year, can I still get the fund but this time, is me and another guy called B.
Hi Aragorn,
Regarding to your question,
Question 1:
From your blog, I read up somewhere you open up a company. Is it because you are require to do that, or there is another reason for this?
if you read the FAQ from the preseed fund website, it is required to setup a sdn bhd after receiving the fund.
Question 2
This pre-seed fund, if today me and a guy called A manage to get a fund, then after a year, can I still get the fund but this time, is me and another guy called B.
The best is you should call up for advisory. I believe you can do that. it is just different idea and runs by different company. but still, i cannot confirm on this. you will have to clarify with mdec.
VCs are looking for 5X-10X or 500%-1000% returns to protect themselves from dilution due to series of funding required before exit, so ‘copycats’ usually are ignored because they cannot generate that kind of return.
I agree on that encikwan, that is why ideas are not easily founded.
idea itself is not hard to be founded, but idea that matches its time and place are. Finding the matching listening ear to break through is even harder.