ICON Grant Finally Approved (Careful with Tricky Questions)
In my previous post I do introduced the RM100K ICON Grant initiated by government, finally is back on. My applications submitted last year Dec 2009, and we have waited approximately 4 months until April 2010 only we get a call to do a presentation. I believed the secretariats has been tortured by us for the past few months being so determined in requesting for a date of presentation. and is finally here.
Dear ICON Grant Applicants,
Congratulations.
We are pleased to inform you that your application for the ICON grant has been approved. The secretariat will be contacting you soon for the arrangement of your letter of offer.
Thank you.
Regards,
Secretariat
Upon receiving this email, the excitements is ……zero. We have waited for too long and some of our previous plans has been overturned due to the delay of ICON Grant. However, as we expected, with full preparation of our effort from going door to door to get Letter of Interest from various parties, and with the past previous experiences in presentations and answering question, although we are still nervous, but experiences really made us when through the following presentation. On top of that, I have learnt something from my partner which I am still very lack off in QnA. So, here is some advice with some tricky questions that my partner has answered well. Thanks to him that we have gotten through this stage.
- What is your expected revenue/profit?
Tricky Part: This is the most tricky question ever. Imagine if you have told them that your expected revenue/profit will be RM1 million. Wow, such a good business to do. If your idea could generate RM1mil, everyone will have started and there is no point for you to receive this grant. This question lures you into telling an unknown figure that you yourself are so unsure. Whether the numbers you have mentioned is reasonable or unreasonable it will definitely lead you to another question that will taunt you down. “So on what basis that your idea will help you generate RM1mil? how sure are you with your analysis?”
Answer: The best answer will be telling them that you are aiming to breakeven for the first year. In any start-ups, if you are able to breakeven the first year is considerably good and reasonable. Don’t try to talk BIG here, the panels are not stupid.
- What stage are you in now?
Tricky Part: This question is to see how SERIOUS are you with your own business.
Answer: Even you have nothing started, just bullshit them that you had something started, whatever you have done to your make your idea come true. Of course, if you have really put in your effort, tell them! Grants are only given to people with real effort put in. (In matter affect, we have done IP and Trademark for our proposed idea, we have gotten letter of interest, we have our initial work done, now is left out with the money to push the product out)
- Since your clients has shown interest with your product, why do you still need the grant?
Tricky Part: Are you trying to con our money here? The panels will try to give all kinds of reason that you do not need the grant.
Answer: Yes. Indeed that our potential clients has shown interest with our ideas, however, there isn’t a tangible product to urged them to issue us a PO (Purchase Order) yet, and that’s why we only had a LOI (Letter of Interest) instead.
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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.
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Congratulation.
Congrats!!Thanks for your useful tips in answering:)God Bless~
Wowwwwwieee … Congrats!!!! Birthday Present eh?
I called up today and they told me that ICON had run out of funds. Sad news.
may i emailed you to ask you regarding your success in getting the funding?
Hi, Hoong,
Are you chee hoong? Do you have an email, how about me emailing you?