MAD Incubator Kicks Off 2013 with Incubation Scholarship for Technology Entrepreneurs
MAD Incubator would like to make the announcement of MAD Business Challenge Competition which will award 1-year incubation scholarships for 10 selected worthy Technology Entrepreneurs. The MAD Business Challenge 2013 is one of the MAD Incubator's initiatives in realizing its vision of achieving "1,000 entrepreneurs by 1 Million" mission.
- (1888PressRelease) January 09, 2013 - MAD Incubator is celebrating its business commencement at the MSC Malaysia Technology Commercialization Centre in Cyberjaya by announcing the MAD Business Challenge 2013, a competition that will award 1-year incubation scholarships to ten worthy entrepreneurs. Each incubation scholarship is worth RM50,000 per entrepreneur. The MAD Business Challenge 2013 is one of MAD's initiatives in realising its vision of "1000 entrepreneurs by 1 Million" mission.
MAD Incubator is Malaysia's largest private incubator offering the foremost business incubation solutions for the entrepreneur development world. Andrew Wong, the CEO and Founder of MAD Incubator, posted in MAD Incubator's Facebook page today, announcing the Inaugural MAD Business Challenge 2013 to permit more startups to benefit from MAD Incubator's successful entrepreneur development strategies. Today's announcement also coincides with MAD Incubator's official takeover of the MSC Malaysia Technology Commercialization Centre, an MDeC Incubator located in the Multimedia University in Cyberjaya.
Twenty entrepreneurs will have the opportunity to compete for ten scholarships to the MAD Incubator program - worth RM50,000 each - by pitching their startup businesses on January 31, 2013. To apply for this opportunity, entrepreneurs need to complete the application process by January 14, 2013 via email submission to MADBizChallenge ( @ ) incubator dot com dot my (submission details at the bottom of this note) dot Finalists will be notified by January 20, 2013, and will be requested on preparing their presentations for the January 31, 2013 finals dot
The key area in which MAD Incubator has been able to make a differentiated impact is in building a scalable business eco-system and coaching/mentoring platform that can effectively work with entrepreneurs in almost every industry space. For the lucky 10 entrepreneurs, MAD Incubator will provide facilities and services - working space, handholding, training, business mentoring and coaching, market validation, market access and funding access - for a period of 1 year following the selection process. The MAD Scholarship will begin on Feb 1, 2013 to January 31, 2014. MAD expects the 10 Finalists to achieve accelerated growth within 1 year of this MAD Scholarship Program.
What does the scholarship involve?
The 1-year scholarship will include:
1 One year incubation office facilities at the Startup Hub ( @ ) Cyberjaya
2 Ideas acceleration program
3 Market validation program
4 Business model assessment
5 One year coaching program by MAD Coach Academy
6 One year of handholding, market and business development and funding access
7 One year access to MAD Entrepreneur Academy
8 Showcase at BizStart
9 Launching at MAD TechVentures
Plus lots more...
Contest Instructions
Here's how applicants qualify to enter the contest.
1 Submit details of the business. Business must be ICT or technology that covers the area of mobile, Software as a Service (SaaS)/Cloud Computing, internet-based business and social gaming.
2 Closing date for submission will be Jan 14. Email submission to MADBizChallenge ( @ ) incubator dot com.my
3 Review and select top 20 finalists (Jan 14 - 20)
4 Announcement of Top 20 finalists.
5 20 finalists will be chosen to pitch in the finals (pitch fest) on Jan 31 to be held at MSC Malaysia Technology Commercialization Centre
6 Announcement of Final 10 qualified sponsorships on Jan 31, 2013
Challenge starts
January 1, 2013
Challenge ends
January 14, 2013
Challenge Rules
Entrepreneurs must submit a project brief that answers the following questions. These answers will be used to qualify for consideration in the program. The questions are:
1 Describe the project that you are proposing.
2 Value Proposition: What are you trying to create? How will it benefits your customers?
3 Describe the customer segment that you are servicing.
4 Validation: Have you validated your business idea with any potential customers? Why do you believe customers will want to use your idea/platform/services?
5 Positioning: What is the positioning of your offering? Who are the competitors? How do you compete? Differentiate?
6 Monetization: How do you monetize? What is the business model?
7 Total Available Market: How big is your market opportunity? This determines your financing and go-to-market strategy.
8 Financing: Are you bootstrapping? Are you planning to raise money? Have you raised any money so far? From whom? How much? What are your capital requirements to build this business?
9 Customer Acquisition: What is your customer acquisition strategy, cost, conversion rate, channels, channel costs? How many paying customers do you have right now? How much traffic? How many free users? Any other information on traction/validation metrics?
10 Team: Who is on the team, and what functions do they cover?
11 Stage: Identify what stage from the following you are at and provide further details. a) Concept b) Minimum Viable Product c) Free users d) Paying users e) Revenue f) Profitability
12 Anything else that is interesting about your venture that you think we should know?
13 Explain why you should be chosen for this initiative
Email submission to MADBizChallenge ( @ ) incubator dot com.my
Selection Criteria
1 Innovative idea and business model
2 Individual/team background
3 Strategic vision and market viability of the business
4 Applicant's ability to create and execute on the business idea
5 Applicant's commitment to the MAD Incubation Program to develop the business
6 Coach-able
7 Right entrepreneur attitude, passionate and resilient.
8 Must be willing to locate at the MSC Malaysia Technology Commercialization Centre
For more information, kindly contact MADBizChallenge ( @ ) incubator dot com.my
ABOUT MAD INCUBATOR SDN BHD
MAD Incubator is Malaysia's leading and largest private incubator. Formed in 2009, MAD Incubator is an MSC Status Accredited Incubator. MAD Incubator specializes in incubation programs from ideation to business venture and business acceleration. Its mission is to develop 1000 entrepreneurs in Malaysia achieving USD1mil by 2015 and have every entrepreneurs equipped with the tools, skills, knowledge and know-how to navigate their business challenges.
To date, MAD has incubated more than 80 business ventures and is supporting more than 200 companies through its BizStart Program. It wants to democratize entrepreneurship by making entrepreneur assistance and incubation affordable for all entrepreneurs through MAD's high value quality programs, mentoring, coaching and handholding services, as well as business facilities, networking opportunities, training workshops, facilitation on funding access, etc. For the past few years, MAD Incubator has worked out the following initiatives:
(a) Entrepreneur Circle Program - A group coaching program designed for 4 levels of entrepreneurship: Entrepreneur Readiness, Acceleration, Growth and Expansion, to target entrepreneurs from different business stages. This program started in year 2012.
(b) Ideas Acceleration Program - A 3-months program developed to help entrepreneurs to realize their business ideas into business venture.
(c) MAD TechVentures - Started in 2010, MAD TechVentures is a product launching platform to assist technopreneurs in gaining more market exposure and increase brand awareness. It is also a pitching platform since entrepreneurs are required to showcase and pitch their products to investors, buyers, media and other entrepreneurs.
(d) D.A.R.E. BizStart Showcase - BizStart Showcase is the largest business startup show in Malaysia. Each year more than 3000 startup entrepreneurs converge for two days of learning, knowledge acquisition, business network building and business matching. D.A.R.E BizStart Showcase is also a great platform for entrepreneurs to showcase their products and businesses; creating a big community of business startups in Malaysia that supports and leverage on each entrepreneur.
(e) Technopreneur Open Day (TOD) - MAD Incubator's flagship quarterly program featuring the latest updates on MAD Incubator and its incubation programs, entrepreneurs and industry.
(f) MAD Entrepreneur Academy (EA) - MAD EA is an online portal created for busy entrepreneurs to learn and equip themselves with entrepreneurship knowledge and skills. Our goal is to democratize entrepreneurship learning and making learning affordable for all entrepreneurs. Now every entrepreneurs can learn!
(g) BizStart Membership - BizStart Membership is about building a business startup community which we believe if given the right dose of nurturance and help, can become a dynamic business community in Malaysia. Generally, MAD's goal is to uncover 1000 companies that can be nurtured into million ringgit companies and BizStart is the starting point for us to identify these companies.
Reference:
MAD Incubator - www.incubator.com.my
BizStart - www.bizstart.com.my
Entrepreneur Academy - entrepreneur-academy.asia
Editorial Contact:
Wynne Tan Wenhui
Marketing Executive
MAD Incubator Sdn Bhd
Email: MADBizChallenge ( @ ) incubator dot com.my
Tel: 03-8994 1750
Fax: 03-2297 5390
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