RESOURCE TOOL | Q&A FORUM | APPOINTMENT BOOKING
This is an online forum for startups to ask any questions related to entrepreneurship. Simply post your enquiry and we will assist you in getting the answer you need by either our resident MaGICians or partnering agencies. The User Demo below helps show you how to post your enquiry and be notified when it's answered.
No similar topics found.
0
Answered
Forwarding Enquiry: Funding
Good Morning Sir / Mdm, I am into contract manufacturing of zinc die casting and surface finishing.From start up till to-day managed to establish a basic infra,now in order to grow the business i need funding and not debt financing instead equity financing.
Hope there can be a Magic.
Hope there can be a Magic.
0
Answered
Forwarding Enquiry: Fundamental business discussion & learning session
Hi, I am Hafiidz, a petroleum engineer at our national oil company by profession, part timing as Android programmer & working towards starting up sustainable business for my partners and I.
My friends and I, mostly around 27 years old, 3-6 years working experience in various industries and company often have our discussion sessions on starting our own business. Some of our friends have started theirs and the rest of us are inspired to follow their footsteps.
We have a couple of very fundamental questions, for example;
+how to do a market survey/test ideas validity
+how to create a sound business plan, for pitching to gov agencies/banks/investor
+when should we start a company? Or LLP? First step or after product validation or...?
+branding, trademarks & domain registration guide
and especially to all these as lean as possible, while still keeping our engineering 8 to 5 works for now, while we collect capital & business networks before taking both feet in our own business.
Online sites has been a great help in giving us some general ideas but I personally prefer to meet and discuss with others who has walked this path before and more knowledgeable in the area.
Is it possible to come to MaGIC, and have a discussion session on the above topics? Or please advise if there is planned program/events that are covering some of these topics.
FYI, I have developed and published a basic app as per link below, as learning and rapid development testing, there are a couple of features & business models that I have in mind but have yet been able to realise/program.
https://play.google.com/store/
My friends and I, mostly around 27 years old, 3-6 years working experience in various industries and company often have our discussion sessions on starting our own business. Some of our friends have started theirs and the rest of us are inspired to follow their footsteps.
We have a couple of very fundamental questions, for example;
+how to do a market survey/test ideas validity
+how to create a sound business plan, for pitching to gov agencies/banks/investor
+when should we start a company? Or LLP? First step or after product validation or...?
+branding, trademarks & domain registration guide
and especially to all these as lean as possible, while still keeping our engineering 8 to 5 works for now, while we collect capital & business networks before taking both feet in our own business.
Online sites has been a great help in giving us some general ideas but I personally prefer to meet and discuss with others who has walked this path before and more knowledgeable in the area.
Is it possible to come to MaGIC, and have a discussion session on the above topics? Or please advise if there is planned program/events that are covering some of these topics.
FYI, I have developed and published a basic app as per link below, as learning and rapid development testing, there are a couple of features & business models that I have in mind but have yet been able to realise/program.
https://play.google.com/store/
Answer
MaGIC
10 years ago
Your Enquiry:
> My friends and I, mostly around 27 years old, 3-6 years working experience in various industries and
> company often have our discussion sessions on starting our own business. Some of our friends have started
> theirs and the rest of us are inspired to follow their footsteps.
> We have a couple of very fundamental questions, for example;
> +how to do a market survey/test ideas validity
Our Answer:
Here are some ways:
http://practicetrumpstheory.
> My friends and I, mostly around 27 years old, 3-6 years working experience in various industries and
> company often have our discussion sessions on starting our own business. Some of our friends have started
> theirs and the rest of us are inspired to follow their footsteps.
> We have a couple of very fundamental questions, for example;
> +how to do a market survey/test ideas validity
Our Answer:
Here are some ways:
http://practicetrumpstheory.
http://startupbros.com/3-
http://www.startupdonut.co.uk/
http://steveblank.com/tools-
http://www.startupdonut.co.uk/
http://steveblank.com/tools-
And once you have something more concrete, you can proceed to test out the ideas by
looking to raise funding around the idea:
http://www.entrepreneur.com/
Your Enquiry:
> +how to create a sound business plan, for pitching to gov agencies/banks/investor
Best way for a sound business plan is to have a prototype or a simpler version of your
product being used in the market and that you can find some customers or sponsors. The
best business plans these days is to show that you have a simple version of your software
or product being used by actual users, preferably if they are paying for it.
Imagine if you are investor, two companies come to you for funding. The first team has
a powerpoint slide and an idea, while the second team starts the conversation by showing
you a working prototype and adds that there are already 500 users signed up and are using
it. Which team would you be more likely to fund?
Your Enquiry:
> +when should we start a company? Or LLP? First step or after product validation or...?
Our Answer:
A good time to start a company is when all the co-founders and team can work full time on
the idea, or at least 40 hours a week and has a working prototype.
Your Enquiry:
> +branding, trademarks & domain registration guide
Our Answer:
Here are some branding and trademark guides:
http://technori.com/2013/03/
http://onstartups.com/tabid/
http://www.forbes.com/sites/
As for domain registration, it's generally ideal to have a .com domain name that is the
same as your company name. However, now that it's 2015, a lot of obvious names and common
dictionary based words are taken, this might not be possible, and you may have to compromise
and/or be creative. One rule of thumb is to use a name that you can hear over the phone and
spell it.
Your Enquiry:
> and especially to all these as lean as possible, while still keeping our engineering 8 to 5
> works for now, while we collect capital & business networks before taking both feet in
> our own business.
> Online sites has been a great help in giving us some general ideas but I personally prefer
> to meet and discuss with others who has walked this path before and more knowledgeable
> in the area.
Our Answer:
You can definitely start with building it up part time, though do realise that outsized rewards generally require taking risks.
Your Enquiry:
> Is it possible to come to MaGIC, and have a discussion session on the above topics?
> Or please advise if there is planned program/events that are covering
> some of these topics.
Our Answer:
MaGIC has various events where we would have multiple entrepreneurs present, keep an eye
out for those. Do sign up for our newsletter. You can contact me for further follow-up,
alif@mymagic.my
Your Enquiry:
> FYI, I have developed and published a basic app as per link below, as learning and
> rapid development testing, there are a couple of features & business models that I
> have in mind but have yet been able to realise/program.
> https://play.google.com/
Our Answer:
Congrats! If this is where your target space is - you should speak with the folks at iMoney and
RinggitPlus as they operate in your space.
Best regards.
looking to raise funding around the idea:
http://www.entrepreneur.com/
Your Enquiry:
> +how to create a sound business plan, for pitching to gov agencies/banks/investor
Best way for a sound business plan is to have a prototype or a simpler version of your
product being used in the market and that you can find some customers or sponsors. The
best business plans these days is to show that you have a simple version of your software
or product being used by actual users, preferably if they are paying for it.
Imagine if you are investor, two companies come to you for funding. The first team has
a powerpoint slide and an idea, while the second team starts the conversation by showing
you a working prototype and adds that there are already 500 users signed up and are using
it. Which team would you be more likely to fund?
Your Enquiry:
> +when should we start a company? Or LLP? First step or after product validation or...?
Our Answer:
A good time to start a company is when all the co-founders and team can work full time on
the idea, or at least 40 hours a week and has a working prototype.
Your Enquiry:
> +branding, trademarks & domain registration guide
Our Answer:
Here are some branding and trademark guides:
http://technori.com/2013/03/
http://onstartups.com/tabid/
http://www.forbes.com/sites/
As for domain registration, it's generally ideal to have a .com domain name that is the
same as your company name. However, now that it's 2015, a lot of obvious names and common
dictionary based words are taken, this might not be possible, and you may have to compromise
and/or be creative. One rule of thumb is to use a name that you can hear over the phone and
spell it.
Your Enquiry:
> and especially to all these as lean as possible, while still keeping our engineering 8 to 5
> works for now, while we collect capital & business networks before taking both feet in
> our own business.
> Online sites has been a great help in giving us some general ideas but I personally prefer
> to meet and discuss with others who has walked this path before and more knowledgeable
> in the area.
Our Answer:
You can definitely start with building it up part time, though do realise that outsized rewards generally require taking risks.
Your Enquiry:
> Is it possible to come to MaGIC, and have a discussion session on the above topics?
> Or please advise if there is planned program/events that are covering
> some of these topics.
Our Answer:
MaGIC has various events where we would have multiple entrepreneurs present, keep an eye
out for those. Do sign up for our newsletter. You can contact me for further follow-up,
alif@mymagic.my
Your Enquiry:
> FYI, I have developed and published a basic app as per link below, as learning and
> rapid development testing, there are a couple of features & business models that I
> have in mind but have yet been able to realise/program.
> https://play.google.com/
Our Answer:
Congrats! If this is where your target space is - you should speak with the folks at iMoney and
RinggitPlus as they operate in your space.
Best regards.
0
Answered
Looking for a sound programmer
Looking for a sound programmer to write a software for use in a medical product
0
Answered
Opportunities for Aspiring Social Entrepreneurs
Hi, My name is Elizabeth...I would like to enquire about generating ideas for a social Enterprise ....I also need help on writing my thesis on social entrepreneurship. I wlll also like to enquire about progams, seminars and opportunities for aspiring SE.
0
Answered
Social Entrepreneurship Database
Hi everyone.
I am an undergraduate student doing my final year research on Social Entrepreneurship. May I know how can I get into the database of numbers of Social Enterprise in Malaysia and their nature of business?
Looking forward in having your views. Thanks.
I am an undergraduate student doing my final year research on Social Entrepreneurship. May I know how can I get into the database of numbers of Social Enterprise in Malaysia and their nature of business?
Looking forward in having your views. Thanks.
0
Answered
Forwarding Enquiry: Capital for Innovative Business
Dear Magic
Hi, I currently have a business plan but lacking capital to establish the business. Do your organization offer capital for innovative business plans?
Hi, I currently have a business plan but lacking capital to establish the business. Do your organization offer capital for innovative business plans?
0
Answered
Forwarding Enquiry: How MaGIC can support start up
We have just started a start up and as usual we are working our ways through challenges . Help us understand how MAGIC could help and support in this venture ?
0
Answered
Forwarding Enquiry: Hiring a team of programmers
Hi,
I have an idea for a startup. I have a plan. I'll probably be pitching to investors in a month or so. However, I need to build a team - which consist mostly of programmers. Whilst I did do an engineering undergrad, I have minimal experience in coding. I am finding it a challenge to begin hiring a team of programmers, I would probably need to co-found the whole thing with a technical head too. Could you assist on how I might go about hiring and filtering good programmers?
Thanks
Joel
I have an idea for a startup. I have a plan. I'll probably be pitching to investors in a month or so. However, I need to build a team - which consist mostly of programmers. Whilst I did do an engineering undergrad, I have minimal experience in coding. I am finding it a challenge to begin hiring a team of programmers, I would probably need to co-found the whole thing with a technical head too. Could you assist on how I might go about hiring and filtering good programmers?
Thanks
Joel
Answer
MaGIC
10 years ago
Hi Joel,
We have our colleague Alex helping you with the answer:
Here are the top ranked option for developing your app.
#1) Doing it entirely on your own.
- Teaches you to code
- Teaches you the development time of getting an app out
- Teaches you the process of development
- Allows you the ability to modify your idea rapidly when you encounter issues to customize your solution (happens very often in software development before you discover the flow that it works)
- Reduces your cost outlay in getting the software out
- Prepares you for your next startup
- Allows you to evaluate software development skills
#2) Finding a co-founder who can build the app idea
Next best thing is for you to find someone to build it with you. To provide a fair equity to someone, you will likely have to either give 50% equity of the company or give away at least 20-30% and still pay out somewhere in the RM30-50k range in getting the app built - and this is no guarantee of an app that will be final.
Finding a co-founder who is willing to work with a first time co-founder and getting the idea to work, is a very rare thing. Most developers who have the skill and can deliver will either have a good paying job (if they don't, you might wonder about their quality, which because you do not have coding experience, will have difficulty judging if they are good or not), or are learning on their own to implement their own idea.
That said, here are the places where you can help find you a potential co-founder:
a) Hackathon events - there are plenty of hackathons running in KL, there's usually one running every month. Keep an eye out on Calendata.com for hackathon events.
b) Software development programs courses - MaGIC runs some of these, Imran is involved in running some of these programmes. You should enrol and go through the course, get to know fellow participants and if there is chemistry with any of the peers there, you can decide. If you couldn't find anyone, hopefully you've picked up enough experience and can build.
#3) Outsourcing it to another company
This is an option, though generally, the good firms that can deliver will cost way too much. The ones where the prices seems affordable will get expensive. Generally, the interests are not aligned between you (founder) and the development house (them). I have built an offshore outsourcing company of more than 80 people providing outsourced development (I started by providing customer support and eventually provided web and mobile application as a value added service).
From the point of vide of a development house, the more money you spend - the better it is for their business. Even if they take a percentage of your company, their risks are diversified since they have other clients and revenue sources, and if your app fails to become profitable, it's not too much of risk for them.
However, if it fails on your end, your company is doomed. It's very hard to get around it.
There are good companies to outsource your work to, these would typically charge upwards of RM30-50k to start a project. After that, there is a monthly cost of keeping developers around, and that can be anywhere from RM10k and above.
Typically, may app development companies would be using junior talent for your project as they would use it as a training project for their new staff. Their senior staff may come in and help out once in a while - but you have to understand their business model and costs - if they pay too much attention to you, they are likely not going to be profitable. And if they are not profitable, if your app eventually takes off, then you may not be able to rely on them - since unprofitable companies tend to go bankrupt.
Hope this helps.
Best regards.
We have our colleague Alex helping you with the answer:
Here are the top ranked option for developing your app.
#1) Doing it entirely on your own.
- Teaches you to code
- Teaches you the development time of getting an app out
- Teaches you the process of development
- Allows you the ability to modify your idea rapidly when you encounter issues to customize your solution (happens very often in software development before you discover the flow that it works)
- Reduces your cost outlay in getting the software out
- Prepares you for your next startup
- Allows you to evaluate software development skills
#2) Finding a co-founder who can build the app idea
Next best thing is for you to find someone to build it with you. To provide a fair equity to someone, you will likely have to either give 50% equity of the company or give away at least 20-30% and still pay out somewhere in the RM30-50k range in getting the app built - and this is no guarantee of an app that will be final.
Finding a co-founder who is willing to work with a first time co-founder and getting the idea to work, is a very rare thing. Most developers who have the skill and can deliver will either have a good paying job (if they don't, you might wonder about their quality, which because you do not have coding experience, will have difficulty judging if they are good or not), or are learning on their own to implement their own idea.
That said, here are the places where you can help find you a potential co-founder:
a) Hackathon events - there are plenty of hackathons running in KL, there's usually one running every month. Keep an eye out on Calendata.com for hackathon events.
b) Software development programs courses - MaGIC runs some of these, Imran is involved in running some of these programmes. You should enrol and go through the course, get to know fellow participants and if there is chemistry with any of the peers there, you can decide. If you couldn't find anyone, hopefully you've picked up enough experience and can build.
#3) Outsourcing it to another company
This is an option, though generally, the good firms that can deliver will cost way too much. The ones where the prices seems affordable will get expensive. Generally, the interests are not aligned between you (founder) and the development house (them). I have built an offshore outsourcing company of more than 80 people providing outsourced development (I started by providing customer support and eventually provided web and mobile application as a value added service).
From the point of vide of a development house, the more money you spend - the better it is for their business. Even if they take a percentage of your company, their risks are diversified since they have other clients and revenue sources, and if your app fails to become profitable, it's not too much of risk for them.
However, if it fails on your end, your company is doomed. It's very hard to get around it.
There are good companies to outsource your work to, these would typically charge upwards of RM30-50k to start a project. After that, there is a monthly cost of keeping developers around, and that can be anywhere from RM10k and above.
Typically, may app development companies would be using junior talent for your project as they would use it as a training project for their new staff. Their senior staff may come in and help out once in a while - but you have to understand their business model and costs - if they pay too much attention to you, they are likely not going to be profitable. And if they are not profitable, if your app eventually takes off, then you may not be able to rely on them - since unprofitable companies tend to go bankrupt.
Hope this helps.
Best regards.
0
Answered
Forwarding Enquiry: Entertainment industry (how to execute)
Greetings,
My name is Raku Nadarajah, Fresh Graduate and I would like to have an appointment with someone I can seek advise related to Entertainment industry.
I'm having some fresh ideas but i just don't have the proper guideline to move forward. I hope MaGIC can give hand for my ideas to be execute in near future.
My name is Raku Nadarajah, Fresh Graduate and I would like to have an appointment with someone I can seek advise related to Entertainment industry.
I'm having some fresh ideas but i just don't have the proper guideline to move forward. I hope MaGIC can give hand for my ideas to be execute in near future.
Customer support service by UserEcho