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I need to find fund for developing mobile apps?

Alif Aiman 6 years ago updated by Cradle 6 years ago 8

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Dear Lina,

For the 1st questions, we encourages teamwork and discourages a “one-man show”. Therefore, there must be a Primary Applicant and at least a Secondary Applicant. There is always a strong management team in any successful businesses. Therefore, if you have a strong team, the probability of your idea receiving the grant is higher.

And for the 2nd questions, Primary Applicant and each team members will be sign the agreement. And each of the signing parties will be responsible equally in case the project fails.

For the last questions, It is a case to case basis, either lum sum payment or staggered payment
Answered
Hi Alif,

We would like you to clearly indicate what type of funding that you require; either grant for prototype development or grant for product commercialization. For prototype development, Cradle Investment Programme (CIP) Catalyst is a platform that transforms raw innovative technology-oriented ideas into viable and commercial products, nurtures budding individual innovators and aspiring Malaysian entrepreneurs, and prepares them for commercialization.

CIP Catalyst’s investment focus is in diverse areas of ICT and high growth technology industries, including software and information services, internet: e-services, e-commerce and e-content, communication and networking: mobile data, high-tech consumer and business products, electronic and semi-conductors, medical devices and advance materials and biotechnology and life sciences, environmental resources management, renewable energy and technology innovation created for any industry. If you sincerely feel that your idea falls under the definition that we have stated, you are most welcome to submit your application. Successful applicants may receive up to RM150,000 per idea/application, subject to CIP approval.

On the other hand, CIP 500 is the first pure technology commercialization fund in Malaysia that provides grant of up to RM500, 000 to help budding Malaysian companies with innovative technology ideas/product to attain commercialization. This fund is aim to create companies that are sizeable, sustainable or venture capital (VC)-fundable. In addition to this CIP 500 fund, it also provides necessary commercialization support.

The company that applies for the CIP500 grant must be a Sdn Bhd company complying with the eligibility terms that state:
* At least 51% of the company's equity is held by Malaysians, and
* Company in operations for less than three (3) years, and
* Company's total revenue is not more than RM5mil in its total financial history, and
* Company owns the Intellectual Property (IP) rights of the products and/or services, which is intended for commercialization
* Company already has a prototype which only requires another 8% to 10% product refinement work to meet market & industry's expectations/demands.

For CIP500, our additional requirement also states the company must provide/bear the remaining 15% of the total project cost as Cradle only provides 85% of the total project cost. We have calculated that the applicant are expected to source for the remaining 15% (estimated minimum RM88,235) of the total project cost, either in cash, or in kind. Any indication of this should be stated in the formal/official documentation with regards to your company establishment (SSM related). All of these eligibility terms and requirements as per stated in our portal imply that only companies with structure and administration of a Sdn Bhd companies are allowed to apply.

All application for CIP are submitted through online which is you may required to download the CIP Application Pitch Form (CIP Catalyst or CIP 500) http://www.cradle.com.my/about/resources/ as for the first stage of application. Completed pitch form will be undergo evaluation and short listing process by the analyst once you submitted the form through email. Those shortlisted, will be called for pitching session.

i understand that you need a team of 2 person to be able to apply for the CIP. Will you consider solo application with a promise that the other mate will join in later when funds has been granted?

if i understand from you website correctly, the team leader would be the one signing the contract with you and therefore will be responsible for payment in case the project fails, right?

lastly, in the event payment has to be made back to cradle, is it a lum sum?
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Answered
Dear Lina,

For the 1st questions, we encourages teamwork and discourages a “one-man show”. Therefore, there must be a Primary Applicant and at least a Secondary Applicant. There is always a strong management team in any successful businesses. Therefore, if you have a strong team, the probability of your idea receiving the grant is higher.

And for the 2nd questions, Primary Applicant and each team members will be sign the agreement. And each of the signing parties will be responsible equally in case the project fails.

For the last questions, It is a case to case basis, either lum sum payment or staggered payment
Hi Cradle, 

"...we encourages teamwork and discourages a “one-man show”....Therefore, if you have a strong team, the probability of your idea receiving the grant is higher."

The above statement suggest that having a team is NOT mandatory but encouraged. One could still pitch without a team. Is this right?

Will Cradle give us the timeline to establish the plan or timeline is set by us?

Will the fund given to us in a lum sum or staggered?

Thanks
Answered
Actually, it is a requirement for you to have a team of minimum 2 people and maximum 5 people.
Maximum duration for CIP Catalyst prototype development is 1 year (12 months).
CIP Catalyst fund is given via reimbursement.
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