The nature of this challenge is as close as it can get to the real world of Technopreneurship / Entrepreneurship. Technopreneur / Entrepreneur aspirants would be required to not only generate ideas that would attract investors, but to also follow through to make it into a profitable business / venture.
Detailed mechanics of the YES Challenge:
- Gather a team of 3 - 4 persons
- Attend the MoneyTree Entrepreneur 1-day Fast Track Program
- Come up with an idea for a profitable PROJECT, and submit a written proposal for the project
- Proposal would then be submitted to a selected panel to determine the viability of their ideas and whether it could eventually be carried out profitably. Panel would also identify the strength and weaknesses of the plan with the intention of knocking the ideas into shape
- Projects that can be implemented and completed within 3 – 4 months are preferred
- Teams would be given 15 minutes to present their project / ideas, after which, a selected panel consisting judges and potential investors will pose questions to determine whether or not the ideas are concrete
- Teams whose projects / business ideas that have been selected will be given an opportunity to solicit funding from investors
- All projects which have been selected will be divided into smaller portions / shares to enable more investors to participate at a nominal sum, or at a sum they’re comfortable with (The Maximum amount allowable to be solicited from investors is RM 25,000)
- If investors find an idea that interests them, is scalable and is commercially viable, they can decide to invest in that particular project by buying shares in the venture
- Each team will be assigned a mentor, who will be responsible for ensuring that the team implements their plans according to their milestone goals
- Mentors would also supervise the preparation of monthly progress reports
- The panel and mentors would play an advisory role to the teams, focusing on implementation, strategy and profitability
- Profits would then be divided according to agreed portions as stipulated in the agreements, after subtracting any declared fees
- Upon EXIT, ideas / projects that make profits or is poised to make profits would be flipped over to Phase 2 of the Maybank – MoneyTree YES Challenge where they would be soliciting up to a maximum of RM 75,000 from investors to continue their business idea / project from Phase 1
- Ultimately, if the teams’ business idea / project flips over and makes profit during Phase 2, they will then be guided and supported to apply for available Government grants to bring their venture to higher levels
Other Related Articles:
- Maybank – MoneyTree Young Entrepreneur Startup (YES) Challenge
- YES Challenge Process Flow
- Highlights from YES Challenge Season 1 - Malaysia
- YES Challenge Learning Objectives
Other Updates in YES CHALLENGE
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