hyperlinked world

I was invited to MDeC, InnoTech.my 2007 event on Friday and Saturday, (7th and 8th Dec). It was an invitation-only event and I had to go for an interview to see if I am actually fit to pitch. The whole idea of the event is to bring in foreign VCs and to get local malaysian company to pitch and interact with them. It was a good learning experience for me. I never actually pitch to anyone for money for any of my project so far. Talking to these vcs and other budding entrepreneur does gives me some idea of where I am now and how much more work need to be done. Nonetheless, the event does somewhat embarrass me, and makes me wanna say a few things to other Malaysian entrepreneur.

Bootstrapping

This seems like an alien word to many. Not many seems to be aware that this word even exist. The word basically means that you have to kick-start your project with whatever you have right now. Don't wait for your seed money, don't wait for your first million to land on your feet. No entrepreneur should be given a single cent, unless they have had some bootstrapping experience. This is your first battle. Pitching to vcs should NOT be the first battle you fought.

Winning award can be bad!

Very very bad actually. In fact, it is so bad, that I almost cry. You see, winning an award too early makes you feel that your idea and business is validated, when in actual fact, it is not. You feel all warm inside, looking at this fancy award and you print them in your business card. I've seen some company with ideas that are either 15 years too late or trying to target a market who already have a dominant leader (and their solution is nothing special either!) , yet because of the 'prestigious' award they receive earlier, they keep on limping through, thinking that their persistence will eventually help to hit it big.

You see, these awards blinds you from seeing your business as it is. You need to remember that the only validation you need is your customers. Until they do hand over their award, aka money to you, you're nothing.

Is your business scalable ?

One of the idea that crush me inside is the Quran learning portal idea. Such a pure and noble idea, yet completely impractical. you see girl, in programming we have this

 
if($good_idea != $good_business_idea) {
	echo "Your idea sucks";
}
 

Have you really think about your cost structure at all?

Persistence is not enough

I'd like to blame Colonel Sanders for this. He plant this false idea that with persistence, you can achieve anything. I tell you what, whenever I watch Battlestar, I've been trying to see through that Korean hottie's uniform with just my stare with a massive amount of PERSISTANCE. Yet, it didn't happen...