The 12-week accelerator programme, which consists of a network of experienced entrepreneurs and industry members, hopes to provide promising start-ups with venture building and funding.
Speaking to SunBiz after organising a Rave Mentor Pitch Night a few months ago, Rave Ventures' CEO Rizal Alwani said that the accelerator had previously signed on RM800,000 and RM1 million sized funds for its first and second batch programmes respectively.
Rizal said the accelerator would connect the founders of start-ups with its wide connection of investors and venture capitals, to ensure the start-ups get the right funding for their business.
Apart from that, he said it also makes sure that the founders get proper information and knowledge on how to conduct vesting agreements by providing advice and consultation.
"Working on a 90-day venture building methodology, we engage the selected start-ups to further refine their product, presentation and execution of their business. Our goal is not only to get start-ups to the next phase of funding, but also to ensure sustainability and growth," Rizal noted.
Meanwhile, on the objective of the Mentor Pitch Night, Rizal said it is to introduce the new third batch start-ups to the experienced entrepreneurs and industry members.
"Our goal is to find the right mentors for all the eight participating start-ups, where their mentors will help to guide and accelerate their businesses further."
The start-ups consist of social matchmaking service, known as "Halal Speed Dating", sports clothing e-commerce Summersault.my, home decorations e-commerce Jiham.my, Above and Beyond Concierge Services, JomJamban Bathroom Services, Laundry on the Go Services, MyMakBidan Services and Toy Library Club (TLC) Services.
The eight start-ups were short-listed from 400 young companies, and started their acceleration programme on Sept 28, 2015.
As part of their business coaching and mentoring programme, Rave Ventures also organises what is called as Demo Days for start-ups to be showcased to local and regional investors.
Demo Days are attended by key start-up ecosystem players including big IT companies, early stage funders, influencer and government agencies.
"We are basically backed by myNEF. For the last two batches, myNEF foundation has invested about RM400,000 into the programmes. Starting this July, myNEF allocated another RM500,000 for the operation costs," Rizal said, noting that the accelerator programme is wholly funded by myNEF since it began its first batch programme in July, 2014.
MyNEF, which was formed in 1997, is a non-profit organisation established by ICT and creative industry players in partnership with the government.
By Wan Ilaika Mohd Zakaria sunbiz@thesundaily.com
Startups put through paces
The programme gives startups the right pressure and motivation to succeed, says Rizal.SPEED and focus are vital in starting a business, particularly at the start-up phase, budding entrepreneurs heard at the “RAVe Mentor Pitch Night” at the New Entrepreneurs Foundation (myNEF) headquarters in Empire Damansara, Damansara Perdana on Oct 9.
“In focused programmes such as our accelerator plan, we make them do things in three months for things which companies use a year to achieve,” said RAVe Ventures Sdn Bhd chief executive officer Rizal Alwani. RAVe is a subsidiary of myNEF.
During the event, the third batch of eight start-ups were given an opportunity to pitch their ideas to mentors and investors.
“Our entrepreneurs are not exposed to the serious level of competitiveness in the tech eco-system and are also less hungry, so in our programme we give them the right pressure and motivation to succeed,” Rizal said.
The eight start-ups, shortlisted from over 400, had to work up to 4am in the morning to achieve their respective deliverables.
“They were all given deliverables, including their three-month revenue target, and they had to find ways to achieve it, including applying guerilla marketing campaigns,” he added.
The accelerator had been running the programme since 2014.
“By the end of the three-month period, we hope they will become investible companies, be it by grants or by venture capitalists,” Rizal said.
Some of the ideas that the start-ups pitched on that night included being a tech platform for helper services including things like cleaning residential and office spaces, laundry service, post-natal care, purchase of wall furnishings. There was even an idea for a halal speed dating service.
The start-ups were given an opportunity to do a short presentation on their business model, their motivation for doing it and what had been achieved so far.
Subsequently, they were asked by mentors and investors on how they would acquire customers and the acquisition cost. Some mentors also recommended contacts to help the start-ups.
Rizal concluded that the event was to prepare the start-ups of what was to follow.
That would be Demo Day for local investors in December and subsequently in Singapore for investors from the South-East Asian region.
By Lim Wing Hooi The Star/Asia News Network
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