MaGIC pitchIN finalists launch crowdfunding appeals
By Digital News Asia May 12, 2014
- 20 teams seek public support to realise their entrepreneurial dreams
- Top two to receive additional funding and virtual incubation support
FRESH out of an intensive boot camp that sharpened their business plans and honed their funding pitches, 20 startups from the MaGIC pitchIN Challenge launched their 45-day crowdfunding campaign on pitchIN on May 1.
The MaGIC pitchIN Challenge is an entrepreneurs’ challenge that was organised in conjunction with the launch of the Malaysian Global Innovation and Creativity Centre (MaGIC), pitchIN said in a statement.
These 20 teams were picked by the judges – Cradle Fund chief executive officer Nazrin Hassan; Cyberview managing director Faris Yahaya; and DiGi chief operating officer Albern Murty -- from 167 entries that were received before the closing dates.
The finalists comprise an eclectic selection that include a post-natal portal for new mothers, a football ticketing site, a mobile app for motorcyclists, and a portable hardware device that records ECG (electrocardiography) data for heart patients, pitchIN said.
For the final part of the challenge, all 20 teams have launched their crowdfunding appeals on the pitchIN crowdfunding platform.
These teams are calling on the public to provide funding for their ideas in return for rewards. To attract support from the public, the teams have come up with unique and interesting rewards that in some cases seek contributions as low as just RM3 from their backers.
The two teams that raise the highest amounts will receive additional funding support of RM25,000 each from MaGIC, six months virtual incubation support from Technology Park Malaysia, and intensive launch support from the WatchTower and Friends Accelerator.
Another six teams will receive RM5,000 each. [RM1 = US$0.31]
Anyone can back these projects, said pitchIN. The easiest way to do so is by pledging through a credit card. Following established crowdfunding principle, money will not be taken from backers unless and until the projects reach their targets.
Those without credit cards can also back projects by banking in their pledges directly to a bank account. Similarly, if the backed projects do not reach their targets, the banked-in pledges will be returned.
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