In the past four months, the Malaysia Digital Economy Corporation (MDEC) has launched six alternative funding initiatives for companies seeking financial relief during the MCO.
Their sixth and newest is called Founders Grindstone. It is able to improve the skills of start-up founders to manage the complexity of fundraising and meet the needs of potential investors.
Since neither the press release nor the Malaysia Digital Hub website fully answered our questions about Founders Grindstone, we instead forwarded them to the MDEC financing team.
Here you will find everything we have learned and confirmed about the initiative so far.
1. What is the main goal of the founders Grindstone?
The MDEC financing team informed us that Founders Grindstone's main goal is not to raise funds, but to improve the skills, skills and knowledge of founders in fundraising (including legal obligations and corporate structure).
This in turn will hopefully increase your chances of fundraising, either through subsequent engagements after the founders' Grindstone workshops or independently.
2nd How long will this initiative take?
Founders Grindstone is a 6-month program that consists of 3 batches of intensive workshops, with 2 batches being held per batch.
3rd What workshops are there?
The workshops are conducted by global partners from venture capital companies, crowdfunding operators, startup-centered media and legal practice.
The first workshops will be held virtually on July 15, 2020 by MDEC and Draper Startup House Ventures (DSH). There, the participants are instructed in creating effective pitch decks and in convincing storytelling.
Once that's over, startups can submit their pitch decks on the DSH platform and 20 selected ones will be invited to pitch in the coming weeks.
The top 10 startups are added to the Draper Ventures Network and have access to 23 global funds.
The schedule for the DSH workshop is as follows:
- Registration deadline: July 12, 2020
- Workshop deadline: July 15, 2020
- Closing date for the pitch deck: July 12th to 24th, 2020
Another workshop will be held on July 29, 2020 by Izwan & Partners to convey knowledge about the legalities associated with the funding process.
The type of knowledge shared includes the legal requirements for fundraising, insight into venture capital funding, and engagement in term sheets, investment vehicles, cap tables, valuations, and other compliance issues.
- Registration deadline: July 24, 2020
- Workshop deadline: July 29, 2020
Here you can register for this first series of workshops.
4th Do these workshops cost anything?
According to the MDEC funding team, there are no financial costs for the founder grindstone workshops that start-up founders have to pay.
"However, depending on later engagements with partners after the founders' Grindstone workshops, costs may arise that depend on the needs of our partners," they added.
5. Who are these workshops open to?
All tech startups (whether B2B, B2C or B2B2C) in every financing phase (from bootstrap and pre-series to series D and higher) are welcome to register.
Note, however, that a startup's eligibility for subsequent special engagements with the workshop partners (if any) may depend on certain requirements set by that particular partner on a case-by-case basis.
6. How can I stay up to date with these workshops?
Startups can stay up to date on everything about founder Grindstone either on the Malaysia Digital Hub (MDH) website or in the MDH Facebook group.
- More information about MDEC can be found here.
Selected image source: MDEC