My business plan was rejected by SPRING
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Bastards.
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if Spring rejected you, go for summer, winter and autum
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What business were you planning to do?
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toilet business, he was planing to do his business at the beautiful and clean spring's toilet till the security guys shoo him off
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Heard they rejected Mr. Sim's Creative proposal when he started out too.
.
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Maybe all this business evaluation is just a scam, they compile all the business proposals then set up businesses according to those specs.
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Originally posted by deepak.c:
Maybe all this business evaluation is just a scam, they compile all the business proposals then set up businesses according to those specs.
You know how they work.
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Originally posted by charlize:
You know how they work.
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Maybe I should start a small scale finance company also, I get folks with good business ideas to come apply for capital, after listening to 100 applicants, I give out 1-2 loans, the rest of the business ideas I will use it to set up my own company.
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Originally posted by deepak.c:
Maybe I should start a small scale finance company also, I get folks with good business ideas to come apply for capital, after listening to 100 applicants, I give out 1-2 loans, the rest of the business ideas I will use it to set up my own company.
That is what a lot of unethical companies do. And unsurprisingly, most were pretty successful for a period of time using other people's ideas and many of these people do not even realise that their work has been stolen.
This happens especially in inventions, where a lot of people applied successfully for patents despite the ideas not being theirs. Well, this is how the world works, so I can't really complain about it.
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Originally posted by RETARDED_MORON:
Bastards.
They rejected your business proposal after the meeting or no meeting at all? -
The meeting was pretty quick; damn.
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Originally posted by RETARDED_MORON:
The meeting was pretty quick; damn.
I wrote to them a page on wat i wan 2 do and they ask me to do a powerpoint presentation next week. got the appointment the same day.need some pointers on how u failed
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I had to go through NUS Enterprise, who manages SPRING funding schemes for on-campus start-ups. They had a strong preference for tech-based start-ups; not start-ups that make use of the latest technologies, but start-ups which sole purpose of existence is to commercialise some novel technology that has IP value.
That being said, my shortcomings are:
1) Market is too niche/small to allow any meaningful growth.
2) Barriers-to-entry are too low due to lack of proprietary IP element.
3) Financial projections are not impressive enough to justify funding my enterprise.
NUS Enterprise receives on average 1 business plan a day, and they reject more than 90% of all incoming proposals. I personally have approached them twice and failed to proceed further.
What is your business about, generally?
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Care to share what your business plan is about?
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Why even need to go through Spring?
Need money to feed Temasek leh... where got so easy support you?
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another useless organisation
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Originally posted by RETARDED_MORON:
I had to go through NUS Enterprise, who manages SPRING funding schemes for on-campus start-ups. They had a strong preference for tech-based start-ups; not start-ups that make use of the latest technologies, but start-ups which sole purpose of existence is to commercialise some novel technology that has IP value.
That being said, my shortcomings are:
1) Market is too niche/small to allow any meaningful growth.
2) Barriers-to-entry are too low due to lack of proprietary IP element.
3) Financial projections are not impressive enough to justify funding my enterprise.
NUS Enterprise receives on average 1 business plan a day, and they reject more than 90% of all incoming proposals. I personally have approached them twice and failed to proceed further.
What is your business about, generally?
1) If market big, then the big business people would be going into it already lah, why need small timers like you? Obviously start from niche market first what.
2) If barriers to entry high, that means only big players can go into it. That was why this scheme was set up right? To help the small startups put their foot into that business section?
3) Financial projections are just financial projections. Again, if the financial projections are very impressive, small timers like you would go to the big players and not SPRING.
NUS enterprise run this scheme for small startups or big MNCs?
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Ask EDB?
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Originally posted by eagle:
Why even need to go through Spring?
Payroll, professional services and advertising all need money.I applied for about $55,000 (burn rate of 2 years).
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Update: My idea was tabled at the NUS Enterprise internal meeting and an executive mentor is interested in my idea. Scheduled a follow-up meeting with them.
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Originally posted by RETARDED_MORON:
Payroll, professional services and advertising all need money.I applied for about $55,000 (burn rate of 2 years).
Wat is the max. $ one can apply from spring?i have filed a local patent last month n oredi got the formalities exam. report n the clearance
i dun think i will have problem on the 1st two - market size and barriers to entry as its a niche market-pull product but i will have the problem on the financial projections coz it depends on the pricing and acceptance of a new product
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Originally posted by RETARDED_MORON:
I had to go through NUS Enterprise, who manages SPRING funding schemes for on-campus start-ups. They had a strong preference for tech-based start-ups; not start-ups that make use of the latest technologies, but start-ups which sole purpose of existence is to commercialise some novel technology that has IP value.
That being said, my shortcomings are:
1) Market is too niche/small to allow any meaningful growth.
2) Barriers-to-entry are too low due to lack of proprietary IP element.
3) Financial projections are not impressive enough to justify funding my enterprise.
NUS Enterprise receives on average 1 business plan a day, and they reject more than 90% of all incoming proposals. I personally have approached them twice and failed to proceed further.
What is your business about, generally?
you're in the wrong school lah ....
I know someone from SMU who got 0.75 million in funding ......
or maybe ... much more likely .... your idea just sucks ....
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Originally posted by Fatum:
you're in the wrong school lah ....
I know someone from SMU who got 0.75 million in funding ......
or maybe ... much more likely .... your idea just sucks ....
my 25 yrs old biz is only worth 50K in their eye
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Originally posted by seyKai:
Wat is the max. $ one can apply from spring?i have filed a local patent last month n oredi got the formalities exam. report n the clearance
i dun think i will have problem on the 1st two - market size and barriers to entry as its a niche market-pull product but i will have the problem on the financial projections coz it depends on the pricing and acceptance of a new product
Depending on the scheme, one can apply up to more than a million dollars.By the way, I don't think a patent would serve as a barrier-to-entry or make your business defensible, given that you're a start-up with limited resources. When you file a patent, you publish everything publicly; anyone with an internet connection would have access to your invention. Even if others (especially giant corporations) want to copy your invention, it's unlikely that you have the financial resources to fight a long and expensive court case.
That being said, what have you patented?