Meet Mr. Bugs Tan, the Master Inventor

Headline: Meet Master Inventor
Publication: NST
Date of publication: Jan 9, 2012
Section heading: Life & Times
Page number: 010
Byline / Author: By Rozana Sani

OBSERVE, identify and fix. That's the mantra of an inventor fondly known as Bugs Tan. Rozana Sani has the story.

Tan Yeow Kiang, fondly known as Bugs Tan, looks nothing like how one would imagine an award-winning inventor to look. With his closely cropped hair and wide smile, clad in shirt and jeans, the 50-year-old looks like the stereotypical favourite uncle, someone who would be entertaining the kids with stories and magic tricks.

That's not too far off the mark, really. It's not magic tricks Tan pulls out of his sleeves but a series of inventions that has won him recognition across the world.

He has picked up 14 awards, local and international, since his first win, a Silver Medal from Geneva, Switzerland, in 2001. That invention was the Multi-locking Pulley, a lightweight pulley/coupling that uses extruded aluminium technology which makes it lighter than the conventional cast iron pulley/coupling.

In 2007, he received the National Innovation Award. Two years later, India honoured him with an International Excellence Award For Innovation for his contribution to the field of creativity and innovation.

In 2010, he was awarded the Gold Medal at the Cyber International Genius Inventor Fair in Korea for his Litewalk Grating System, which are steel grating panels used on oil platforms.

Among his inventions sold in department stores and specialty outlets are the Fanfilta, which makes cleaning of ceilings easy, and the Outdoor Air Cooler, which offers fresh, cooled air during outdoor functions.

You may deduce his success is due to extensive research and lab work, and he would be the first to acknowledge this. But it didn't come through conventional means.

"I was a typical schoolboy growing up in Klang in the 1960s. The name 'Bugs' came from friends. I had a simple childhood in Pulau Ketam, where I would invent a variety of games from things as simple as two sticks," recalls Tan.

"After Form Five, I worked at my father's company, which dealt in the trading of engine and machinery for the agriculture and construction industries. In 1994, I decided to strike out on my own in the same business."

But competition was tough and profit margins were too narrow for a trading business. "It was then that I decided to design and develop my own products to sell," says the keen observer and voracious reader of a wide range of subjects.

Together with his team, he developed the Multi-locking Pulley for clients. It is light and easy to maintain. Most importantly, it was well-received.

"I invent products based on market problems. You have to observe where the problem lies and create a solution," he points out.

"The Multi-locking Pulley kicked off my career as an inventor and I began to obtain grants from the government. To date, I have created 15 products, patented locally and abroad, and some have been commercialised."

Challenges were aplenty in his journey to become a respected inventor, but he wanted to continue contributing towards the country's goal of becoming a developed nation.

MAN ON A MISSION

With that in mind, Tan began to actively realise his goal. He became an innovation adviser.

Already a judge for the James Dyson Award, an international invention competition held in over 18 countries, Tan is also a celebrity judge for the Ideas Malaysia Inventor's Challenge, a reality TV show broadcast on TV3. He also lectures at a number of universities and institutions locally and abroad, on creativity and innovation.

His latest project is the Creative And Innovative Practicing Company programme, which is essentially a management tool that provides a step-by-step guide on how to harvest fresh ideas from company employees. These ideas are then fine-tuned into new products for the company to help it stay ahead of the competition and bring in additional revenues.

The six-month programme is suitable for SMIs and SMEs. It begins with the setting up of an internal Innovation Committee, right up to Innovation Policy and an indigenous tool to harvest ideas from the employees. An incentive and reward scheme is also in place to motivate and encourage employees to share their ideas with the management.

"Besides encouraging a creative thinking culture among employees, other measurements in the key performance index for this programme include identifying at least one creative talent in every 20 employees. This is designed to secure one workable idea for every 20 ideas submitted," explains Tan.

Then the company should be able to create at least two prototypes and carry out at least one successful proof of concept.

"Once the company has applied the programme's principles, it will enjoy a constant flow of new ideas. That's the objective of the programme, to see some of the new ideas turned into winning products and services that can drive the company to new heights," says Tan.

For budding inventors, Tan has set aside Saturday mornings to meet those who need his help. "I offer advice on the new ideas and projects that they have developed."

KIDS' PLAY

Apart from companies and students at the tertiary level, Tan aims to stir up creativity in another group - young kids, whom he has a soft spot for.

Coming up with innovative inventions requires creativity, and Tan says it's crucial this element is instilled at a young age.

His two daughters, Amanda, 17, and Amelia, 15, went through that learning. From as young as 7, the two girls had been challenged by their dad to observe their surroundings and come up with an invention once a week that would address the problems at home or in other places.

Amelia in particular, says Tan, often rose to the occasion. He has helped her build prototypes from the concept stage, such as a car toilet seat and a combo spoon that can be turned into chopsticks, spoon or fork according to need. The father-daughter team have won many awards for their inventions.

"I help kids build creative thinking skills through our projects in the workshops, where I teach them how to invent things. They will learn how to use recycle materials and build prototypes on the spot. It's fun and educational. These workshops are targeted at kids aged 7 to 15, an ideal age group as they do not feel inhibited to think out of the box," says Tan.

Mr Bugs at the I'm a Technopreneur Kid's Holiday Camp

In the last school holidays, Tan did a successful series of creativity and innovation camps for kids called I'm A Technopreneur. It was held in locations such as the National Science Centre in Kuala Lumpur, Penang and Sibu. The kids had to form a company and conceptualise a novel product. Then they had to build it using materials available, bought using play money. They also had to pitch their ideas to their peers and Tan.

"They had so much fun, so did their parents, who were there to watch. I hope to hold more camps," says Tan with a sparkle in his eyes.

That's not all. He has a few educational and entertaining products designed to promote creative thinking among kids. He has also produced five invention workbooks and written six stories for kids.

"I've created 10 episodes of a one-minute animation called Young Inventor. It's targeted at kids aged 5 to 8. The main emphasis is on creativity, innovation and everyday problems and solutions. There's a new invention each episode.

"There's also a 30-minute pilot episode of an animation about a family of inventors. It's filled with adventure, is entertaining, educational and has good moral values. The family talk about inventions all the time," reveals Tan.

He adds: "I'm optimistic about the talents that our country has in terms of innovation and creativity, and I can vouch that government support for such endeavours is commendable. I think the private sector needs to do more on its part to invest in local technology so we can produce and take our very first invention of great impact to the world. If not, commercialisation will still be a challenge."

source from New Straits Times

Congratulations Bluesignage for the Launching of BlueICE!

Bluesignage Sdn. Bhd., one of our incubatees in IIC has successfully launched BlueICE last Thursday. Thanks to Bluesignage, their partner Konsortium Transnasional Berhad (KTB) and great team in TPM, the event was a roaring success!

Our hall in Resource Centre was filled to the brim and there was massive coverage in major newspapers on Friday. We could not have been more proud of Mr Por and his team.

Congratulations from us in IIC!



Newspaper clipping from Berita Harian, Ekonomi section on Friday, 13th January 2012
From left: YM Tengku Hasmadi, MD KTB, Mr Por Yew Guan, MD of Bluesignage and Y.Bhg. Dato Hj Mohd Azman, CEO / President of Technology Park Malaysia

Other coverage:

Tech Central

Bernama

Business Times

Kosmo

Harian Metro

The Sun Daily

Malaysian Digest

Utusan Harian

My LaunchPad

Sjiehan.com

Congratulations to 1Machine!

A big, big congratulations to 1Machine Technology Group for the successful launch of PERISAI yesterday! The launch was a job well done by the team, and we at IIC are very proud of them. 

1Machine Technology Confident Of High Sales For Its Internet Security Solution

PUTRAJAYA, Jan 10 (Bernama) -- 1Machine Technology Group is aiming at a sales of between RM20 million and RM30 million this year for its newly developed business internet security solution, Perisai Premier Edition, said its Chief Executive Officer Abbyamir Sapie.

He said the Perisai Premier Edition offered features such as the Perisai Websafe which will enable users to open a clean and secure web browser for internet banking and online transactions and also the Perisai Sandbox which provided an extra layer of security for users to run an application in a virtual sandbox without infecting the entire computer.

For a start, the solutions will be promoted to the government as well as the private sector, while for the general public the target is to sell to them by mid this year, he told reporters following the launch of the solution here Tuesday.

The launch was officiated by CyberSecurity Malaysia Chairman Tan Sri Mohd Azumi Mohamed who represented Science Technology and Innovation Minister Datuk Seri Dr Maximus Ongkili.

It is the first syariah-compliant security software, Abbyamir said, adding that it came with a web-based central console that secured business computer networks and provide businesses with the proper tools for security such as remote installation and updates, real time security alert and scheduled automatic scanning.

Besides 1Machine, others involved in the production and distribution of the product include the Persatuan Badan Berkanun Malaysia as the exclusive distributor with a joint marketing venture and Magnaquest Solutions Sdn Bhd as the principal technology partner.

CyberSecurity Malaysia contributed to the technological malware of the product and Universiti Teknologi Mara supported the 1Machine with research conducted along the definition and development of digital syariah 

source: BERNAMA

Screening of Ctrl+Alt+Compete - The Life of a Startup

What is this all about?

So…we, Microsoft, made a movie.

Not just a shaky-cam movie with a handheld camera edited in Movie Maker…but a REAL movie…a feature-length, theater-ready documentary film with an award-winning production crew. The film is called Ctrl+Alt+Compete. It takes a revealing look at the startup and emerging business scene through the eyes of five founders and their teams telling a story of the passion, fortitude and insanity that is bringing a startup to life.  We’ve only shared it with a handful of people but we’re excited about the feedback so far.

Why did we do it?

Simple. We believe tech entrepreneurship is fundamentally changing the world. The things that developers create; the ideas that they’re able to make reality; the tangible value they deliver is reshaping the way people live their lives every day. 

The infrastructure to build quickly is cheaper and more accessible than it’s ever been…there’s lots of capital floating around for the right idea. If only it were that simple! Building a startup from nothing to something is hard—REALLY hard.  There is a “story behind the story” of just how hard it is for these ideas to go from inception to reality and become the products and services that we use every day. 

We believe that is a story worth telling and sharing, and above all, we want express our sincerest gratitude to all of you for your support of our business and usher in 2012 together with the Malaysian premiere of Ctrl+Alt+Compete

Date	Wed, January 18 2012
Venue	Auditorium, Microsoft’s Office, Level 29, Tower 2 Petronas Twin Towers
Time	5:00 – 8:30 PM
Agenda
5:00-5:30PM	Registration & Networking
5:30-5:45PM	Welcome by Microsoft
5:45-6:05PM	Opening Address by Nazrin Hassan, CEO of Cradle Fund Sdn Bhd
6:05-6:20PM	Pre-Screening Message
6:20-7:20PM	Screening of Ctrl+Alt+Compete
7:20-8:30PM	Dinner & Networking
8:30PM	End

Register here: http://on.fb.me/vdJLs0

Registration Closes on Jan 15 2012.

On screening day, please arrive on time as you will not be able to enter Petronas Twin Towers after 6:15PM.

Are you a Microsoft BizSpark member? If yes, please denote that during registration for a special door gift!

Not yet a Microsoft BizSpark member? Join now at www.bizspark.com

Note: Microsoft reserves the right to change the agenda and any other offers for this screening at any time.

5 Things You Should Never Say While Negotiating

We have accompanied and seen companies conduct their sales pitch - either for practice purposes or to close the deal. There are some words that, in our opinion, should not be used, for example, "Ours is the first in the world", "Ours is the best" and stuff like that. 

So, fellas, do check out for these taboo words that you should not use when selling / closing the deal.

Thanks to Mike Hofman via Inc.com

1. The word "between.", i.e. "I can do this for between $10,000 and $15,000." 

2. "I think we're close." 

3. "Why don't you throw out a number?" 

4. "I'm the final decision maker." Uhuh. This is a no no. 

There are two final words that you SHOULD NOT say. NEVER, ever say.

Find out more at  Inc.com

Build a Killer Website: 19 Dos and Don'ts

Websites are undeniably an important marketing tool in establishing your presence online. If you are "Googleable", you're one step ahead. 

Ilya Pozin writes his 19 Don'ts and Dos of a killer website. 

Do:

1. Set smart goals. 
2. Plan on becoming an SEO wizard. 
3. Use open source tools. 
4. Think about your mobile strategy simultaneously. 
5. Steal from your competitors. 
6. Develop your content. 
7. Write with calls to action in mind. G
8. Always answer the question “why?” 
9. Trust your Web designer. 

Don’t:

1. Do it yourself. It CANNOT look homemade. 
2. Make people think. 
3. Expect visitors. 
4. Spend all your money. 
5. Add a blog. 
6. Add Twitter and Facebook buttons. 
7. Try to please everyone.
8. Add testimonials. 
9. Use Flash.
10. Expect a killer website overnight. 

Read more at http://www.inc.com/ilya-pozin/build-a-killer-website-19-dos-and-donts.html?nav= via Inc.com

Five Rules for Innovating in a Shaky Economy

by Stephen Wunker |

When stock markets gyrate and growth prospects darken, it's tempting to rein in innovation programs and hoard cash. The S&P 500 did exactly that during the Great Recession, increasing their cash levels by over 50% to nearly $1 trillion today. As it looked like the economic storm clouds were dissipating (ah, the good old days...) the prospects for company growth looked barren, which is what will happen after firms have locked their cash away. So we saw a wave of mergers and share repurchases as companies found they had few programs in-house that could profitably absorb all that cash quickly. Rather than carefully watering a set of growth crops, companies had a fire hose of cash that they turned off and on. This is no way to nurture the growth prospects of tomorrow.

While businesses shouldn't react to economic uncertainty in knee-jerk fashion, the recent tumble in equity prices cannot be ignored. Companies can do five things to hedge their bets in turbulent times while opening up options for the future:

1. Re-visit big, inflexible projects — The 80/20 rule often applies to corporate innovation portfolios; a few projects consume the lion's share of cash. If those projects can adjust to the potential consequences of another economic dip, then there is no reason to change this allocation. However many big projects become inflexible, travelling on rails to a fixed destination. Management has made promises to senior executives about what a project will achieve, and fixed costs have built up because they looked prudent in comparison to planned revenues. For these projects, consider how to enhance adaptability through slowing development, turning fixed costs into variable ones (for example through using third-party contractors), or removing expensive features that could be added to successive generations of products.

2. Buy vowels — In the television game show Wheel of Fortune, contestants have the option of solving a word puzzle (a potentially risky move that can generate quick winnings) or buying a vowel (spending a bit of their cash to improve their knowledge about what the puzzle says). Uncertain economic times present an excellent vowel-buying opportunity. By learning more about consumer needs, investing small amounts in technologies emerging from academia, or trialing new ideas in modest test markets, companies can build their understanding about growth options and position themselves to take bolder and riskier moves as the economy brightens.

3. Add services — One of Procter & Gamble's most vaunted consumer brands is Mr. Clean. The company has invested in this brand's innovation in many ways. Some new products under this umbrella, like the Mr. Clean Magic Eraser, were breakthrough hits, but they probably cost a good deal to develop. On the other hand, the company has trialed putting the Mr. Clean name on a handful of car washes. This move builds the visibility and image of the brand, generates new sources of potential revenue, and was likely quite cheap to execute. Services can cost far less than products to develop, they can expand businesses into new directions, and they can dovetail well with product offerings to make a compelling combination.

4. Experiment with new business models — When the Great Recession hit, many airlines responded by reducing flight frequencies, introducing new service charges, and generally discovering new ways to irritate hard-pressed passengers. JetBlue opted to try out a new business model, an "All You Can Jet" pass that let travellers pay a fixed fee for unlimited use of the airline from a major airport for a set period of time. The company created a fixed number of these passes, limiting the amount of risk it took in case people got a bit too enthusiastic with their travel. Business model innovations can cost very little to execute, and they can tell companies a lot about potential avenues for growth. Many companies, particularly those that produce physical goods, will have product innovation processes. Quite few have a business model innovation process, or even a single person dedicated to this function.

5. Shape a portfolio plan — For personal investments, stock market dips are times to prove the mettle of portfolio plans. Perhaps equities have declined, but the appreciation of the portfolio's small holding of gold has helped to balance out the impact. Good portfolio plans will balance the types of risks assets are exposed to, and they may have holdings with different levels of liquidity. It is strange that individuals will tend carefully to these plans, and then come to work and lack any such plan for their company's innovation investments. Instead, these investments may be agglomerated through a series of one-off decisions as ideas have been sold up the food chain. A solid plan would take account of the underlying drivers of program success or failure, and it would diversify risks, balance the time frames in which returns are expected, and ensure an appropriate balance between prudent investments and chancier ventures.

Taken together, these five steps are simple, cheap, and have little downside. If only stocks could make that boast!

Source: Harvard Business Review

Study: Kids Are the Road to Tech Innovation

Over the course of 2010, Latitude Research completed a multi-phase innovation study, Children's Future Requests for Computers and the Internet, asking kids across the world to draw the answer to this question: "What would you like your computer or the Internet to do that it can't do right now?" This study is part of a larger research initiative by Latitude that positions younger generations as a window into the future of technology, capable of informing tech experiences that resonate with people of all ages.

More than 200 kid-innovators, ages 12 and under, from North America, Latin America, Europe, Africa, South Asia and Australia, submitted drawings of their imagined technologies. By and large, kids wanted their technology to be more interactive and human, better integrated with their physical lives and empowering to users (such as by assisting new knowledge or abilities).

"I want an interface where we can search, not by text, but by drawing--and get image results with that particular shape or pattern." --Female, 12, Mumbai, India

Find out more of the kid's wishlist: ReadWriteWeb

Money Monday: How to Attract VC Investors

By Jim Casparie  
Take a sneak peek into the minds of some top VC investors to find out what they really look for in a "fundable" business.Here's what they said is important now:

Seasoning. They're looking for more experienced, older entrepreneurs who have "been there, done that." The time of investing in the 19-year old kid who's a tech-genius isn't necessarily gone, but the kid had better be able to find an older, seasoned executive to join his team.
Customers. Contrary to putting the emphasis on the team or the revenue numbers, there seemed to be a new emphasis on the customer:

• What compels them to buy this product or service?
• What problems does this product or service solve? Why is it better than the alternatives?
• Why is it worth the price?
• Does it compel you to tell others about your experience?
• Are your customers asking if they can invest in your company?

Team. The team is still an important part of the equation, but the entrepreneur is just as important. Here's what the investors are looking for in both:

• Passion: The entrepreneur must demonstrate a contagious excitement about their vision for the company.
• Tenacity: The entrepreneur must prove they have the stamina and willpower to stay with their vision through thick and thin.
• Flexibility: The entrepreneur must be willing to reevaluate and refocus their plans when things don't work out as anticipated.
• Commitment: The entrepreneur must be willing to invest enough of their own money into this project to convince investors they're serious.
• Teamwork: The entrepreneur's team must prove they can work effectively together.
• Coachability: The entrepreneur and their team must be coachable. No team knows everything they need to know to succeed.
• Knowledge: Investors prefer to back teams that really know their market by having backgrounds that are rich and impressive in the market niche for which the company is engaged.

Opportunity. Investors want big ideas. Ideas that can change the world. Ideas that change our behavior, culture or way of thinking. Ideas that can build $100-million-size companies. Anything less is too speculative. The risks of investing in a company are so great--and the chances of a reward so small--that investors can't afford to bet on opportunities that won't surely have huge payoffs. And one of the biggest problems when addressing opportunity is "Am I too early?" Investing in a huge opportunity five years before the market will recognize and embrace it is a very frustrating thing. Not only will you lose your investment, you'll have to suffer the extreme frustration of watching someone else make a lot of money on the foundation you helped build.
Business Model. Will the numbers map out? In other words, once someone takes a sharp pencil and starts tracing where every revenue dollar comes from and then seriously challenges every expense it'll take to generate that revenue dollar, will you have:

• a profitable model?
• a repeatable model?
• an expandable model?
• a predictable model?
• a defensible model?

Many an entrepreneur fails because they don't know how to do this type of exercise with a "real world" view.
Well, there you have it: the latest and deepest thinking from a sample of professional investors. How do you and your company match up? If you were honest and found areas that were lacking, please find someone who can help you fix them before you approach anyone to invest. Your extra investment of time will significantly improve your chances for funding.

Source: Entrepreneur.com

Our in house coach is happy to help you! Email us at incubation@tpm.com.my for more info.

The New Rules of Getting Press for Your Start-up

By Darren Dahl |  Aug 15, 2011

Get Personal

While every business should be doing whatever it can to take advantage of online tools to promote itself, that doesn’t mean you should neglect tried-and-true methods of interpersonal interactions, as well. “Pick up the phone,” says Ryan Carlin, a PR expert.
“In an age where 'silent' business like e-mail is possible and often preferred, it undoubtedly makes an impact by picking up the phone. Not only does it establish trust, but it also creates a more solid relationship for future media outreach.”

Along those same lines, Cheung of Luxefinds.com says that she attends networking events in her local area if she knows that journalists and editors will be in attendance. “I introduce myself and we chat about anything from current news in my industry to what I’m doing that is relevant to potential stories they have in the pipeline,” she says, noting that she landed a story with Entrepreneur after meeting the editor-in-chief of the magazine at such an event. “Most of these events are two hours long and can be either free or low cost.”

Form Partnerships

For start-ups, there are many advantages to partnering with more established companies—especially if you can reap some press opportunities out of them. “By leveraging the media relationships of seasoned companies, start-ups can also spare themselves some time on the bench while trying to get in the game,” says Clarke, who teamed up with one of her clients, Glambar Salon in Atlanta, in publicizing their Second Anniversary Girl’s Club event. The result was that Clarke’s product, the EcoSOQ Natural Sleep Cap, was featured in several blogs and publications, like Essence and Rolling Out magazines.

Make Yourself an Expert

One surefire way to attract the attention of journalists is to promote yourself as an expert in your field, says Samson of crowdSPRING. “Create content designed to position yourself as an indispensable authority on your industry, your city, your profession, or any appropriate topic,” he says. Ways you can accomplish this include writing case studies and white papers that you then distribute to the media, your customers, and other professionals in your industry.

You can also set up an online press center on your company or personal website where you compile all of the stories, mentions, and press releases you have generated, and make them easily accessible, says Samson. “Also include a downloadable press kit with information on your company, your team, and your service or product, as well as photos, bios, and any other material that will be helpful for those who want to write about you,” he says.

Tap Influential Bloggers

Most products are built for a specific population of users or specific use cases, and whatever your product or service, there are bloggers who write about it and are influencers, says Jeff Kear, co-founder of MyWeddingWorkbook.com.

“These people are almost always interested in new products and services, so prior to launching your product or service, develop a list of these people with their e-mail and contact info and reach out to them to try out your product or service before it is released to the public. We did this when we launched a free version of our product and we went from 20 registrations a day for our web-based wedding planning software to more than 100 registrations a day for a five-day period soon after our launch.”

Bloggers and journalists are also interested in new trends and data—something that you can provide for them, says Kear.  “One of our products is online software for wedding consultants, and these people are very interested in what brides are thinking,” he says. “So we reached out to brides with a survey that asked questions that wedding consultants would be interested in. This provided us with info for 10-15 very focused articles that had proprietary industry data, which we then published on our blog and promoted to bloggers and writers who cover our industry. This kind of activity generated dozens of links to our site from influential industry sites like Wedlock.com, which has played a large role in increasing our site traffic by 168 percent this year.”

Take on Speaking Engagements

Jasbina Ahluwalia, an attorney turned entrepreneur who founded Intersections Match, a personalized matchmaking service for South Asian singles, says that speaking at events like conferences often leads to interesting PR opportunities. For example: “I recently spoke at a national conference for South Asian physicians and was approached by a person who was filmng a documentary,” says Ahluwalia, whose company has also been profiled in other outlets like Entrepreneur and the Chicago Tribune.

Apply to Awards Programs

While applying to annual industry awards or even more broad-based ones like the Inc. 5000 can be time consuming, they can also attract the attention of the media and new customers, says Judy Sultan, who is the PR manager for Xtreme Lashes. “Recognition for your innovative idea or good business practices will give you an easy way to publicize your company,” she says. “And winning one award gives you leverage to win another.”

Be Charitable

Ryan Carlin of Roaming Hunger says that good press also results from good deeds. “Attaching yourself to a benefit or charity is one of the easiest and most beneficial practices in PR,” he says. “Consumers love hearing about charitable organizations and their events, and journalists know this.”

Source: Inc.com

Five Worst Mistakes Entrepreneurs Make When Pitching Angel Investors

 By Jason Fell 

An effective elevator pitch can be crucial for entrepreneurs trying to secure funding from angel investors. The goal of the pitch -- written or delivered face-to-face -- is to briefly share the "who, what, where, when, why and how" of your business, while piquing an investor's interest. The tricky part is cramming all of that into one explanation that, hypothetically, should be delivered in the time span of an elevator ride.

"The pitch has to grab me quickly," says Paul Silva, manager of Springfield, Mass.-based angel group River Valley Investors. "For instance, with written pitch applications, we read the first few sentences and then toss half to two thirds of them away."

The best pitches, he says, describe the market the business is in, explain what problem it solves and demonstrate a track record. The worst ones fail for countless reasons.

Here are five of the worst elevator-pitch mistakes entrepreneurs make -- and how to avoid them.

Mistake No. 1: You don't explain what problem your business solves.
Some entrepreneurs spend too much time talking about how his or her product or service works and not enough time explaining what problem it solves, says William C. De Temple, founder of investor group Maximize Angel Investments Orlando Inc. "People buy solutions to problems," he says. "Don't tell me about how your lawn fertilizer works. Tell me about my lawn."

The Fix: Share why customers will buy your product or service.
"If you don't understand or can't explain what problem you're solving and why customers want to give you money, then we're probably never going to want to invest in your company," says Kyle Harris, a managing director at New York City-based angel fund Liquidity Works. Harris poses three questions to startups that you should be able to answer in your business: Who's your best customer? How much money do they make from buying your product? And, how much money will you make from selling it?


Mistake No. 2: You offer too many facts and numbers.
Entrepreneurs often use statistics to help explain their business. While some figures -- such as your sales and revenue -- are important to establish a track record, don't go overboard, Silva warns. Leave out the "step-by-step numerical proof of your market size," he says. "Be compelling. Save the reams of facts for later."

The Fix: Tell a story.
To capture an investor's full attention, explain your business by telling a story. Silva suggests using personal examples about how your service or product has solved a problem in your own life. Or, put the investor into your story. "If you're selling a product for people who are blind, don't start off talking about the difficulties blind people face. Instead, say something like, 'Imagine if you or a loved one were to go blind tomorrow…'" Silva says.

Mistake No. 3: You tout sales forecasts.
Early-stage sales projections often don't carry weight with investors because they aren't supported by actual sales history, De Temple says. As businesses grow, revenue streams, prices and even entire markets can change, rendering preliminary forecasts useless.

The Fix: Focus on the benefit your business offers customers.
To help make up for the fact that you might not have a long sales record, De Temple says, it’s better to explain the benefits the business will provide customers and how the company is different from the competition.
"Answering services companies have been around for centuries, but if yours, for example, uses technology to deliver messages immediately without the client having to call in and pick up messages, that solves a problem and has potential to create excellent revenue and profit," he says. "That's what's attractive to investors."



Mistake No. 4: You're too attached to your business plan.
For some investors, it's a red flag when entrepreneurs aren't willing to work outside the protocol outlined in their business plans, Harris says. "Say for instance you have a device that monitors electricity and, according to your business plan, you sell that device to customers for a fixed price," he says. "But when a customer wants to lease the device instead of owning it, and you tell them you can't do that, that might be a problem for an investor."
 
The Fix: Embrace new revenue opportunities.
If there's a new way to consider packaging or selling a service, a "true entrepreneur," Harris says, will seize the opportunity to make money. "Being flexible and willing to accommodate customers when they want your service in a slightly different way than you already offer is good," he says. "The goal should be to make your product as sellable as possible."


Mistake No. 5: You discuss ownership stakes.
While it might seem natural to explain how much ownership you're willing to offer investors, don't do it in the initial pitch, warns Silva. "It is like the sticker price on a car," he says. "If it's too high, you don't even talk to the salesman. You just walk off the lot."

The Fix: Save it for the follow-up.
Details about who gets what after an investment generally come up after an investor has finished researching your company. If an investor asks about ownership terms early on, Silva recommends you simply say you're "flexible." "Remember, your goal in the pitch is to build a relationship with the investor," he says. "Get them to fall in love with your idea."

Source: Entrepreneur

Prepare for the worst to increase chances of success

In your experience, what are the 10 most challenging things a business faces in its first through fifth years? —C.J.G., Baltimore
Interesting question. We posed it to small business sources from startup entrepreneurs, to marketing experts, to tax specialists. Here is a compilation of their thoughts, with five challenges for startups and five for growing enterprises:
1. Getting and vetting a business idea. "I always wanted to start a business, but it’s hard to find a problem that is worth the time and effort to solve," says David Greenberg, a New York attorney and chief executive of Updater.com, an online service for managing postal mail. The light bulb moment happened when he moved and found automated change-of-address processes lacking. "Since millions of people move each year and no good solution existed, I felt I had discovered a problem worth solving," he says. Your idea should be somehow different than your competitor’s idea, says Bruce Freeman, co-author of Birthing the Elephant. "If you’re not bigger, better, faster, or delivering a better bang for the buck, it’s not worth doing." Once you get a great idea, prove your concept, including prototyping, market research, and focus groups. "Don’t write a business plan in your basement, or you’ll have to rewrite it over and over again. Go out and test your idea, talk to your family and friends, and then your target market," says Dan Nathanson, an entrepreneurship lecturer at the UCLA Anderson School of Business.

2. Focusing and persevering. "It is hard to maintain confidence that your concept will succeed. You will second-guess yourself more than once, but if you really believe in it, you will push ahead," says Kristy Lewis, founder of Quinn Popcorn, a natural microwave-popcorn product that’s being launched this summer. "Be prepared to sacrifice time, energy, and mental capacity—you’ll never be as prepared as you think you are," she says. Startup entrepreneurs usually have great vision but must limit themselves to the practical. Rather than go in a dozen different directions, focus on one or two things your company can do well from the outset, then expand as you build trust with customers and partners. Take the time to study the industry you’re entering; Greenberg spent 15 months researching full time. Taking an entrepreneurial training course can also go a long way toward building your confidence, says Roberto Barragan, president and CEO of the Valley Economic Development Center in Los Angeles. The more you understand how businesses run, especially on a financial level, the better chance you’ll succeed.

3. Raising capital. Most startups are self-funded, bootstrapped through the founders’ savings or credit, or through private investment. "You’ve got to get to know local independent bankers who can lead you to angel investors," says Jeff Williams, founder and CEO of Bizstarters, a Chicago business startup consultancy. "After searching in four cities, we got an outside investment 11 years ago through a referral from a small neighborhood bank." You may have to get creative to keep your company afloat: Lewis has used the Kickstarter site to raise cash.

4. Managing cash flow. Undercapitalized, underplanned startups can be derailed quickly by unanticipated expenses, says Robert O. Ball III, CEO of OfficeArrow, an Atlanta business that runs an online community for entrepreneurs. He lists the cost of customer acquisition, paying retail for supplies until you can qualify for vendor discounts, and fluctuating revenue as the biggest cash flow challenges for startups. "In the early days, when you don’t have built-up reserves, it doesn’t take much of a swing on the revenue or expense side to put you in a bind," Ball says. Put accounting software in place to help you manage cash flow or bring in a bookkeeper to help.


5. Choosing the appropriate legal structure and location. Establish the proper legal entity from the start, taking into account the tax and business climate in your state. "I can’t tell you how many times I’ve seen a new business started up as a C corporation, whereby the losses are trapped within the entity and the shareholders can’t take advantage of those losses," says Dhaval Jadav, CEO of alliantgroup, a specialty tax advisory firm in Houston. Likewise, make sure your company has the requisite license, permits, and tax registrations in place, says Robert Spielman, a CPA and partner in accounting firm Marcum in Melville, N.Y. And find the ideal location, whether it be a retail site with excellent commercial lease terms and high foot-traffic or a manufacturing facility on a site where tax breaks are available for hiring.

6. Marketing. "Marketing is not flyers; advertising is a must," Barragan says. Start by identifying a target market and a target customer. Build a database of core customers, says Ben Tiernan, executive director of strategy at ONE/x advertising agency in Los Angeles. "Use social media, e-mail newsletters, and regular promotions to keep your consumers involved. Leverage publicity as a low-cost solution to drive awareness and aid in business development," Tiernan says. Most importantly: "Be prepared to abandon marketing tactics you were sure would work, but failed to deliver."

7. Team building. "Continually have new talent on your radar in terms of employees. Expand this mentality into not just W2 employees but also independent contractors and service providers," Williams advises. Hire slow and fire fast: For a young company, the cost of one bad hire can be devastating, especially at the senior executive level, Ball says. Don’t forget to include outside advisers on your team; too many entrepreneurs try to go it alone. "The best thing to do is recruit mentors, advisers, and a lead investor who knows the business," says Nathanson. But don’t be afraid to admit when you’ve outgrown your advisers or management team and need to upgrade as your business expands, says Sharon Lechter, a women’s business expert and co-author of Think and Grow Rich.

8. Anticipating burnout. Put business processes in place as if you plan to franchise your concept, regardless of whether you go that route, Nathanson says. During the startup years, it’s usually necessary for the founder to devote many, many hours to the business. As you grow, standardize tasks and delegate them to trusted employees. That way, you can stop wearing all the hats in your company and eventually achieve a more balanced lifestyle. "Learn to anticipate burnout and cope with it. It usually sets in by the fifth year," says Williams.

9. Managing growth. If your company is to continue growing, it must stay ahead of its competitors. That means connecting with the thought leaders in your industry and looking for strategic partnerships, Williams says. His company recently entered into a joint venture with a London company: "Most companies won’t last 10 years if they don’t partner up within the first two or three years, because you can’t generate enough business on your own. I had an established product, and it didn’t cost me a dime to [get it] marketed in the U.K."

10. Planning your exit. "Entrepreneurs must not lose sight of the future, yet [they] often get too busy with employee and management issues," Lechter says. Instead of just letting things happen, take control of your company and plan for what will happen to it once you are out of the picture. It helps to bring in an attorney or other adviser who specializes in business succession issues. Getting a plan in place before you’re ready to sell or retire gives you goals to work toward, Nathanson says. "The business should work for you, not vice versa. Most people say they want to have their own business so they can have freedom and a creative outlet, but meanwhile they get trapped and the business is controlling them."

Source: Business Week

The Mobile Workstyle [Infographic]

Looks like we need more mobile apps, isn't it?






source here. Full story on Gist

Learn the Ingredients of a Successful SEO Campaign

It's a long article, but worth the read!

How do businesses decide whether to outsource SEO or do it themselves? What are the benefits of doing it yourself, versus outsourcing?
The main decision that a company has to make is whether or not SEO is a key function within their business.  If so, then it absolutely makes sense to have an in-house team, so that the knowledge remains within the company and there is someone on hand, with institutional knowledge who cares only about their business, as opposed to an agency which will most likely be dealing with several clients at once.  That’s not to say that outsourcing doesn’t or shouldn’t also happen.  Agencies can be used to train internal staff, to backfill when resource constraints mean that operations need help and to help your internal staff find out what they don’t know they don’t know.
The size of the task also defines whether an in-house SEO is needed.  If you have multiple sites that are constantly changing, and your business is heavily based on or around them, then yes, but if it’s a small corporate site that changes monthly, you either want to maybe go with an agency, or have someone on staff that has SEO as part of their responsibilities, but make sure they actually know what they’re doing, or get them trained up so that they eventually do, don’t rely on someone who says they know SEO because they simply know how to spell it.

How do you recommend companies get started with SEO? What resources and tools do you rely on?
I’d say that for a company that is going to start an in-house team, they need to make sure that they know what questions to ask and what answers to expect.  Unfortunately there are people out there that can and have bluffed themselves into good SEO positions because the hiring manager just didn’t have the right domain knowledge.  Would you hire a Java developer without having someone who knows the language ask them some questions?  Or a DBA who didn’t know what data normalization was?  If you don’t have the experience in-house, then it isn’t a bad idea to hire an SEO agency to help you hire your team, and the chances are that they may know some really good candidates to get you started.
As for resources, it’s perhaps a little bit of a conflict of interest given that I write a monthly column for them, but SearchEngineWatch.com is a fantastic resource for news and articles on SEO, PPC and Social Media.  The SEO community is also very active on Twitter, Google+, etc.  Follow as many as you can, listen and participate, you’ll find articles and news that you may otherwise have missed.
As for Tools, there are lots of different tools that are available, depending on what you’re trying to do.  I personally like starting off an audit using the Microsoft IIS SEO toolkit, but that’s not the only tool I use.  For an idea of what else your team should be looking at/using, I’d recommend either attending the “Tools of the Trade for SEO” session @ SES-SF, or at least reading the inevitable write-ups.

Where should SEO live within an organization? Should it be controlled by one person or department? Should it be a shared responsibility?
I wrote an article about this back in March on SearchEngineWatch.  There’s no right answer, apart from whatever works for your company.  In my time as an SEO I’ve been in marketing, reporting to the CEO, reporting within a specific vertical, design, corporate, technology, design again, technology again.  In some situations there’s been a VP of SEO, in others a director, reporting into a VP of a department incorporating SEO.  What really matters is whether there is buy-in for SEO from management; with that, the structure of the team is really just about optimizing resources.
Where I’ve had the most success in-house though, has been when SEO has been more than just a function of the SEO team, but has also been a major part of other people’s jobs, with the SEO team functioning in a support/strategic role.  When this is the case, then everyone is accountable for the success and failure of SEO, which tends to give everyone impetus to push forward with SEO.

How do you integrate SEO with other marketing and branding efforts, such as social media or paid search marketing efforts?
Again, this depends on the size of your organization and the size of the teams, but there should absolutely be some level of integration between those teams, if not between the roles.  Social and SEO are becoming more and more intertwined, and there’s always been some level of overlap between SEO & PPC, especially down at the keyword level, so it makes sense to have some level of collaboration.

How to measure SEO success? How about return on investment?
As long as you have your analytics solution set up correctly, tracking as close to every interaction on your site as you can, then you’ll be able to see either the sales that you can attribute to SEO, or the lift in whatever metric you’re tracking — unique visitors, etc.

The Art of the Start, by Guy Kawasaki

IIC hosted a short training sessions on making the perfect pitch, based on Guy Kawasaki's The Art of the Start principle. The training is a prep session for the upcoming InnoTech Venture Capital Pitching which will be organized in 11th & 12th October 2011. About 8 very inspiring technopeneurs attended the session.

The day started with welcoming remarks from IIC's in-house coach, Mr. 'Azra'i Shu'ib, lengthy explanation of Guy's 10 - 20 - 30 rule, a demo presentation by Mr. Yusno of Y Us Sdn. Bhd, founder of Evenesis and an in-depth coaching of Capital Analysis.

So in short, Guy said that to make that perfect pitch, you have to adhere to the 10 - 20 - 30 rule:

• Capture your contents in 10 slides. Suggested contents are:
• Title
• Problem
• Solution
• Business Model
• USP
• Marketing
• Competition
• Team
• Financial
• Current Status
• Deliver in 20 minutes
• Use no less than 30 font size

Let's hear it from Mr. Kawasaki himself:

Our prezi version that we used today:

Art of the Start on Prezi

At the end of the session, Mr. Azra'i Shu'ib stressed that you  are NOT TRYING TO CLOSE THE DEAL, YOU ARE SIMPLY CONVINCING THEM TO TAKE YOU TO THE NEXT STAGE. You need to internalise your business, make sure it is in your blood, feel it, and the VCs can see that you are in for serious business. Make your 20-minute interesting enough to get one foot in the VC's radar.

The Golden 10 - 20 - 30 Rule

Mr. Yusno demonstrating his presentation skills

Mr. Azrai coaching on capital risk analysis, capital sourcing analysis, capital costing analysis

Interesting quotes of the day:

VCs in Malaysia are mostly from financing background. Hence, their questions will mostly be on financial-related matters, i.e. business model, business returns, so get yourself prepared. Thanks En. Azrai for preparing me in advance! - Mr. Yusno

Make the VCs run for you! - Mr. Azrai Shuib 

So come and join us at IIC!

Welcome to Innovation Incubation Centre, Technology Park Malaysia

Our program caters specifically to fledgling technology and innovation-based enterprises. The prospects may vary from graduates, researchers, start-up SMEs, professional employees & subsidiary of MNC’s, LCI’s & GLC’s. This is to spur the development of innovative and knowledge-based companies.


Spectrum of Services 

• One Referral Centre - The incubation program by Incubation and Innovation Centre (IIC), is a One Referral Centre in nurturing start-up companies and technopreneurs from ideation to full commercialization of innovative products and services. It offers furnished offices, equipped with modern facilities and fully supported by secretarial and administration services.
• Handholding - Incubatees will be handhold for capacity building program with comprehensive and integrated coaching, mentoring, consultancy and training by our panel of appointed coaches, mentors, consultants & trainers.  Rental incentives by relevant Government funding programs (e.g. from SME Corporation, SME Bank & Ministry of Domestic Trade, Cooperative and Consumerism (MDTCC)) could also be arranged.
• Facilities - The incubatees are offered support facilities from TPM Subsidiaries; TPM Engineering, TPM IT, TPM Biotech and MOSTI-related agencies (e.g. MIMOS and SIRIM). They will be further facilitated with experts in technology and IPR-related matters.
• Financial Assistance - In financial aspects, the incubatees will be assisted to have access to the comprehensive and integrated fundings by Government or the private lending of commercial banks, venture capital institutions and angels. In the long run, there are also opportunities for business networking with local and international incubation service providers for greater market access.
• Technology Experts - A pool of researchers and expert panel are available for advice on the process development. Technology help desk also will be able to help the incubatees on IPR matters such as IP Mining, IP Drafting, IP Filing, IP Strategy & IP Management.
• Competitive Edge - Incubatees are associated with TPM image – a vibrant community with more than 100 technology-based companies which offers strong branding to incubatees and serves as a marketing edge to international market exposure.
• Network - In addition, as TPM is a member of various incubation associations, our incubatees will enjoy a vast market linkages; domestic and global. Our incubation network consists of National Incubation Network Association (NINA), Asian Association of Business Incubation (AABI), Asia Pacific Incubation Network (APIN), Association of University Research Parks (AURP) and a few others