Rave Ventures scheme a boon for start-ups
Mentoring programme Rave Accelerator ensures young entrepreneurs get right funding for their business
KUALA LUMPUR: The New Entrepreneurs Foundation’s (myNEF) unit Rave Ventures Sdn Bhd is looking to raise RM50 million to RM100 million in the next five to 10 years for its business coaching and mentoring programme, called Rave Accelerator.
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 ( pix) 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 startups 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 startups, 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 ecommerce 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.