Phew, it’s over. Ok, it wasn’t that scary or nerve-wrecking. However the experience left quite an impression on me.
Shannon and I presented Artyii to Spring Singapore over a casual session. We almost couldn’t make it on time. There were last minute paperwork, changes to presentation slides and taxis that never wanted to stop for us.
So we met two kind Spring representatives, Beatrice and Hassan. It went relatively well besides a bit of hiccups that I will talk about later.
In our 45 min meeting, these were the points which I felt were more important besides, we were grilled quite a bit on them.
- Competitors, you have to show them that you understand the market. How are you different from your competition and can you sustain it?
- Market size, you have to show that it’s a burgeoning marketing worth capitalising on. Quote figures, evidence.
- Milestones. Beware, do not overpromise. The grant comes in tranches. If you fail to reach your given milestone, it is unlikely that you claim the full amount. Prepare your 3 and 6 month milestones
Ok, listen up every aspiring entrepreneur who is going for the Spring grant! The word here is COMMITMENT. Spring cannot possibly fund commitment-phobic founders with an awesome idea. Draw, sing or dance, do what you can to show that you are sincerely ‘into’ your start-up and will stay that way. ‘Till death do us part’ sort. Perhaps you can try writing a vow? Haha!
“Cai Lin is still in school, but can take an absence of leave” Shannon replied when the ‘committed’ word was flung at us. True, I’m absolutely ready to take a break from SMU!
“I’m working, will quit if we get the grant and raise more money from our angels.” He said of himself. Well well, Spring may have interpreted that we are not committed enough since we need more angel funds before taking the great leap. But the issue here is how we are trying to be as honest as possible, not sugar-coat our words to deliver empty promises.
So the question to you then is, “What level of assurance do you need before deciding to leave your comfy and well-paying job?” A very subjective question. Be sincere, and truthful to yourself. After all, we have to be accountable for our words if we don’t want them to haunt us later on!
Ok, back to us and Artyii. What’s our chances of cutting the deal with Spring? Uncertain. W’re crossing our fingers on it. Meanwhile, the work on developing our site continues and the hunt for angels starts!