Event Planning and Management Mobile Application – Sociælite

Event Planning and Management Mobile Application – Sociælite

Current Status: Concept / Business Plan
Amount Invested: RM 0.00
Funding Required: RM1,000,001 to RM2,000,000

 

EXECUTIVE SUMMARY

Description: Infinite Code Enterprise aims to serve as a platform to help businesses interact with potential customers in the mobile channel. Our current project, Sociælite, is an event application that offers a B2B, B2C, and P2P solutions connecting everyone to their event needs. It enables corporate and individual members to manage and plan their event effectively with the available resources provided (eg: listings, e-invitation & registration and etc.) within the application.
Business Opportunity: Event marketing is one of the fastest and growing fields in marketing and advertising today, nearly 70% of global B2B marketers listed “in-person events” as their top B2B marketing tactic. According to a recent survey by Content Marketing Institute, event marketing was chosen as the preferred marketing strategy over blogging, case studies, white papers and social media.    Generating traffic and leads has always been the major challenges for fellow marketers. However, event organisers often face barriers in reaching out to new and right customers, connecting vendors and keeping everyone on the same page, as well as justifying the ROI ultimately. Our project aims to provide a platform for businesses to stop their biggest nightmare by incorporating their event planning with advanced technology and readily accessible resources. On a side note, Individual can use the app to find a nearby event, locate upcoming event based on their interest, and even socialise with other individuals. Looking at the business needs and demand, we strongly believe there is a great opportunity in the current market by becoming the dominant player in this area.
Revenue / Business Model: This social application will monetise with freemium and paid models. Paid app requires users to purchase the app with a one-off fee whereas freemium app offers it for free but require one-off or multiple purchases to enjoy certain benefits or privilege from the app. Details of the monetisation model is as follows.    In-app purchase works best on freemium apps, enabling users to install the app and access the content for free but having the option to unlock certain advance features by paying a small fee.    Advertising based monetisation model works in two different ways, developer can generate revenue based on per thousand impression or combined with freemium to allow users to access the content ads-free at a cheap cost.    Apart from that, Sociælite will be using the subscription model which allow users to use the app and enjoy different type of advance features by paying a subscription fee on monthly basis. The subscription fee varies according to the package users choose.
Management Team: We’re a dynamic team with a combined experience over 10 years as a Finance and Marketing professional respectively in the IT industry. As a Finance & HR Manager in a multinational corporation, Jeremy handled the overall operation during the early establishment of the company in order to be in compliance with the Malaysian’s Statutory System. He has succeeded in implementing the controls within the company and the company has grown from the initial 20 to 200 staffs in 2 years’ time. Apart from the day-time job, Jeremy also hailed success in creating 3 gaming applications on the IOS platform this year. But due to limited funding and time, there’s no pre-commercialisation effort throughout the development period. Having successfully organised several large scale international conferences specifically targeting niche markets (Geography Information System & Information Technology Training & Certification) over the years, Audrey has an eye for details and is accountable to oversees the entire operation of the marketing aspects including event planning, social media management, content development, PR and advertisement in her previous career.
Company Background: Infinite Code Enterprise is established in 2016 in the form of sole proprietorship. This mobile app technology startup was the upshot after several discussions between the founder and company’s advisor to build a sustainable m-commerce solution for businesses to gain exposure and brand awareness. The team has a combined experience over 10 years as a Finance and Marketing professional respectively in the IT industry. Prior to the current project, Infinite Code Enterprise has also successfully developed and launched 3 interactive gaming applications on the iOS platform.
Funding Milestone: The funds will be used for both direct and indirect expenditure throughout the entire prototype development phase which includes but not limited to a dedicated server and hosting, wireframing and prototyping tools, web domain and hosting, multi-platform developer licensing, smart phones of various OS for beta-testing), legal processing fees, incubator rental, outsources professionals as well as pre-commercialisation activities such as trade shows, SEO and SEM campaigns, collaterals development and PR activities. The mobile app market is a highly competitive environment, a non-featured app can take up triple the time to be noticed, building a quality app is the key to increase the odds to be featured in the respective store. With the aid from the acquired funding, we would be able to obtain the right tools and resources, setup a proper workspace, create buzz and hire skilled professionals like web designer, app developer and graphic designer as well as interns to ease and hasten the project development, ultimately producing an app like no others. An approximate funding milestone that covers operational expenses is as follows. 1st Month – Office Setup & Purchased Equipment (RM 232,500) 2nd Month – Key Technical Hires (RM 148,720) 4th Month – Minimum Viable Product (RM 171,600) 6th Month – Private Beta Launch (RM 148,720) 8th Month – Key Operational Hires (RM 375,180) 11th Month – Public Beta Launch (RM 144,300) 12th Month – 3% daily growth rate of subscribers (RM 144,300)
% Equity Allocation: 10%-15%
Expected ROI: 10%
Risks and Mitigation:
Exit Strategies: With users spending more time in mobile apps than mobile web nowadays, the m-commerce trend is taking off rapidly and businesses are seen embracing the behaviour change of consumers by shifting the marketing focus onto mobile app in recent years. According to the market research conducted by Forrester, 20% of global marketers are ready to fully integrate mobile into their marketing strategies in year 2016, hence we are anticipating a continuation of steady revenue growth and subsequently becoming a strong takeover candidate in five years looking at the growing mobile trend.      The team will exit this endeavour when the business reaches a high growth rate that could be acquired for a substantial profit. We are clear that new startup usually takes three years to turnover with a possibility to operate at loss within the first three years, hence it’s our intention to grow the business huge and fast to avoid unnecessary damage to the owner and investor. The operational effectiveness of the business will be reviewed monthly in the first year and quarterly in subsequent years to obtain a realistic valuation of the current situation as well as the milestones or checkpoints achieved for the business ultimate objective.

 

COMPANY INFORMATION

Company Name: Infinite Code Enterprise
Website/Facebook: http://www.infinite.junkies.social
Business Address: Subang Jaya, Selangor Darul Ehsan, Malaysia
Contact Person: Jeremy Kok Yi Zheng
CAPITAL.MY