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Q&A Mobile Apps seeking RM250K commercialization fund

Q&A Mobile Apps seeking RM250K commercialization fund

CURRENT STATUS

Final Prototype ready, awaiting funding for IP before releasing into iTunes appstore.

BUSINESS DESCRIPTION

Our business is exclusively based upon app development. We have developed a solution for daily users to find answers to their questions. We give consumers the opportunity to take a picture and ask a question along with it, and this is put into one of the wide variety of categories we offer. Most questions are hard to express in words, it might be something you just saw, or something you just thought of, verbally describing it is tough. Why not just take a picture? A picture expresses a thousand words, perhaps a question like “What car is that?”. This platform is very new to the social networking industry, and we like to think that it has extreme potential with the correct team and required funding. We have established three streams of revenue by commercialising this very unique concept. These revenue streams were well discussed and weighed upon by whom we think are marketing experts in this field. We have made this concept a platform for communication between companies and customers, perhaps a place to discuss products and services.

CUSTOMER DESCRIPTION

Customers of all age ranges and background types are welcome to use this as it caters a wide variety of questions and answers. It’s hard to put a target on social platform but if I had to be close, I would say were targeting the age range of 13 – 45.

GO-TO-MARKET STRATEGY

In conjuctions with experts on the marketing field, we have developed a highly targeted marketing scheme. This is commercialisation through several advertising fields such as social networking, print media, YouTube ads and several more channels. We will hire a marketing agency to help us with the mass awareness we are looking for. These are quoted in the funding part of these documents, and it’s respective costs. We have made a deal with several companies like Skyboard Media and Jannlex Ads for the best pricing.

REVENUE MODEL

We make our revenue through mobile advertising.
It’s divided between 3 streams, one for corporate clients, and the other two for individuals, small businesses and classifieds advertisers.

COMPETITIVE ADVANTAGE

Competitors : Yahoo! Answers, Answerbag.com, answers.com
These companies are considered indirect competitors, as this form of innovation has never been found before. Current competitors offer merely text-based questions and asking questions with text instead of pictures and videos, which make’s it very difficult to find the answer for your question.

Advantages and barriers-to-entry

Our USP will include these features in comparison to our competitors.
• Image or 10 second video based questions.
• A wall in which all your questions appear.
• 16 diverse categories and 1 social category to choose from.
• Accessibility and Convenience in app layout
• Question Specific Format to focus on the raw question.
• Unique App specific format for uttermost convenience and efficiency.

TRACTION

We started a year ago with just a simple idea, to help people achieve answers to their everyday questions. From the spark of an idea, we have currently just completely our final prototype before release. This is a long way for this company, and for the mere concept of this app itself. I think just the idea of such an easy concept in which people team up as a society in order to answer each other’s questions. As primitive as this idea is, it has the potential for very high commercialisation too, that is the aspect we had difficulty implementing. We finally achieved this by integrating highly targeted mobile advertising into the app and made it much more appealing and unique then ads on other apps.

TECHNOLOGY

The AMAZON S3 server which we use to store all the image uploads are guaranteed for fast image/video processing and is able to store huge amounts of storage. This server is made to offer space in the most efficient way possible. Company’s like twitter use this very exact server.

FUNDING REQUIREMENTS

Funding required
RAIKA Enterprise would like to ask a little over MYR250, 000.

EQUITY INTEREST EXCHANGE
We are willing to give 25% of the allocated investment fund back to the investor in relation to the funding amount.

EXIT STRATEGY
The funding that we have required includes Intellectual Property Rights, in the unfortunate and unlikely chance that this business does not succeed, we will sell the IP rights in the market, which will likely go to the highest bidder.

FUNDING HISTORY
The company is entirely funded by the both the parties in this partnership.
An estimate amount of RM22, 000 has been invested in this company.

*Note: Complete business plan ready