Summary Chapter 10

The SKALI Netpreneurs Acceleration Program or SNAP actually had its humble beginnings in the early days of the dotcom boom. SNAP were hosting many dotcoms at our data centre. However, when the bubble burst, many of these companies could no longer afford to pay. Fundamentally, SNAP wanted to help their industry comrades who were facing tough times. After all, SNAP nearly went bankrupt a few years before, and it was through the kindness of many of suppliers and vendors, who gave SNAP leeway when they couldn’t pay up.

Azmi question made Tengku Farith think that he can make a formal service out of this and charge fees for it. The problem is they don’t have money to invest at start up then solved by tie up with an existing venture capitalist. Because of SNAP, Tengku Farith and Azmi had an argument that then their split their ways. The argument never solved and Azmi does not involve in SNAP anymore. The business model that Tengku Farith came up with is one where their earn commissions for matching start-ups with investors. Their also charge fees for nurturing the start ups as well as for the services the investor used.

Tengku Farith search for the good potential investor that their can invest in them. But their don’t have fund to do that and the opportunities come when Tengku Farith meet Jasmani Abbas, the CEO of Mayban Ventures, at Maybank’s Hari Raya open house in 1999. He told Jasmani about the idea and he agrees with him. Mayban Ventures had been given RM150 million by Bank Negara to fund technology companies. Mayban Ventures had traditionally been a VC investing in non-technology sector so this was a brand new field for them. Collaborating with SNAP would give them instant expertise at evaluating IT companies. The original idea was for SKALI to help Mayban Ventures source for start ups.

Finding suitable companies for Mayban Ventures turned out to be a lot harder, and then they manage to find a good web development company. It took a year to nurturing this company before submitting their application to Mayban Ventures. Unfortunately, certain unforeseen events began unfolding in the company. The CEO of the company destroys everything when he mixed personal problem into the company.

This gives the SNAP lesson to be more careful in their selection. At the first, Mayban Ventura doesn’t want to invest in Early Stage companies. Tengku Farith success to convincing Mayban Ventura to invest but the fund reduce to RM20 million and then SNAP manage short list 22 companies from 150 companies. Mayban Ventures ended up investing in 10 of them. By the end of 2003, SNAP had generated revenues of RM 700,000 and was a profitable division.

Summary Chapter 9.

While Tengku Farith was wandering about the lack of success among bumiputra entrepreneurs in the IT sector, he was invited to join the New Entrepreneur Forum (NEF), a grouping of bumiputra IT entrepreneurs founded by Mirzan Mahathir. It is a small group of 16 people that involved New Economy. Their always hold meeting at Carcosa and the purpose of the meetings was to exchange ideas and provide moral support to each other.

Tengku Farith sent out an e-mail to everyone told that propose the NEF had to become more pro-active. Tengku Farith's e-mail sparked off some discussions and debate. Another issue that was being debated was whether the NEF should be open to non-bumiputra entrepreneurs as well. Tengku Farith had to follow the majority that NEF is only for bumiputra. But Tengku Farith argued that the bumiputras cannot live in an unconnected world because the New Economy is by definition a connected economy. Tengku Farith's arguments prevailed so when the NEF organized a networking function called NetBash, it was open to all. NEF held NetBash once every quarter and invited people from the private sector as well as the government to attend. It was success when each event attended by around 600 people.

The NetBash event down to 300 attended after the dotcom bubble burst and things started to slow down, interest in networking dropped. The NEF is a lot quieter after that but it’s still around with 27 members and a renewed focus: lobbying the government to provide more opportunities for bumiputra technology companies. NEF try to collaborate with one of our suppliers that is Foochow guy from Kuching to produce three million bricks per month. He contacted one of his relatives who was a big-time developer and asked if he would buy our bricks.

The relative agreed to buy up to one million bricks per month on the condition that NEF could meet his exact specifications, with the quality he expected and the price he was willing to pay. Another group that Tengku Farith actively involved with it is TeAM, which is open to all races. At the time of Tengku Farith’s writing, he is the president of TeAM, which was started in 2001 by Sivapalan Vivekarajah, an entrepreneur who can best be described as a venture capital broker. The NEF has its place and is important, but we desperately needed a national organization as well.

Tengku Farith delighted to be a part of both organizations. Siva did a lot to raise the profile of TeAM and got the government to take our white papers and recommendations seriously. After serving as president of TeAM for about a year, Siva decided to go to Edinburgh to pursue a PhD in venture capitalism. Chris Chan of The Media Shoppe (TMS) was subsequently elected the president of TeAM while Tengku Farith was elected deputy president. TMS happens to be a competitor to SKALI, but Chris and Tengku Farith get along really well. Tengku Farith thinks this has to do with the fact that they had very similar experiences in building up their companies.

FINAL FANTASY ADVENT CHILDREN

Two years after Final Fantasy VII event (if you want to know, just play the game), this planet is in recovering from the meteor attack that being summon by Sephiroth in the final fantasy event. While survivor of Midgar have begun to build a new city, a new and strange disease known as “Geostigma” rise attack to children.

After his battle with Sephiroth two years ago, Cloud Strife (main character in Final Fantasy VII and this movie) has start “Strife Delivery Service” with help from Tifa Lockhart. Her live with two children, Marlene Wallace and an orphaned boy named Denzel. After receive a message from Tifa, Cloud is attacked by three men that believe Cloud know where is their ‘mother’. In that battle, Cloud manages to escape from the attacker.

Cloud visits Rufus Shinra, president of Shinra Company to know about the attacker. Rufus try to ask Cloud’s help but fail. After that, the leader of the attacker, Kadaj break into Rufus lodge ask Rufus about the location of their ‘mother’. In this scene, kadaj reveal that the ‘mother’ that their search for is remaining of Jenova (an alien that came to Planet many year ago, Sephiroth also contain the Jenova’s cell) and is somehow connected to the cause of the geostigma. Kadaj also tell about him and his ‘brother’ planning a new ‘reunion’ that will bring damage to the Planet. To be continue….