1. How much funding do AllStars companies receive?

When you’re accepted into Phase 1 (the FastTrac program) and Phase 2 (the coaching program) you will NOT receive any funding. At this point it’s a training and coaching program for you where we help you to build on your idea or business venture. However, if you do well and get selected by a panel of investors and coaches into Phase 3, then you get RM6,000 per founder, up to 3 founders. So at most, you’ll get RM18,000 in seed funding. We believe that this is enough money to survive for 6 months and to crank out a substantial prototype so you can get to the next level. We will also provide free server hosting, and we are planning on providing a nice place to work if you want to, legal advice, and more. Finally, there is immeasurable value in the connections and advice that you’ll receive when you start your company with AllStars, the opportunity to learn from Malaysia’s top Entrepreneurs who are Mentors on the AllStars program and an opportunity to pitch to angel investors at the end of the program during Demo Day.

2. What sorts of companies do you fund?

We fund information and communications technology (ICT) oriented companies only. Typically these are web-based businesses,  software companies, gaming or creative content, mobile, social media and other ICT companies. However we’re only interested in companies that have global or worldwide potential. Specifically, we don’t fund medical device companies, biotechnology companies, restaurants, consultancies, or other local service oriented companies.

3. Who’s behind the program and why are you doing this?

We are a group of very successful entrepreneurs and investors who truly enjoy helping startups and believe that in AllStars we are providing a great platform for you to succeed. Click “Founders” for our profiles.

4. Why does AllStars need and want stock in my new company?

Like you, we’re entrepreneurs. We think that the value of the learning, networking, coaching, mentoring and investment provided by the program is of tremendous value. The AllStars program will provide you with the healthiest possible start and greatly improve your chances for success and sustainability. Once we invest, we’re motivated to help you succeed by introducing you to people who can help, assisting you with strategy, finding more investors, and generally helping you to succeed. That’s a good deal for both of us. Your success will therefore be our success because we are invested in making you successful.

5. AllStars almost sounds too good to be true. What’s the catch?

There’s no catch. We are just really passionate Entrepreneurs who have been through the mill and believe in the talent and passion of Malaysian Entrepreneurs. We believe that together we make a better team and seriously enhance the chances of success of your venture.

6. Is my company “too far along” to apply to AllStars?

If you’re at the early stages of your business and are prepared to modify or change your idea or business model for the better then you can still be accepted into the program.  Also, nothing is too early. We’ll accept teams with no more than an idea or a dream. All we ask is that you are passionate about your idea, that you have the drive to succeed and that you be willing to accept new ideas that can improve your business potential.

7. Do I have to be there for the entire period?

Not entirely. If you are selected for the FastTrac program, then you have to attend all 10 modules which will be held either in the evenings between 6 pm and 10 pm or on Saturdays. You are also required to attend the accompanying coaching sessions. However, if you are selected for the third phase of the program after you graduate from FastTrac then you have to quit your job and work full time on the business. You cannot build a great business part time and AllStars is about building great businesses. This also benefits you because you can take advantage of the numerous learning opportunities, networking and coaching that will be provided. AllStars is a major commitment, and we expect you to be around most of the time.

8. Do I have to stay in Kuala Lumpur when the mentoring part of the program ends after 6 months?

No. It’s your company, so you can live where you want to, but really, all the action is in the Klang Valley, so this is the best place to be, but that choice is yours. Remember though, that we will continue to mentor and guide all our companies, so if you’re far away, you will not benefit from this continuous mentoring and networking.

9. What else does AllStars provide? Office space, Internet, legal, hosting, etc?

We are in the process of securing a 3,000 square foot AllStars office next to the KLCC area. We aim to provide working and meeting spaces, as well as super fast and reliable wireless Internet access. Still, you can also choose to work from your homes, apartments or local kopi tiams. It’s up to you. We will also arrange for free initial legal advise and other professional services while you build your company.  Basically, we’ll help you get everything covered with minimal expense. We just want you to focus on creating a great product while you’re here, and not have to worry about all this other stuff.

10. How can we get funded after AllStars ends?

We provide the seed funding to get you going, but you may well need more funding to really make it. Near the end of the 6 month program, we’ll organize an Angel Demo Day where leading angel investors will check out your technology and listen to your pitch. We’ll coach you so you’re as effective as possible, and do everything we can do help get you follow-on funding. We may also fund your company further ourselves in some situations.  We also plan to take some of our best companies to Singapore and Silicon Valley to present as well.

11. Can you tell me more about the networking and educational opportunities?

We will organize regular informal sessions and invite our mentors to speak on a relevant topic. These will be presented as appropriate by highly successful entrepreneurs, angel investors, legal experts, venture capitalists, investment bankers, etc. Sometimes, we’ll just organize a brief talk with Q&A by a CEO or CTO of a well known local (or even foreign) startup. Generally speaking, they’ll be in the early evening. All of these sessions will be very informal and give you plenty of time to interact with the mentors personally.

12. What if my company doesn’t ultimately succeed?

Well, at least you tried. Because not just anyone is accepted into the AllStars program, you’ll have an impressive resume item for your next gig that will look way better than almost anything else you could have spent your time doing. And you will have met a large number of smart and well connected people who can help you tremendously with whatever you do next. Hopefully that will be another startup.

13. What sort of control am I giving up by granting equity to AllStars?

AllStars wants to be viewed as a co-founder. We expect to have all the same rights as any other founder, relative to our minority ownership position. In a nutshell, we don’t want any special or controlling interests in your company. We won’t ask for a board seat or for any uncommon investor rights. You will still run the show.

14. I’m a single founder. Can I get accepted into AllStars, or do you only look for teams?

Each team or company must consist of at least a minimum of two (2) Founders. We look for great, balanced teams who have a full range of skills. We strongly advise you to seek co-founders who balance your skillset. For example, if you’re a strong developer, you might consider adding someone with business and/or marketing experience. If you’re a great business evangelist with no developer, then go find a rock star developer to join you. Ultimately every company needs a diversified team to succeed.

15. Where will we live while we’re there?

That’s up to you – we don’t provide a place to live. If you’re from out of town you should be able to find temporary living space easily in Kuala Lumpur.

16. How do you choose which companies to accept into the program and to fund?

We will choose great founders who are proposing products that solve real problems or create meaningful innovations. For us, it’s about the team. Because of this reason, we don’t accept single founder companies. The best things you can do to strengthen your application are:
- Round out your team with business, technical, and other necessary skills.
- Make progress on your prototype or product and reference it in the application.
- Show us you’ve really thought about your business and have gotten off your butt to do something about it.
- Find a business that has tremendous growth potential and a global market

17. Is my age a factor in your selection process?

No, but if you’re still in school, then for obvious reasons you won’t qualify. If you’re in University or College apply by all means. The typical age range of applicants will probably be 25-40 years old, but we’ll definitely accept much younger founders and much older founders if we believe they have an awesome idea and can build a great company..

18. Do I need to send in a business plan?

Nope. Just fill out the informal online application – that’s all you need for us. In fact, we probably don’t want to see your business plan if you have one.

19. When is the deadline to apply and what’s the overall timeline?

Check the schedule for details. The program consists of 3 months of FastTrac and coaching and a further 9 months of follow-on coaching. You’ll be required to build a commercialisable product or prototype within 6 months of joining the program.

20. Where is the AllStars office and what’s it like?

We’re in the process of securing the location in the city centre of Kuala Lumpur.  The AllStars location will be fully equipped for a startup to build a business. Don’t expect something grand, it’s a startup space after all, but it will be more than adequate for you. Of course, it’s your company so you set your own schedule, office hours, etc. You also don’t have to work from the AllStars space unless you want to.

21. What will a typical day be like for a AllStars founder?

It’s your company, so you’ll be hard at work on your product. You can choose to work out of our AllStars Garage (that’s what we call our office space) if you’d like, or you can work anywhere else that you might prefer. On a regular basis, we’ll organize informal educational sessions with our mentors. We also expect many of the mentors to drop in to AllStars at various times throughout the program. In general though, you’ll be working on your product each day, just like all of the other founders in the program. We don’t tell you what to do or when, but we create an environment that is conducive to helping your startup every day. And we’ll make sure you have lots of experienced mentors around to help you.

22. Can I apply if I’m not from Malaysia?

Unfortunately, for the time being the program is only for Malaysian teams. However, if the majority of your team is Malaysian and you have a valid residential visa to stay in Malaysia (either as a Permanent Resident, student visa or business visa) then you can be part of the team that is selected into AllStars.

23. I’m concerned that if I apply, you won’t protect my intellectual property. Should I be worried about this?

We’re certainly not in the business of stealing ideas, and we won’t show your application to anyone outside of AllStars, except with your permission. As coaches and trainers, over the years we have seen hundreds of companies and many of them include similar ideas. For this and other practical reasons, please don’t ask us to sign an NDA. Our application does not ask for your “secret sauce”, and there is no reason you have to disclose this to us if you’re not comfortable doing so. We hope that our reputations speak for ourselves on this topic. However, you would have heard of the saying, “an idea is worth a dime”. That’s absolutely true. It’s never about the idea, it’s all about the execution.

24. My team outsources software development. Are we still qualified to apply?

Yes. We think it’s best not to outsource what you are, but it obviously works in some cases provided your team owns the intellectual property. We’re happy to consider any application. Just remember that we’re primarily focused on the team.

25. I have received a grant before can I still apply?

Yes, you can. In fact we encourage you to apply.