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LOCAL ENTERPRISE APPLICATIONS AND PRODUCTS (LEAP) PROGRAM

LOCAL ENTERPRISE APPLICATIONS AND PRODUCTS (LEAP) PROGRAM. Briefing to Potential LEAP Applicants 12 th December 2013, Knowledge Hub. But, is it innovative?. WHAT IS INNOVATIVE?. “Being c reative is thinking up new things ”. “ Invention shows it can be made ”.

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LOCAL ENTERPRISE APPLICATIONS AND PRODUCTS (LEAP) PROGRAM

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  1. LOCAL ENTERPRISE APPLICATIONS AND PRODUCTS (LEAP) PROGRAM Briefing to Potential LEAP Applicants 12th December 2013, Knowledge Hub

  2. But, is it innovative?

  3. WHAT IS INNOVATIVE? “Being creative is thinking up new things” “Invention shows it can be made” “Being innovative is making it commercially valuable”

  4. HOW TO BE INNOVATIVE? There is no magical formula…. • Think in new ways…….. • Find new uses for old things……. • Analyse why something is not working…… • Find solutions for consumer problems…… • Identify a niche market…….. • Recognise changes in consumer tastes……. • Analyse the failures of others….. • Apply new technologies in new ways…

  5. PROBLEM SOLVING • Problems mean opportunities. • Many good ideas come from finding a solution to a problem. • Before writing your idea, find out if someone else had done the same or something similar? • What causes the problem? • Identify solutions, prioritise the ideal solution and start designing the idea. • Lack of support & expertise? Ask for it! • Choose your team, set up strict deadlines and take action!

  6. Presentation to CONFIDENTIAL DRAFT

  7. LOCAL ENTERPRISE APPLICATIONS & PRODUCTS GRANT PROGRAM

  8. BACKGROUND • There was an innovation funding gap especially for start-ups in the funding eco-system • His Majesty has consented for BEDB to implement the Local Product Development Program (LEAP Program) in June 2010 • Budget approved B$5m under RKN to be utilized within 4 years • Open to Brunei-based SMEs and IHLs (Institute of Higher Learning) • Applicable to all industries

  9. ABOUT LEAP Objective: • To promote local innovation by helping to fund the development of local products by Brunei SMEs • Deliverables Target: • Pilot Project • Product Prototype • Project Duration: • Up to a maximum of 12 months • Quantum: • Maximum up to B$150,000

  10. CONDITIONAL GRANT • LEAP Program is a conditional grant. • The recipients do not have to pay back unless certain agreed conditions are not met. Examples:- • Failure to implement the agreed milestones/deliverables • Failure to fulfill qualification criteria upon award

  11. WHO CAN APPLY? Individuals/ start-ups with INNOVATIVEideas but have insufficient funds to realize their venture • Local company • Bruneian-owned (Citizens, PR) companies • Partnerships/JV companies with foreign • companies can also apply (At least 50% • local ownership) • No of Employees less than 100 • *Individuals need to form a company • IHL(Institute of Higher Learning) • students and staffs • Applications to be made through the IHL

  12. WHAT ARE WE LOOKING FOR? Strong business plan with commercial applications in private and/or public sector • Open to all industries - ICT, Bio-technology, High-growth sectors, Agriculture & Aquaculture, Engineering, Food, Environment, etc. Locally developed or customized foreign-owned technology but must be technically viable Presentation to Strong business model • Clarity in goals, roles and deliverables. What problems are you addressing? What is its unique value proposition behind this technology or its application? Outputs leading to new knowledge with commercial potential, IP generated Identify Benefits vs. Risks Competitor analysis Capitalizing on existing available resources in Brunei is an advantage CONFIDENTIAL DRAFT

  13. WHAT ELSE ARE WE LOOKING FOR? • At least 10% of knowledge workers are local • Have required expertise • Adequate resources • Development team based in Brunei • Committed and qualified team Presentation to • Committed client/user (Letter of Intent) • Clear and identifiable target market - clear sustainability plan Potential end user identified (Public/Private) is an advantage Scalability/Export-potential is an advantage CONFIDENTIAL DRAFT

  14. WHAT ARE THE QUALIFYING COSTS? *Founder allowance – capped at B$1k/ month Quantum – maximum B$150,000

  15. ALLOWABLE EXPENSES • Reasonable salary for the Project Team • Raw materials, tools, equipment, computer, software. • Necessary personnel, services & technology needed to produce prototype • (Example: outsourcing fees, testing) • Specialised consultants & researchers for project feasibility plan purposes • IP search, advisory and basic agreement drafting • Product testing and certification • Office/ workshop/ iCentre / lab rentals • Subscription fees of market research materials

  16. UNALLOWABLE EXPENSES • Funding companies or for company formation business setup, operational cash flow expenses, founder’s salary, utilities. • General use 3rd party IT related equipment / software / accessories/ infrastructure for own company use. • Office Furniture and fittings • Office/ lab/ workshop renovation works • Maintenance costs for office operation – air-conditioner, computer, etc. • Shipping charges for overseas purchases • Advertising, marketing costs • Training fees, travelling costs

  17. WHAT ARE THE QUALIFYING COSTS?

  18. FINANCIAL ASSESSMENTS • Is there integrity in cost estimates? • Is there reasonableness in the financial assumptions? • Is there evidence of financial management capabilities resources? • How healthy is the applicant’s financial standing? • Have you identified ways on how to generate revenue? Do the numbers look solid/sustainable?

  19. EVALUATION CRITERIA • Innovation: • Stimulate creativity and appetite for innovation. • Technical quality of the project: we award the innovative merit in the development of a new idea, or any differentiating factor of an already existing one. Technological impact is important. • Commercialisation Potential: • Present commercial opportunities, projected sustainability and growth. • Is there a Market demand for this product? Is there potential for IP to be generated? Is there a competitive advantage/uniqueness to this product? • Letter of Intent (if applicable) from a credible source will be highly advantageous. • Export potential .

  20. EVALUATION CRITERIA • Business Model: • Does the company have a clear understanding of the competitive landscape within their target markets and have they drawn up a credible positioning strategy for their product in comparisons with competitors? Did the team conduct their SWOT analysis? • How does their financial plan look like? Have they identified ways on how they generate revenue? Do the numbers look solid/sustainable? • Coherence: adequate relationship between planning, activities of execution and results. • Team Competencies: • Appropriateness in the experience, history and background of the applicant in the market, in terms of competencies for project execution. • Do the team also appear to understand and designed a good conceptual framework and methodoly for their business. They need to be comfortable that the team is also thinking the business feasibility in addition to the technical feasibility.

  21. UNIQUE SELLING POINT “In order to be irreplaceable, one must always be different.” Coco Chanel • Make sure your product will appeal to the customer. Your product must be different to that of your rivals. WHAT IS YOUR USP? As such, you need to be innovative...

  22. HOW IS THE REIMBURSEMENT MECHANISM? Presentation to • In line with other grant schemes • Funds are not to be used to settle any existing debts nor can such funds be assigned nor utilized as collateral to obtain or secure existing or future financing from other parties CONFIDENTIAL DRAFT

  23. WHY LEAP? • A great idea is only really a great idea when it is turned into a business model that can consistently and repeatedly generate revenues and profits..... Presentation to Working Prototype IP Generation Spin-Off Opportunities Commercialization CONFIDENTIAL DRAFT

  24. WHAT IS THE APPLICATION PROCESS? • Submission of application Presentation to CONFIDENTIAL DRAFT

  25. HOW DO WE MONITOR YOUR PROJECTS? • LEAP Program recipients are required to submit to the Monitoring Team, monthly/ quarterly progress and expense reports including:- • Milestones achievement • Time sheet for staff working on the project • Breakdown of expenses together with receipts and other supporting documents for reimbursement purposes • Other relevant information

  26. HOW TO APPLY? 1. Application form is downloadable at BEDB website: www.bedb.com.bn 2. Submit 3 sets of Application form , Business Plan and necessary documents to LEAP Secretariat Still not sure? Please contact LEAP Account Manager at: DIANA RAMLI Email: diana@bedb.com.bn Call: 2230111 ext. 146

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