Heuristix Lab is the developer of a suite of Tablet PC applications called the FunPackSeries, which enhances the learning experience for students and teachers. It gives a whole new meaning to digital learning.
Taking Up The Technopreneur Challenge
Rakesh Gupta, co-founder and CEO of Heuristix Lab, recalls the company’s early days: “I was fresh out of school and the army. I couldn’t find a company that intrigued me and since the Government was aggressively pushing for entrepreneurs, I decided to take up the challenge.”
Not having any work experience was a major setback. Rakesh found a partner, Soon Jinn, who was then working for PSA Corp. “We had a vision and we wanted to make it a reality as soon as possible. However, we didn’t realise that establishing a start-up required more than just a vision”, says Rakesh.
Searching For Investors
Rakesh and Soon Jinn pitched their idea to venture capitalists. “VCs liked our passion and determination. However, we lacked a serious business plan and a good management team. There was just the two of us.”
The entrepreneurs knew that a business plan was critical to getting investors.
A business consultant, recommended by a venture capitalist, was roped in. This resulted in a well-crafted 30-page plan crystallising their company’s strategy and business model. Their strengths, weaknesses, opportunities and threats (SWOT); five-year financial projections and successful projects were now professionally packaged on paper. The entrepreneurs also engaged the consultant as a coach and mentor.
Getting Government Investment
Armed with the business plan, they relaunched their search for investors. Three months later, a businessman, Mr. Wee Jong Dit, decided to invest.
They did not stop their search.
Rakesh and Soon Jinn discovered an EDB scheme which matched, dollar-for-dollar, the investment made by a third-party. The scheme, known as the Startup Enterprise Development Scheme (SEEDS), was just what they needed.
After thoroughly studying the criteria for SEEDS, they applied. Getting in-principle approval was smooth sailing. Rakesh believes the Singapore Economic Development Board (EDB) was impressed with the team’s track record and passion.
The duo took up consulting jobs while waiting for the final approval. The contracts were signed and the funds delivered 4 months after the application was made. Rakesh feels that without the EDB’s help, getting his business up and running would have taken a lot longer.
Today, Heuristix Lab’s software is used in more than 40 secondary schools. There are plans to roll out similar applications for tertiary institutions. On the horizon is a project to supply software to universities in Indonesia, together with Microsoft and Fujitsu.
Funds Fit For The Future
The entire adventure in financing was a real test of commitment and dedication to their passion and business.
Was it worth it? Rakesh certainly thinks so. “The investments by the EDB and our third-party investor gave us the room to work on research and development as well as provide access to networking events and business opportunities within Singapore. Without the funds, we would have been preoccupied with survival.”
What about the rest? Rakesh puts it down to sheer determination and commitment to his company’s cause.
“Founding a start-up is no joke,” he says. “You have to be serious about it! We don’t want to remain a start-up forever, we want to be BIG!”
