UYM Startup Ventures is an initiative designed to empower young entrepreneurs by providing seed funding of up to $5,000 USD to support the launch of innovative start-up ideas. This project is a part of the UYLS Summit in Malaysia 2024, aimed at fostering entrepreneurial spirit among youth. Selected teams will not only receive funding but also gain the opportunity to present their ideas at the prestigious UYLS Summit in November 2024.
Introduction
Aim
UYM is thrilled to announce the launch UYM Start Up Venture w, which will be held simultaneously with the UYLS Summit in Malaysia in 2024. This initiative is designed to support passionate youth with innovative business ideas by providing them with the necessary financial backing to bring their visions to life. In this funding, young entrepreneurs are awarded up to USD $5,000 in financial assistance to youth-led start-ups which aligns with the SDG-17 goals.
Objective
The funding aims to support the early stages of business development, including product development, marketing, and initial operational costs.
1. What is UYM Startup Ventures?
- UYM Startup Ventures is a seed funding initiative providing up to 5,000 USD to youth-led start-ups. It’s part of the UYLS Summit in Malaysia 2024.
2. Who is eligible to apply for the seed funding?
- Age Range: Participants must be between 18-35 years old.
- Team Composition: Applications must be submitted by groups of at least two members and max five members
- Nationality: Open to youth from all countries.
3. What is the application fee? Is the application fee refundable?
The application processing fee is only 21 $, is non-refundable in any circumstance.
4. When is the application submission deadline?
The application deadline for UYM Start-Up Venture is October 2nd, 2024.
5. Can we apply if our group members are from different countries?
- Yes, as long as the group meets the eligibility criteria, members can be from different countries.
6. What are the documents needed to be uploaded ?
- Business Proposal: A detailed document outlining the business idea, target market, business model, and growth strategy.
- Budget: A breakdown of how the seed funding will be utilized.
- Identification: Passport or ID of all group members.
7. What criteria will be used to select the winners?
Selection will be based on the originality, feasibility, and potential impact of the business idea, as well as the quality of the submitted proposal and budget plan.
8. What is the Selection Process ?
- Applications will be reviewed by the high committee of UYM.
- Shortlisted groups will be contacted for further evaluation, which includes an interview and presentation of their business idea.
9. When will I be notified regarding the status of my application?
Selected groups will be notified by 15th October 2024 via email and will receive further instructions on attending the UYLS Summit in Malaysia.
10. What will the winners receive ?
Winners will receive the seed funding and an invitation to the UYLS Malaysia Summit.
11. Will there be any support provided after receiving the funding?
Yes, winners will have the opportunity to attend the UYLS Malaysia Summit, where they can network, learn from industry experts, and receive further mentorship.
12. What happens if a group cannot attend the UYLS Malaysia Summit
Attendance is mandatory for at least one representative from the winning group to receive the seed funding and participate in the summit activities.
