FTrash Company Runs Road After $39M Free Makan!

[h=1]SINGAPORE-BASED START-UP FULL OF FTS FAILS DESPITE OVER US$39 MILLION IN GRANTS[/h]


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Post date:
11 Aug 2014 - 6:54pm









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A Singapore based Social Network called Bubbly is closing shop and liquidating after the business did not do so well.
This is despite the company receiving over US$39 million in investments and grants from prominent venture capital companies including Sequoia Capital, Singtel Innov8 and JAFCO Asia.
Bubbly is a social networking platform for hand phones similar to twitter where instead of using text and reading others' updates, users listen and voice record their updates.
Bubbly had had a few acquisition deals but the negotiations fell through so it is winding up.
Over the past 9 months, Bubbly had two possible acquisition deals with two China companies, and another start-up but the negotiations fell through as prices couldn't be agreed on.
The company decided to wind up and take whatever cash that the business had out with them.
Since its foundation, Bubbly has gained over 5 rounds of grants and capital investments since 2006.
In 2012, it also received US$5 million from JAFCO Asia, SingTel's Innov8 and Sequoia. Despite these capital investments, the company could not make it work.
What is more shocking is that this company could even be based in Singapore and receive millions of dollars in funding in the first place.
A quick look on the company's about us page shows that the directors and company leaders are pretty much all foreigners:

Even their team members seem to be from foreign countries:


Why are foreigners allowed to come here and start companies, proceed to hire pretty much all foreigners, receive large grants then close shop and take out the money from the company?
While foreign companies can create jobs for Singaporeans, judging from this photo, how many jobs do you think were created for Singaporeans by this company?

Singaporeans can take advantage of these grants too. When I first started my web design enterprise back in the mid 90s, I received a generous amount. EDB was extremely helpful.

The difference between Bubbly and me was that I was profitable and had less than 7 staff. This company is far too top heavy for a start up.

There are always grants there for the taking. The problem as I see it is that very few Sinkies take advantage of them leaving the field open to foreigners to grab a lion's share of the loot.

You can't blame the PAP for that. It's the lack of enterprising spirit in the local population that is the problem.

Absolutely Agree.

Leongsam said:

Singaporeans can take advantage of these grants too. When I first started my web design enterprise back in the mid 90s, I received a generous amount. EDB was extremely helpful.

The difference between Bubbly and me was that I was profitable and had less than 7 staff. This company is far too top heavy for a start up.

There are always grants there for the taking. The problem as I see it is that very few Sinkies take advantage of them leaving the field open to foreigners to grab a lion's share of the loot.

You can't blame the PAP for that. It's the lack of enterprising spirit in the local population that is the problem.

Click to expand...

jw5 said:

Absolutely Agree.

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Microsoft staff in 1978



Bubbly courtesy of the Singapore tax payer :

What the fuck were all these people doing every day???

My guess would be talking.

Leongsam said:

What the fuck were all these people doing every day???

Click to expand...

Leongsam said:

Singaporeans can take advantage of these grants too. When I first started my web design enterprise back in the mid 90s, I received a generous amount. EDB was extremely helpful.

The difference between Bubbly and me was that I was profitable and had less than 7 staff. This company is far too top heavy for a start up.

There are always grants there for the taking. The problem as I see it is that very few Sinkies take advantage of them leaving the field open to foreigners to grab a lion's share of the loot.

You can't blame the PAP for that. It's the lack of enterprising spirit in the local population that is the problem.

Click to expand...

just helping and sharing:
http://www.enterpriseone.gov.sg/en/Government Assistance/Grants/Start-Ups/gp_spring_ace.aspx

ACE will match S$7 to every S$3 raised by the entrepreneur for up to S$50,000.

i.e. For you to receive a grant of $50,000, you will need to raise $21,429 for co-matching.

If your start-up is in a capital intensive industry, you may consider applying for an additional S$50,000. For this, ACE will match S$3 to every S$7 raised by the entrepreneur.

i.e. For you to receive a grant of $100,000, you will need to raise $21,429 + $116,667 = $138,095 in total for co-matching.

ACE does not take equity in your company and will offer the grant over 2 – 3 tranches of about $10,000 - $25,000 each. Each tranche of the grant will be released to you when you hit pre-determined milestones.

In addition, ACE will also match you with a mentor, who will support the sustainable growth of your start-up in its first year.

These too:

http://www.canon.com.sg/thinkbig/what-grants-can-you-apply-for-your-business/

jw5 said:

My guess would be talking.

Click to expand...

You know what all those T shirts signify?.... they reveal an attitude of extravagance and placing form ahead of function far too early in the game.

The design of the T-shirt is much too complicated.

I prefer the way the Microsoft staff were dressed in 1978. It reflects their individuality.

Leongsam said:

You know what all those T shirts signify?.... they reveal an attitude of extravagance and placing form ahead of function far too early in the game.

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Nobody said yet.....I'll say it

Angmos are the BESTEST

Narong Wongwan said:

Nobody said yet.....I'll say it

Angmos are the BESTEST

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Yeah at helping themselves to money that isn't theirs.

Please count how many kek lengs are there in the picture...how now to fail?? they spend most of their time lazing at Maxwell Rd Food centre or Tg Pagar....how to succeed...ha ha ha ha

One of the ah neh even have time to fuck herself crazy till she got pregnant..sure very free one.

Leongsam said:

There are always grants there for the taking. The problem as I see it is that very few Sinkies take advantage of them leaving the field open to foreigners to grab a lion's share of the loot.

You can't blame the PAP for that. It's the lack of enterprising spirit in the local population that is the problem.

Click to expand...

the opportunity cost of failure is (perceived as) too high in singapore. the angmohs who came and took the grant money had little to lose as they were rejects back home.

Here's the thing: the real talented ang mohs will never ever come to Singapore. If they come here, it's either to launder their dirty money or make a fast buck before escaping.

If you're a prostitute and you offer an ang pow for every client, you would be quite popular too. An economic grant works the same way.

laksaboy said:

Here's the thing: the real talented ang mohs will never ever come to Singapore. If they come here, it's either to launder their dirty money or make a fast buck before escaping.

If you're a prostitute and you offer an ang pow for every client, you would be quite popular too. An economic grant works the same way.

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Very well said!!

Leongsam said:

Yeah at helping themselves to money that isn't theirs.

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That's why they are the bestest.

Absolutely Agree.

And actually this applies to the ah tiong from PRC and even the ah neh from India too.

laksaboy said:

Here's the thing: the real talented ang mohs will never ever come to Singapore.

Click to expand...