Ata Plus - MYCN by Knightsforth

MYCN by Knightsforth

Malaysia Club network (MYCN) is a mobile application platform that makes connecting with the nightlife crowd easier and more convenient between users (night-goers) and the venue organisers in Malaysia.

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Introduction

Malaysia Club Network (MYCN) is a mobile application platform that makes connecting with the nightlife crowd easier and more convenient, between users (night-goers) and the venue organisers in Malaysia. Through MYCN, users will be able to experience nightlife activities in a more hassle-free application as well as discover happening and trendy events and hotspots. Users will be able to meet like-minded groups easily through the app and venue owners will also be able to easily promote, communicate, and engage with users in verbatim through MYCN. This ensures a satisfying experience for both users and owners. Through the app, users can be updated with the latest events in Malaysia' nightlife.


What We Do

The Challenge

In Malaysia, if a venue is very popular, it is inevitable that customers would have to queue before entry, but these lines and queues pose more of an inconvenience. Besides that, there is no online platform that helps users easily find out happening events, purchasing an entrance ticket or even book tables. More than that, there is a void in tools that help merchants to increase their sales and operational efficiency. 

In order to examine the preference of the consumer’s way of ticket purchase and making reservations or table booking, we conducted an online survey with a sample size of 1500 valid data that matches our target audience. We also gave a target of reaching 3000 young working professionals aged 21 to 31 years old that are based in Kuala Lumpur. We used this demographic as this group spend their times at night venues which match the criteria of our target audience.

Which major problems do you encounter when making a walk-in booking?

MYCN Survey

Our Solution

MYCN app will offer  a wide variety of options and  features that will be made available  for merchants and users. These features will enhance the nightlife and parties experience. Some of the feature recommendations include:

  • Club & Pub Listings

  • Event Listings

  • Online Booking

  • Ticketing System

  • Mobile Payment

  • Purchasing & Ordering System (POS)

  • User Profile

  • Mapping Feature
    (Integration with Google Maps and Waze)

  • Virtual ID

  • Notifications

  • News Feed

  • Exclusive Offers & Voucher Deals

  • Messaging System

  • Bar Hopping Integrator

  • Social Sharing

  • Tab Management System

 

MYCN App

FRIENDS FOLLOWING
Chat and activity interests

EVENT DETAILS
Purchase tickets for future integration with GRAB

EVENT LOCATION
With generated QR code for merchants verification

MYCN App

TABLE DETAILS
Tickets, tables and drinks voucher purchase

PAYMENT GATEWAY
Safe and secure checkout

ORDER DETAILS
With generated QR code for merchants verification
 


Why Are We Different

MYCN is an app set out to create the most convenient way for the night goers community to plan their night out. For the first time, users can get all the information they need for the nightlife in one simple handy app.  Communication between fellow nightlife fans as well as bringing together with most influential music media outlets as partner curators for the app. MYCN will create publicity, a new advertising medium as a sales boosting tool for the merchants  and social media platform featuring booking system for the nightlife community. 

 

Market Growth

DRIVE MORE ORDERS
Guests taking control of orders equates to more orders for your venue and more tips for your staff.

 

Market Growth

IMPROVE GUEST RATINGS
Keep guests enjoying more of the entertainment and less time waiting for servers or standing in line.

 

Market Growth

CAPTURE MISSED SALES
Assist your operations and drive more repeat orders at the roughest of times in order to capture guest attention.

 

Market Growth

BE DISCOVERED
Become a venue that is promoted by the MYCN platform and make it easier to find for the thousands of users on the MYCN app.

 

Market Growth

INCREASE SPENDING
Increase premium item sales by allowing guests to see the full selection of brands in the app.

 

Market Growth

JOIN A NETWORK
Guests are signing up with MYCN every day and looking to order in your city. MYCN helps drive awareness of your new service in the local market.

 

Market Growth

EASIER ORDERS. HAPPIER GUESTS.
MYCN makes it simple for patrons to easily browse a venue’s menu, customise their order, pay, and pickup, or have the item delivered right to them.

 

Market Growth

UNLOCK THE NETWORK
MYCN consists of a network of leading entertainment venues that share in driving guest awareness and adoption of the MYCN experience.

 


Our Revenue Model

  Business Model Price
B2C Booking Free
B2B Transaction Fee 3% of total bill
Advertising Fee

RM8,000 - RM25,000

Depends on the size and the position of the advertising board that the merchant select to publish the ad. 

Google Ads TBD in later phase

Our Market Opportunity

When conducting our survey, this question stood out significantly whereby the majority of respondents, 69.80% or 1047 respondents prefer mobile application to their bookings. This is a significant amount compared to 22.6% or 339 respondents which prefer to do bookings on the website, and 7.6% of the respondents who prefer to walk-in or call in to make a booking. 

Which way do you prefer to make bookings?

MYCN Survey

Which mobile booking applications are you familiar with? 

MYCN Survey

 

Based on the responses from our questionnaire, it shows a significant result that mobile booking apps is a necessity. Consumers see that by purchasing tickets or making a reservation through mobile booking apps is very convenient. The most noteworthy result is that more than 65% of respondents which constitutes to 975 out of 1500 respondents prefer to use mobile booking applications to do reservations. This is a clear indicator that the market trend as well as customer purchase style and behaviour are adapting to the new technology and trends. Issues like long queues, unpleasant services, and time-consuming process lead to people depending on mobile applications to make things easier and more convenient for their time and money. Hence, we can conclude from the research that people knew about the convenience of mobile booking apps and would prefer a service that skips the queue and the hassle.

We take a 3% commission on each transaction

 

17,500

Expected monthly transactions made on MYCN by Year 2

 

RM14.25

Average Fee. Based on RM475 bill

 

RM3M

Expected Revenue by Year 2

 


Our Strategy

MYCN’s long-term strategies would be broken down into the following phases:

DEVELOPMENT
MAY 2018 – MARCH 2019

In May 2018, MYCN will begin the process of development, marketing and product research. We aim to develop the Minimum Viable Product by November 30, 2018, Iteration I by January 31, 2019, Iteration II by February 28, 2019, Iteration III by February 28, 2019, and Iteration IV by March 31, 2017. Each iteration will be tested through a series of test groups that involves key influencers in Klang Valley. We intend for the fourth iteration to be a product that is ready for mainstream adoption within our Local Addressable Market. Revenues will be immaterial during this phase, and capital needs will be relatively high to fund an aggressive development and marketing schedule. By the end of the development phase, we hope to have achieved a base of 2,000 users.
 

PHASE I (TRACTION)
MARCH 2019 – DECEMBER 2020

The traction phase will begin in March 2019 and ends in December 2020. Our focus will be expanding within the LAM by growing our user base and expanding our vendor network. By the end of Phase I, we hope to have achieved a base of 36000 users, earning revenues of RM3,411,450.00.
 

PHASE II (EXPANSION)
JANUARY 2021 – JULY 2023

During the expansion phase, MYCN will extend its reach beyond the cities in Malaysia and reach major cities in Southeast Asia. By December of 2021, we hope to have achieved a base exceeding 60,000 users, earning revenues at RM9,276,750.00.
 

ACQUISITION
JANUARY 2025 – ONWARDS

MYCN will opportunistically consider acquisition possibilities in early January of 2025.


Usage of Funds

Knightsforth Use of Funds

 

Knightsforth Use of Funds

App Enhancements
App maintenance and development of Phase 2 of MYCN. 
 

Knightsforth Use of Funds

Marketing
Launch event and marketing

 

Knightsforth Use of Funds

Operations
Business operations, office setup and legal fees


The Team

Terrence Leow

Founder & Managing Director

Graduated from the University of Essex, obtaining a Bachelor’s Law Degree (LLB). Terence has had experience as an Assistant Sales Manager and Warehouse Operative Officer. Additionally, being musically inclined, Terrence has always shown himself as a music teacher, either as a freelance or employed.

Bryan Ding

Finance Director

Bryan is heavily involved in setting up the MYCN platform and overseeing the development of MYCN. Obtained a BSc (Hons) Economics and experience working in an accounting and audit firm in the UK allows him to deal with clients directly.

Javier Chong

Operations Manager

Experience in handling legal documents and crisis management. Obtained a Bachelor of Communications (Hons) Public Relations with a minor in Marketing. His previous experience in PR has garnered him experience in building networks.

Jayden Yoong

Business Development Director

Prior experience handling different artists as an Artist & Repertoire Executive. He obtained a Bachelor of Professional Music and an MBA. He was a freelance musician in his early years which equipped him with the much-needed understanding and insight of night life entertainment.

Sam Chan

Marketing Director

Involved in planning as well as executing marketing programs and promotional events to produce brand awareness and maximize sales. Having previously served under a company that deals in recruiting, engaging, and introducing local brand products into the Chinese market.

Jack Liew

Project Manager

With his passion for business and being exposed to it from a young age of 16, having previously worked as a sales executive for a car dealership, he has shown results by selling 25 cars in 6 months. Degree in Law.

Term Sheet

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