I M POSSIBLE: A Group Exhibition by Three Young and Talented Artist with Learning Difficulties

Innate artistic talent is perhaps one way to describe the commonality in the three young artists featured in Artemis Art's latest group exhibition, entitled I M POSSIBLE featuring the works of Delwin Cheah, Dennis Liew, and Yuli Yap.

While all three have their unique and individual artistic styles, it must be said that the uncanny ability to produce works exhibiting concise compositions in apparent in all three artists.

Delwin Cheah Wien Loong, 11 years of age and the youngest of the three artists, is a native of Penang. Among the three, however, Delwin is the most celebrated, and has earned a place in the Malaysian Book of Records, as The Youngest Artist To Hold Solo Visual Art Exhibition (Autism Spectrum Disorder).

Dennis Liew Kai Mun is 29 this year, and in January 2014 held his first solo exhibition at Artemis Art. I M POSSIBLE will feature this artist’s unique Chinese ink brush artworks, a combination of traditional brush styles and European post-impressionistic nuances that he calls Fusion Revivalism.

Yuli Yap, 28 years old this year, is an artist with a wide repertoire of styles. He is very adept at the use of coloured marker pens, the mainstay of a collection of works that were exhibited as part of his second solo exhibition, held at Artemis Art last year. In addition he also produces digital art, and is now exploring the use of other media, such as acrylics.

I M POSSIBLE begins on Saturday, June 21, 2014. The official opening reception will be held at 5pm on the opening day, and we are indeed privileged to have, as our guest of honour, YB Chong Eng, Pulau Pinang State Youth and Family Exco, to officiate the opening.

The exhibition continues after its opening on June 21 until July 13, 2014.

Exhibition Date: June 21 to July 13, 2014

Official Opening: 5pm, June 21, 2014

Venue: ChinaHouse, Lebuh Pantai, Georgetown, Penang

Opening Hours: 9am to Midnight (Sunday to Thursday)

                          9am to 1am (Friday and Saturday)

                          

Be fashionable with Emel by Melinda Looi and Stand A Chance to Win Volkswagen Polo Sedan

MyCreative Ventures would like to share 2 great news for the fashionistas out there:

Melinda Looi has launched their Baju Raya 2014 collection: 'emel by Melinda Looi’. It is a socially conscious fashion initiative for the first time by them.

Through the initiativie, Melinda Looi  is offering an annual Raya ready-to-wear collection, whereby a part of sales proceeds from the collection will be donated to a selected charity each year. This year's benefitting charity is the IJN Foundation and the celebrity we are working with is the super talented actress Diana Danielle. 

More about this at  www.emelbymelindalooi.com website.

This collection will also be available at Zalora, Fashion Valet, Melinda Looi Bangsar showroom and Parkson (KLCC & Pavillion). They also caters for Baju Melayu in four colours this time around, for the gents out there to match with the first ladies.

To make things even better, Melinda Looi has partnered with Volkswagen to launch the 'Safe & Stylish Balik Kampung' campaign, where the winner will be able to win a VW Polo Sedan! More info at www.bit.ly/emelxVW

Malaysia Needs to Overhaul Its Filming Industry

The industry is becoming popular amongst investors fraternity in the United States (“US”) as the growth in the international entertainment market is huge - best illustrated by the fact that the international box office is growing at a much faster rate than the US’s. Hollywood studios have shifted focus to large films (USD200 million each).

ILMING industry seems to show a great deal of money - both from production side as well as economic profit side. We hear Hollywood boasts its films across the globe like a phoenix full of inferno. When we turn our heads to the local (Malaysian) scene, the fire extinguished. What has happened? or rather, what did not happen? Surely Hollywood is not the only success story? I even heard that Hollywood is not ranked #1. I was told that #1 goes to Bollywood. #2 goes to one of the African nations,... cannot remember which one. Hollywood is at #3. Other nations are also performing far better such as Hong Kong, Korea and even our neighbouring Indonesia and Thailand. So what can we do to make Malaysia as awesome as those countries as far as the filming industry is concerned?

Recently I was privileged enough to visit Hollywood. Apart from the themed rides and the photo with the HOLLYWOOD sign on the hill, I took quite a considerable amount of time talking to many people from the filming industry in Hollywood. They include studio producers, independent producers, bankers, lawyers, insurance guys, distribution companies, talent agencies, private equities and Emmy Award winners (directors/producers). It was a rewarding experience. I now understand what is in the ecosystem in Hollywood that is not in ours (Malaysia). These missing components are quite critical that they carry with them the role of bricks to a wall. So, I would like to share the salient points that I have gathered and most of it are behind the scenes matters - the boring stuff that happens behind the actors and the cameras but without them, there will not be any filming industry (funny enough that without them, Malaysia still has a film industry - hmmmmm.... ) Oh well, here goes:
                                  

HOLLYWOOD ECOSYSTEM

         

STUDIO VS INDEPENDENT PRODUCERS

Studio producers manages from A to Z – Pre-production, production, post-production, sales and distribution, financing, legal, accounting, licensing and merchandising. Their primary focus is making $$. Independent producers are more passionate with the artistic and cultural perspectives of a movie. They are more conducive for a nation’s identity building activities. Both studio and the independent producers agree on one thing : "The road to success (whether financially or artistically) would be a strong story telling."

DEBT FILM FINANCING

Gap and bridge financing for Government rebates is a necessity in the industry to fill in the gaps caused by timing of cash injections. Both bridge for rebates as well as gap financing works on Last in Last Out ("LIFO") basis for its recovery. It is also used to pre-finance pre-sales. Typically at an interest of 10% and fees of 2% totaling 12% annualised for a tenure of 12 to 18 months. Government rebates need to secure investor’s confidence. Often the banks will require a consultant to ensure that criteria for rebate is adhered to as many cases suggest that Government keeps on changing the rules. This may cause an issue of Government not honouring the rebates.

Completion Bonds are only entered into when all financing is secured. Risks can be reduced when there is involvement of a re-insurance party. Essentially the bond is an underwriting for any sort fall if the budget is blown and pay all parties if movie not completed. A cross between underwriting and insurance on completion. Other insurance such as the ones for actors comes out from production costs.

PRIVATE EQUITY FILM FINANCING

Private Equity is the most conducive way to equity-finance a film. It gives some level of comfort on the control over the operations of a production. The typical outcome (cut-off of 7 years) for a slate of projects for equity funding consideration would be:

• 25% movies breakeven
• 50% with IRR 20% to 25%
• 25% mega profits! 

The industry is becoming popular amongst investors fraternity in the United States (“US”) as the growth in the international entertainment market is huge - best illustrated by the fact that the international box office is growing at a much faster rate than the US’s. Hollywood studios have shifted focus to large films (USD200 million each) reducing the number of films made. Hence, plenty of room for private investors to finance smaller movies. They can do so by putting in place variables that can reduce risks. These are the factors that can help reduce the risks of production activities:

• Slate of projects rather than just into 1 project - diversification
• Deep industry access (projects and talent)
• Experienced team members and crew with proven success
• Higher reliance on debt financing (75% minimum)
• Maximise non-recourse Government rebates
• Maximise bankable pre-sales
• Minimal overheads
• Do co-productions instead of sole-productions

SALES AND DISTRIBUTION FOR FILMS

Backstop is a method where a procurement party values a particular Intellectual Property (“IP”) and buys the option to purchase the IPs before the producers shop around for buyers. A pre-sale so to say – a Backstop broker. They are also heavily involved in subsequent sale and distribution activities including licensing of rights and securing Minimum Guarantee (“MG”). If sold to another distributor, the latter distributor recovers all expenses and MGs paid to the Backstop broker with the surplus (“overges”) shared between the Backstop broker and the distributor based on a predetermined split. Typically, the revenue streams involved are as follows:

• Theatrical - Ticket sales split slightly in favour of exhibitors
• Home Entertainment - DVDs, pay-per-view, license fees
• TV cable & Broadcast - On air exclusively (Pay-TV) or syndication (Free-to-Air)

LEGAL ADMINISTRATION OF FILMS

Legal Counsel specific for the industry is important. Normally each movie is parked under a separate Special Purpose Vehicle (“SPV”) to limit the exposure of each movie. The lawyers look after the legal matters of these SPVs inclusive of the licensing arrangements. Collateral for financing is also a legal matter. Normally the original IP is not collateralised and only the derivative IPs are collateralised (e.g. licensing rights). Other forms of collaterals would be assignment of Government rebates and MG from distributors.

“6 charged in $5M movie fraud scheme” was reported in the Los Angeles Daily News on Friday, 28 February 2014. This shows how important the involvement of a law firm is for the industry. Fraud is everywhere. Protection and prevention is required.


ACCOUNTING THE FILM COLLECTIONS

The first USD100,000 to USD200,000 comes from the Producer after having formed up the preliminary team of main casts, directors and script writers. Release of funds for production is done when a 3rd party accounting firm confirms all monies of investment is in escrow with the lawyers. Waterfall distribution of recovery is the method used when collections are in. The accounting firm acts as a de facto credit agency for collection and the recipients of recoveries are categorised and prioritsed as follows:

Recovery of Investment plus Profit

• Priority 1: Distributor Financier (MG + 15%-25% fees)
• Priority 2: Gap Financier and Banks
• Priority 3: Limited Partners (Incl. actors/writers/directors profit share)
• Priority 4: General Partners

Fees only

• Completion Bond Underwriter
• Lawyers
• Accountants

LESSON FOR MALAYSIA

For Malaysia to grow further in their filming industry, the below critical 10 steps must be introduced in the film ecosystem:

1. Strong reinforcement of the IP valuation framework and IP market place.
2. Strong reinforcement of the film rebate system
3. Government incentives to encourage investors/angels on filming funds.
4. Legal profession to establish services for IP management.
5. Accounting profession to establish services for IP cash flow management.
6. Insurance sector to establish underwriting of film projects.
7. Re-insurance sector to widen scope of industry to include filming.
8. Banking sector to establish entertainment division.
9. Exchange filming ideas vs financiers.
10. Open the market to investors/financiers and service providers to experts from other countries

So, yeahhh,.... can we make this happen? I was told that relevant Government agencies have already started efforts on some of the above. I cannot wait to see the result of those efforts upon achieving the desired state of ecosystem.

Both studio and the independent producers agree on one thing : "The road to success (whether financially or artistically) would be a strong story telling."


Johan Ishak
Chief Executive Officer
MyCreative Ventures Sdn Bhd

MyCreative Launches Writers Unleashed Competition— The Quest for Best Manuscript

MyCreative Ventures Sdn. Bhd. (“MyCreative”) is pleased to announce the launch of Writers Unleashed – The Quest for Best Manuscript, an initiative to spur the literature industry by providing an opportunity for talented writers to showcase their talents. Winnners will win cash prizes and get their manuscripts published.

The Writers Unleashed competition invites talents with unpublished, un-contracted and un-commissioned manuscripts to be submitted via writersunleashed@mycreative.com.my latest by 5th August 2014. The manuscripts submitted will be reviewed by a panel of judges from the publication industry.

Johan Ishak, the Chief Executive Officer of MyCreative said, “I’m sure that the chance to take part in this competition will be a huge incentive for talented young writers to share their quality and creative manuscripts with us. I look forward to experience their creativity. ”

Those who are interested can download the application form, competition guidelines, and other information at Writers Unleashed tab at www.mycreative.com.my. Winners will be announced in October 2014.

This is the first writing competition held by MyCreative. Besides Writers Unleashed competition, Fashion Pitch 2, an initiative to spur fashion industry, is also held concurrently with this event.

MyCreative Launches Fashion Pitch 2: An Opportunity for Fashion Designers to Grab RM2 Million Worth of Loans

MyCreative Ventures Sdn. Bhd. (MyCreative) is pleased to announce the launch of Fashion Pitch 2, an initiative to provide fashion enthusiasts the opportunity to pitch their creativity and aspirations to run a fashion business. Those selected shall be qualified to apply for loans with MyCreative up to RM2 million each.

Fashion Pitch is held to boost the attractiveness of Malaysia’s fashion industry as well as to increase gross income from Malaysia’s fashion industry to significantly contribute to the country’s economy. Interested applicants must submit their proposals and applications by 27 July 2014. Malaysian citizens who are above 18 years of age are considered eligible to apply for this competition, while applying candidates must also have the passion for fashion.

According to Johan Ishak, the Chief Executive Officer of MyCreative, “We have received positive response from our first Fashion Pitch launched last year and this year, we are expecting more fashion designers to grab this opportunity to kick start their own labels.” Through Fashion Pitch last year, MyCreative had awarded loans to four (4) successful applicants namely Pearly Wong, Commoddity, Fern Design and Whimsigirl.

Applicants must e-mail to fashionpitch2@mycreative.com.my the application forms downloaded from Fashion Pitch tab at www.mycreative.com.my together with the proposals as guided in the webpage itself. Shortlisted candidates will then be called for the ‘Pitch Day’ session in September. Representatives from MyCreative will team up with Malaysia’s renowned fashion designers to act as a panel during the ‘Pitch Day.’ Applicants will be judged based on the uniqueness of their idea.

What is Fashion Pitch ?

Fashion Pitch is an initiative by MyCreative Ventures Sdn. Bhd. (MyCreative) which aims to produce business opportunities to upcoming and existing designers and entrepreneurs. In Fashion Pitch, designers with unique and authentic design ideas are shortlisted, and then called to pitch their ideas to a panel of esteemed judges. The initiative was first launched in 2013 in collaboration with Fashion Valet, a fashion online retail shop which advocates fashions by local designers.

Through Fashion Pitch 2013, MyCreative has awarded financing to four (4) of the successful applicants:

1) Commoddity

Comoddity was shortlisted by MyCreative panel judges in Fashion Pitch 2013. Comoddity is a newly start-up menswear fashion brand that offers distinctive and trendy men’s clothing. It started production in June 2013 and selling online in July 2013. Comoddity is a portmanteau of the words ‘common’ & ‘oddity’. The clothes may look common at first glance but with the added depth of unexpected details, unique fabrics and interesting textures the name itself represents the essence of the garments and the brand.

2) Pearly Wong

Pearly Wong Sze Kwan (“Pearly”) was also shortlisted by MyCreative panel judges in Fashion Pitch 2013. Pearly’s apparel collection started in July 2012 in Malaysia after her fashion career in New York, where her designs are timeless, sustainable and a piece of clothing that can be worn all year round. Pearly focuses on sustainable design in fashion where a piece of garment that has long life cycle to avoid excessive wastage that fills land waste and environmental friendly. Her designs are created from clothes that are cut on a waste-free pattern, multifunctional (which can be worn several ways) and made with fabrics that are durable all in an effort to eliminate negative environmental impact.

3) Fern Design

Fern Chua is no stranger to impeccable design; a self-taught fashion designer driven by a lifelong penchant for aesthetics. Her journey into design can be likened to batik – intricate, poignant, and distinct. A chance encounter with a piece of batik spurred what is now a lifelong love and adulation for the bygone wearable art. Ever the visionary, Fern recognises the potential of batik in the international fashion platform. Fern Chua dubs her updated interpretation of her designs as “the new batik”.

4) Whimsigirl

Whimsigirl is a Malaysian ready-to-wear children’s label that offers tasteful traditional and casual wear with a design philosophy that integrates culture, comfort and character. Founded by Syazana Sukiman in 2010, the label has come a long way since its humble beginning as a home business and a bazaar hopper. Following the launch of its online store in 2012, Whimsigirl rapidly expanded its fan base and became a household name among young parents. Already blazing the trail as a children's lifestyle label in Malaysia, Whimsigirl opened its first concept store in Publika in July 2013. Whimsigirl @ Publika is shaping up nicely as an extension of the brand, with an addition of footwear by Peep, a renowned Japanese footwear label, as well as plans to include books and toys in the near future.



Judges for Fashion Pitch 2013

MyCreative was fortunate to have icons as panel judges for Fashion Pitch 2013 such as:

1. Dato’ Bernard Chandran

Malaysia’s renowned fashion designer. His talents have earned him many faithful clients among Malaysia's elite most notably the Royal families of Malaysia and Brunei as well as two former Miss Universe. Due to this, Dato’ Bernard Chandran used to be known as Malaysia's "Prince Of Fashion", but is now being hailed as Malaysia's "King =\f Fashion". He’s also the owner of Bernard Chandran Couture House.

2. Dato’ Nancy Yeoh

The president and CEO of Stylo Worldwide Limited. Stylo is an exciting B2C (business to consumer) fashion festival brand, which soon realised their platform could support something bigger for our country – by turning Kuala Lumpur into a fashion trading hub with our Asian partners.

3. Fadzarudin Shah Anuar

The founder and Managing Director of Fashion Valet Sdn Bhd. Founded in 2010 with the aim of bringing the latest fashion trends to customer’s doorstep, FashionValet is Malaysia’s first and hottest online fashion store.

4. Azlin Ishak

The Finance Director/Co-owner of Global Retail Ventures Sdn Bhd. The company represents international brands such as Peacock, Tape A L’oeil, Collezione, BHS, Accessorize, Jane Norman and Blue Inc. The company was established in 2005 and used to be known as Global Clothing Sdn Bhd.

5. Farhanita Shaid

The General Manager of The Melium Group. From retailing international fashion brands to pioneering the café culture with the introduction of DÔME, Melium has been Malaysia’s leading luxury fashion and lifestyle retailer since 1989.

6. Johan Ishak

The Chief Executive Officer (CEO) of MyCreative Ventures Sdn Bhd.

Sneak Peak: Writers Unleashed Competition

We will announce it officially on 5th August 2014. Stay tuned!

Fashion Pitch 2 is back!