Cradle contributes substantially to country’s GDP and jobs
By Chong Jinn Xiung July 19, 2018
- Cradle contributes US$838mil, funds 800 tech startups
- Celebrates 15th anniversary, creates 80,600 full-time jobs
CRADLE Fund Sdn Bhd announced that it has engaged HELP University to conduct a study on the programmes Cradle had conducted from the 2008 to 2016 period and how they have impacted on the ecosystem.
Acting group chief executive officer Razif Abdul Aziz shared an early preview of the study’s finding during the Cradle Buzz 2018 conference in conjunction with its 15th-year-anniversary celebration.
“Entrepreneurs are an essential part in a growing economy. Yet, innovation is the future, key driver of Malaysia’s economic growth,” said Razif.
In quantifying Cradle’s impact, Razif shared that its initiatives had contributed US$838 million (RM3.4 billion) to the country’s Gross Domestic Product (GDP) as well as the creation of 80,600 full-time jobs.
The study also found that a total of US$321 million (RM1.3 billion) worth in private and foreign funding was attracted into the Malaysian technology space during the eight-year period.
“These are positive outcome by any measure and a testimony that the right funding at the right time can result in a huge impact to the entrepreneurial ecosystem,” he adds.
More details will be revealed when the full report is released in the coming weeks.
Meanwhile, ministry of finance, director of national strategic unit Dr Aminuddin Hassim concurred that Cradle has contributed to the founding of more than 800 Malaysian tech startups that holds among the highest commercialisation rate among the government grants in the country.
“The Ministry of Finance would like to focus on creating an entrepreneur-centric nation, one where more business, jobs are created and add value to the economy,” he said.
Adding to that, Aminuddin believes that those in government should adopt the mindset of entrepreneurs. Qualities like being able to have constructive thinking and knowing one’s industry inside out could prove useful for government servants.
During the event, Razif took the time to acknowledge the contribution of late Cradle CEO Nazrin Hassan. “Cradle stands where it is today thanks to Nazrin’s efforts. The story goes that Nazrin gave a five minute pitch to then Prime Minister Tun Dr Mahathir Mohamad on the idea of the government stepping into to provide early-stage funding and grants to technology startups,” he said.
Throughout its 15 year long history, Cradle has helped elevate the technology and innovation space in Malaysia having funded over 800 technology startups. Among the notable startups that got their big break thanks to Cradle’s efforts include Grab, iMoney, Piktochart, ChristyNg.com and StoreHub.