Cradle's 2 decades sees it contributing US$400mil to Malaysia's GDP, creating over 80k jobs

• Distributed US$55.8m worth of grants to over 1,000 local entrepreneurs
• Cradle Seed Ventures and DEQ800, contributed US$215m to GDP through 43 investments

The Ministry of Science, Technology and Innovation (MOSTI) announced Cradle Fund Sdn Bhd had contributed US$400 million (RM1.83 billion) to the national GDP since its establishment in 2003 through the agency’s grant and investment programmes.

Over the past two decades, Cradle has distributed US$55.8 million (RM255 million) worth of grants to over 1,000 local entrepreneurs. Its recipients have contributed US$181.6 million (RM830 million) to the local GDP, achieving the highest commercialisation rate among government grant providers at 100% for its commercialisation grant and 76% for its prototype grants programmes. To date, the startups funded by Cradle have created more than 80,000 jobs.

(RM1 = US$0.218)

“Startups play a pivotal role as crucial drivers of innovation, constantly seeking opportunities to challenge norms and embrace risk-taking. This resilience and innovative spirit were evident during the COVID-19 pandemic, where local businesses emerged even stronger, fuelled by their commitment to innovation. At the heart of this dynamic startup ecosystem stands Cradle, wholeheartedly championing early-stage startups and nurturing their growth,” said the minister of Science, Technology and Innovation, Chang Lih Kang (pic), at Cradle’s 20th Anniversary Celebration Dinner.

Meanwhile, Cradle’s investment programmes - Cradle Seed Ventures (CSV) and DEQ800, have contributed RM1 billion to the GDP through 43 investment portfolios, raising RM182 million worth of follow-on investments. The startups funded by CSV and DEQ800 programmes have generated over 1,000 jobs.
  
To expand Cradle’s initiatives, its mandate was extended to include capacity building programmes such as the Coach and Grow Programme (CGP), which offered coaching and mentorship to early-stage startups. CGP has benefitted more than 1,500 participants through 5,000 hours of mentorship.

“We realise that as technologies evolve and funding requirements grow, the proficiency of local startups must also be nurtured. Together, the mandates entrusted on Cradle creates a synergistic approach that enables startups to thrive, and through seamless integration, startups can maximise their potential, overcome challenges and contribute to economic development as well as job creation,” said Norman Matthieu Vanhaecke (pic), Acting Group Chief Executive Officer, Cradle.

Following the announcement of the Malaysia Startup Ecosystem Roadmap (SUPER) 2021-2030, Cradle is overseeing 16 interventions over five main areas which are funding, talent, innovation, policies and regulations, and market environment, with the vision to place Malaysia among the top-20 startup ecosystem in the world by 2030.

MYStartup serves as one of the interventions under SUPER 2021-2030 to drive the development of the nation’s startup ecosystem. To date, the MYStartup initiative has impacted more than 5,000 industry players. Its digital platform has also received over 70,000 visits, recording over 4,000 registered users and 3,500 registered startups.

Meanwhile, in conjunction with its 20th anniversary, Cradle hosted an appreciation dinner with the theme “20 Years of Catalysing Impact and Inspiring Growth” to celebrate the contributing members of Cradle and ecosystem players. During the celebration, Cradle recognised startups across four categories: Best Female Founder, Best Male Founder, Most Promising Startup and Cradle Startup Choice.

The recipients of the awards are:

• Nadhra Fauzi, co-founder of TresGo, for Best Female Founder
• Adrian Yap and Naysan Munusamy, founders of MoneyMatch for Best Male Founder
• Chai Kok Chin, founding member of NEUON AI for Most Promising Startup
• Jimmy How, founder of Involve Asia for Cradle Startup Choice