US$15K up for grabs in BOD accelerator challenge

  • Experiences of participants shared on live social media feeds
  • Programme funded by MoF, also part of MaGIC build-up
US$15K up for grabs in BOD accelerator challenge

SEED funding and cash prizes totalling RM50,000 (US$15,380) are up for grabs in the Board of Directors (BOD) Challenge, which was launched on April 6 and will run for 20 days.
 
The BOD Challenge is an online reality accelerator challenge series for startup entrepreneurs and individual investors, where 13 contestants are competing for the above seed funding and cash prizes.
 
The programme also offers viewers from around the globe an inside perspective on the lifestyles and interests of Malaysian entrepreneurs via a YouTube channel, as well as on Facebook and Twitter, said organiser Locomo Sdn Bhd.
 
The programme is being funded by Malaysia’s Ministry of Finance and comes under the aegis of the Malaysian Global Innovation and Creativity Centre (MaGIC), which will be officially launched at the end of this month.
 
“Out of 80 applications we received, 13 contestants were selected … we are on a very exciting journey helping founders build their businesses,” said Locomo chief executive officer Rizal Alwani.
 
The founders in the programme are also being given experiential training, mentorship, coaching, toolkits and market access to build their businesses, Locomo said.
 
All entrepreneurs have moved into The Nest, a co-working space for startup entrepreneurs in Damansara Heights, Kuala Lumpur, where they live and work together with residence coaches.
 
Their activities related to the competition are recorded and posted online on all BOD Challenge social media platforms daily.
 
At the end of the Challenge, the contestants will need to fulfil certain minimum requirements such as crowd-funding seed investment of a minimum of RM3,000, get the investors to join board of directors, and generate first sales.
 
Sponsors for the programme are Akademi Belia, Arizona State University, Uber, PhotoBook Malaysia and Websirs. BOD Challenge programme partners are Mother Goose Venture Development, Pozible, myHarapan, SEA, Joota, NEF, Cradle, Tanamera, Teak Capital, KMP and The Nest.
 
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