13 days left to register for Selangor Accelerator Programme 2020 Cohort
By Digital News Asia May 28, 2020
- Intensive 4-month training programme from idea validation to growth stage
- Startups focused on emerging technologies applicable across industries & verticals
[Article updated with extended deadline of the SAP.]
There are thirteen days left for those keen to participate in the Selangor Accelerator Programme (SAP) 2020. The registration period has been extended from the earlier 31 May to 10 June.
Organised by Selangor Information Technology & E-Commerce Council (SITEC), SAP is returning for the third year and looking forward to recruiting 30 high potential local startups. For the past two years, SAP has recruited 2 cohorts of startups with 60 teams. SITEC claims that one-third have successfully raised funding at the seed and angel levels with investments from US$69,000 to US$322,000 (RM300,000 to RM1.4 million). SITEC itself does not invest in them nor charges for the programme.
Some of the successful alumni have been startups such as Rtist, Dropee, Petotum and JomParkir.
[Para updated for accuracy.]
According to SITEC chief executive, Yong Kai Ping (pic, left), the success rate reflects a vibrant startup ecosystem that attracts more and more non-traditional investors, alternative funding method especially ECF. The SAP provides a shot in the arm for local startups looking for funding.
At the same time Yong stresses that credit must be also given to the relentless "hustle" spirit of the founders who have to faced so many rejections before finally nailing their funding.
“Selangor Accelerator Programme is proud to accelerate the early-stage startups to harness their business model, determine product-market fit as well as improving their pitch decks,” adds Yong.
SITEC has also been promoting the startups to the government sectors through Selangor Smart City and Digital Economy Convention. The outcome has seen a number of startups also qualify as the Technology Service Provider (TSP) for the SME Digitalisation Grant. SITEC says it will work hand-in-hand with them to promote digitalisation among the Selangor SMEs, which will create a win-win situation for both the SME as well as startups.
SAP is a top-tier accelerator programme that targets 30 high potential startups by providing them with an intensive 4-month training programme. Interested parties must have a minimum viable product (MVP). Going through the programme from idea validation to the growth stage, will help them become an investor-ready company, says SITEC. It also attempts to identify potential innovative products and solutions that can be piloted or adopted by the state as well as the private sector.
Additionally, the top 5 startups will automatically qualify to pitch at the 5th Selangor Smart City & Digital Economy Convention 2020 and stand a chance to win cash prizes.
Startups focused on emerging technologies applicable across industries and verticals such as AI, Blockchain, Cloud computing, Big Data, Machine Learning, IoT, Smart City, and E-Commerce are encouraged to apply. The SAP will offer fully sponsored local and overseas trips, networking opportunities, peer support communities, hands-on workshops, pitching clinics and 1 to 1 mentoring session. The programme culminates in the Selangor Demo Day on 5th Sept.
A total of 55 Minimum Viable Products (MVP) and US$5.98 million (RM26 million) in Gross Market Value (GMV) has been created throughout two years of the programme which aims to enhance the startup ecosystem in Selangor.