Cohort 3 of MaGIC Accelerator Programme kicks off
By Digital News Asia August 25, 2016
- Claims to be one of the largest accelerator programmes in SEA
- Received 824 applications from 30 countries for the 75 spots
THE Malaysian Global Innovation & Creativity Centre (MaGIC) has kicked off the third batch of its four-month Accelerator Programme (MAP), in which 75 startups will participate.
Calling it one of the largest accelerator programmes in South-East Asia, MAP will run two different streams – the Asean Track and the Social Entrepreneurship (SE) Track – from Aug 24 to Nov 24 – out of the MaGIC Campus in Cyberjaya.
The Asean Track is open to any startup looking at South-East Asia as a market, while the SE Track is only open to Malaysian startups.
MaGIC said it received 560 applications from 30 countries for the Asean Track, with the top 50 startups (30 from Malaysia, 20 from 11 other countries) shortlisted based on three key criteria: Prospects to expand regionally and globally; potential of highly scalable products; and readiness for early stage investments.
“That the programme continues to be so popular both here in Malaysia and overseas is testament to the team’s dedication in supporting participants as they move to the next stage in their startup journey,” said MaGIC chief executive officer Ashran Ghazi (pic above).
“MAP is a critical part of MaGIC’s efforts to inspire a new wave of entrepreneurs – through this programme, we want to empower creativity and innovation, as well as foster the spirit of entrepreneurship,” he added.
Participants in the Asean Track are focused on nine main sectors: Professional services (20%), lifestyle (18%), online marketplaces (18%), enterprise solutions (14%), education (8%), financial technology (6%), community services (6%), technology solutions (4%), and logistics (4%).
During the programme, MaGIC will provide participants with benefits worth over US$400,000, an opportunity to learn from world-class mentors, direct access to route-to-market partners (Axiata, Digi, Maxis, Maybank, and Accenture), as well as visas, monthly stipends, return flights, accommodation and working space.
MaGIC said it received 264 applications for the SE Track, and the top 25 startups were handpicked based on one criterion: Their ability to articulate a business model and the forecast impact of their social enterprise.
Cohort 3 of the SE Track are focused on healthcare (24%), environment resource management (20%), sustainable products and commerce (20%), education (20%), and even community development through food and beverage (16%).
During the programme, each social entrepreneur will receive RM30,000 (about US$7,500) of seed funding to develop a pilot, as well as a monthly stipend, allowance for return flights, accommodation and working space.
“I believe our SE Track participants can develop even more impactful solutions for society at large after taking part in our accelerator programme,” said Ehon Chan, executive director of MaGIC’s Social Entrepreneurship unit.
“I’m pleased to see how far the programme has grown – only about 30 investors attended the SE Demo Day for Cohort 1, with this number jumping to about 200 investors in Cohort 2.
“The social entrepreneurship movement has been spreading across the nation, and it is increasingly the first choice for young people who want to establish their own businesses,” he added.
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