Cradle’s CGP kicks off with 60 startups in first intake of Season 5
By Digital News Asia April 16, 2020
- Gells all players cohesively into dynamic ecosystem with Pay-It-Forward mentality
- Successful track record over 9 years provides beacon of hope to build resilient strategies
It is business unusual for some but not for the folks running the Coach and Grow Programme (CGP). Proficeo Consultants Sdn Bhd (Proficeo), the programme manager for the CGP which is administered by Cradle Fund Sdn Bhd (Cradle), today announced that after a gruelling time going through 173 very competitive applications, 60 companies were chosen for Intake 1 of the 2020 cohort.
Participants came from diverse technology and industry verticals such as Fintech, Healthtech, PropTech, Mediatech, Digital Services and e-Commerce. Almost 60% of the selection process was conducted via online pitching when the selection process was interrupted by the Movement Control Order (MCO).
Season 5 of the CGP was launched in March to support the fast growing innovation ecosystem in the country. Enrolment for Intake 2 is still open with opportunities of 40 places to be filled. The deadline is 25 April 2020. Start-ups interested in participating must complete and submit their application form through Cradle website at www.cradle.com.my.
Nine year impactful journey of customised support
Designed by entrepreneurs for entrepreneurs, CGP’s journey started 9 years ago. CGP is a specialised, structured coaching programme focused on nurturing start-ups and growth stage companies to get them on the path of product-market fit, sustainable revenue generation and scale. The programme is laser focused on business fundamentals – providing ‘show-how’ techniques from successful entrepreneurs, investors and corporate professionals who join the programme as coaches in order to Pay-It-Forward to the ecosystem.
In an ecosystem, each component party plays a significant role in creating value to nurture entrepreneurs towards sustainability and scalability and a dynamic ecosystem is only possible where all parties are working together in harmony. The CGP has always worked closely with ecosystem partners like Malaysia Digital Economy Corporation (MDEC), Malaysian Global Innovation & Creativity Centre (MaGIC), SME Corporation Malaysia, Unit Peneraju Agenda Bumiputera (Teraju), Malaysian Business Angels Network (MBAN) and our crowdfunding platforms partners like PitchIn, ATA Plus to name a few.
“The majority of the applicants came to know about the programme as a result of recommendations from our partners from the Government, private sector and from Proficeo’s extensive alumni network. This is testament to the fact that in Malaysia, we have a cooperative ecosystem where public and private sector components join forces to supercharge entrepreneurial success,” said Renuka Sena (pic), cofounder and CEO of Proficeo.
To date, CGP has completed four editions and has a track record of 469 companies and 1,657 individual entrepreneurs that have walked through their programme. Amongst some of the notable companies that have gone through the programme includes EasyParcel, iPay88, Doctor-on-Call, AOne, Signature Market and JomParking. The public-private partnership between Proficeo and Cradle, is a triumphant example of how the government sector facilitates and supports private sector driven initiatives to foster growth of the Malaysian entrepreneurial ecosystem.
Acting group CEO of Cradle, Razif Abdul Aziz said this Cohort comes in at a really opportune time where businesses are looking towards survival and managing the impact of the Covid-19 pandemic. “During these exceptional and unprecedented circumstances, the CGP with its proven track record of grooming highly successful companies over the past nine years will provide a beacon of hope as we help these companies build resilient strategies that can weather such obstacles.”
The CGP advocates customised support for each company instead of a generic one-size-fits-all model. Training is coupled with individualised coaching by dedicated coaches over a period of 12 months. Companies that have graduated from the CGP have generated a combined cumulative revenue of more than US$645 million (RM2.8 billion), of which more than US$71.4 million (RM310 million) has been export revenue, while successfully raising over US$100.5 million (RM436 million) in funding.