Endeavor Malaysia, MDEC announce ‘Founders Center of Excellence’ programme to support high growth tech firms
By Digital News Asia April 4, 2023
- Endeavor to provide mentorship, intro to global network of investors
- To increase number of home-grown tech firms to unicorn status by 2025
Endeavor Malaysia supports Malaysia Digital Economy Corporation (MDEC) as they prime for the launch of the Founders Centre of Excellence (FOX) programme, a new initiative guided by the goals set in MyDigital Blueprint, designed to support the growth and development of high-potential tech companies in Malaysia.
In a statement, Endeavor said a key component of the Fox programme comprises a Global Mentoring Program (GMP) which is a six-month initiative conducted by Endeavor Malaysia that aims to have more home-grown tech companies to become unicorns by 2025.
It said through the GMP, MDEC and Endeavor Malaysia will provide customised support to 10 high-growth tech companies that have the potential to become unicorns or IPO in the near future.
The programme will focus on addressing the needs identified by these companies, including policy intervention, business expansion, high-value investments, amplification and consultancy, and talent acquisition.
Mahadhir Aziz, CEO of MDEC said the agency is delighted to be partnering with Endeavor Malaysia in the Fox GMP, a programme aimed at catalysing the creation of more “unicorns” in Malaysia.
“This initiative is aligned with MyDigital as well as the new national strategic initiative, Malaysia Digital, which seeks to cultivate and advance domestic tech companies to attain Unicorn status by 2025,” he added.
“We are confident that the synergy between MDEC's resources and expertise, along with the global exposure and vast network support provided by Endeavor Malaysia, will enable these companies to reach their maximum potential and make a meaningful impact in their respective industries," Mahadhir said.
Endeavor Malaysia, with a unicorn on their board, Eric Cheng (Carsome), alongside a herd of unicorns globally such as: Bukalapak from Indonesia, Insider from Turkey, Kavak from Mexico, Kitopi from UAE and more is well-positioned to support Fox program’s goal and achieving success.
Adlin Yusman, managing director of Endeavor Malaysia, said, through this programme, the company will assist participating companies by providing access to customised and unbiased group mentorships, global exposure to industry experts from over 41 markets, introduction to a vast network of investors and fundraising support.
“Qualified companies may also be eligible for post-program support to further accelerate their growth and success. We believe that the Fox programme, with its unique blend of resources and expertise from MDEC and Endeavor Malaysia, will help these companies create a lasting impact within their companies and to the next generation of aspiring entrepreneurs,” he added.
To be eligible for the Fox GMP, companies must be headquartered in Malaysia and have a digital technology platform or service as a core offering. Additionally, they must have raised Series A or possess a solid track record of growth and revenues. The 10 companies selected include those involved in SaaS, AI and IoT, Fintech, Insuretech, Healthtech, E-commerce, Proptech and IC Design.
According to Endeavor Malaysia, the programme is an important initiative for Malaysia as it aims to support the growth and development of high-potential tech companies, which are vital for driving innovation and economic growth in the country.
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