Enter the CIP Ignite and CIP Accelerate as Cradle aims to speed up commercialisation of innovation
By Digital News Asia June 19, 2020
- Value added support in form of Structured Coaching Programme with mentor
- CIP Accelerate focused on deep tech firms, spin-offs from Unis & research institutes
Malaysia’s early stage startups influencer Cradle Fund Sdn Bhd (Cradle), today revealed two new investment programmes – Cradle Investment Programme Ignite (CIP Ignite) and Cradle Investment Programme Accelerate (CIP Accelerate) following its announcement last year to further enhance its Cradle Investment Programme 300 (CIP300) and Direct Equity 800 (DEQ800) to cater to a wider audience. The new funding programmes provide more opportunities for local companies to explore the commercialisation of innovation as well as accelerate growth.
The CIP Ignite is designed as a conditional grant of up to US$117,000 (RM500,000) to help support early stage technology-based startups, tech based SMEs or spin-off companies from universities or research institutes. The grant is divided into distinct two components – CIP Ignite (1) for deep tech innovations and CIP Ignite (2) for other innovative tech-based companies. These new funding programmes were designed to create more opportunities for early stage companies to commercialise their innovations and create value in the market.
Cradle also introduced CIP Accelerate, a programme that provides funding of up to US$468,000 (RM2 million) focused on accelerating the growth of deep tech companies and spin-offs from universities and research institutes.
To enhance the potential success of fund recipients of these programmes Cradle will provide value added support in the form of its Structured Coaching Programme (SCP) where fund recipients will be provided the services of an experienced business mentor, other value added services as well as targeted training opportunities to address other vulnerabilities. All of these, based on Cradle’s experience, enhances sustainability and resiliency.
Sectors covered under these programmes include ICT, Advanced Manufacturing & Engineering, Food Security & Technology and Socio economics drivers. Both grants are available to locally incorporated companies with not less than 51% Malaysian ownership and revenues of not more than RM5 Million. Applications may be made online via Cradle’s website.
[RM1 = US$0.23]
[RM1 = US$0.23]
According to Rafiza Ghazali (pic above), group chief executive officer of Cradle, “The new grants have been developed based on what we have experienced during the Covid-19 pandemic. The world we live in is changing rapidly and the challenges we face today and in the future can only be overcome by harnessing technology and innovation if we are to accelerate recovery and to remain competitive. We can no longer afford ‘business as usual’ to find innovative, technology based solutions for the pressing issues Malaysia faces such as climate change, access to better healthcare and food and energy security.”