Final week to get up to US$211,500 per startup via MYStartup Accelerator

  • Offers investment opportunities ranging from US$10,500 to US$211,500
  • 25–30 startups will be chosen to undergo a growth and expansion programme

File pix of Ben Lim (left), CEO of NEXEA and Ahmad Kashfi Alwi (right), SVP of Ecosystem Development at Cradle with the Top 4 Startups for MYStartup Accelerator Cohort 2 last year.

MYStartup Accelerator has announced that it is now accepting applications until Jan 29th for its accelerator programme, designed to fund startups for growth and expand local aspirations to global scaleups.

The accelerator offers potential investments ranging from US$10,500 (RM50,000) to US$211,500 (RM1 million), along with grants up to RM600,000 per startup. It said the support these startups will receive is robust, such as connections with corporations in related fields for potential outcomes like acquisitions, investments, and digital transformation.

 [RM1 = US$0.211]

The four-month programme aims to leverage successful mentors and investors who themselves have tasted success in their entrepreneurial journeys to support startups in their growth. Additionally, selected startups will get exclusive access to regional partners, top mentors, and corporates, who will assist them in validating their revenues regionally and globally.

This initiative by the Ministry of Science, Technology & Innovation (MOSTI), powered by Cradle and in partnership with NEXEA will select 25–30 startups to take part in a journey of growth and expansion. These startups can expect comprehensive support, including industry-leading mentors, collaborations with corporate partners, masterclasses, and potential grant and further funding opportunities. With a strategic approach towards fostering entrepreneurship, the finalists will qualify for cash prizes.

MYStartup Accelerator invites Malaysian startups that meet the following criteria to apply:

  1. Incorporated in Malaysia
  2. A scalable technology-driven startup
  3. Have an MVP (Minimum Viable Product) or are revenue-generating
  4. Looking to expand regionally or globally

During their journey with MYStartup Accelerator, Lapasar and Doople, among others, were introduced to corporates and secured over RM5 million in funding, along with gaining corporates as customers, partners, and investors.

To vouch for the high value of participating in MYStartup Accelerator, Thinesh Kumar, CEO and founder of Lapasar shared, "For us, the greatest value was mentorship and monetary investment. Monetary investments allowed us to grow, and I believe mentorship was the single most important factor as to why Lapasar grew and, most importantly, survived. I was not an experienced founder, and mentorship gave me perspective of what to avoid."

Mohd Noor Hisham, head of MYStartup Malaysia, reflects on the continued success of the programme. "As we embark on the MYStartup Accelerator Cohort 3, we are excited to witness the transformative journeys of innovative startups, fostering their growth and guiding them towards global success. From our previous cohort, up to four startups received a cumulative investment of RM675,000 and total sales up to RM4 million within a year. This year, we aim to create an even bigger impact, propelling more innovative startups into the Malaysian ecosystem and assisting them to expand regionally."

Anticipating the future of MYStartup Accelerator, Ben Lim, CEO of NEXEA, drew a parallel between entrepreneurs and F1 drivers. According to him, entrepreneurs, like F1 drivers, require a strong support team to ensure preparedness and stability, enabling them to accelerate beyond their usual capacities. The MYStartup Accelerator facilitates this for startups through top mentors, multiple investment rounds, and networking and insights support.

Startups who wish to accelerate their startups to greater heights are encouraged to apply before the Jan 29th deadline. Click here to apply and for more information.

[Ed: Para updated to add the link for more information.]

 

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