MaGIC to amplify impact of Malaysian social ventures through growth-focused accelerator
By Digital News Asia September 18, 2018
- Designed to increase and intensify impact of innovative social businesses
- 30 teams to undergo coaching sessions with opportunities for partnership
GOOD news for entrepreneurs running impact driven enterprises (IDEs) in Malaysia. Malaysian Global Innovation & Creativity Centre (MaGIC) has extended the deadline, to Sept 23, for its MaGIC Amplify Accelerator which is aimed at increasing and intensifying the impact of already-accredited and non-accredited IDEs.
This inaugural six-week programme provides capacity building access to existing IDEs through mentorship, upskilling programmes and necessary resources to amplify the impact of their solutions to society and the environment.
IDEs, which include social enterprises, are organisations (either for-profit or non-profit) that proactively create positive social or environmental impact in a way that is financially sustainable. Their main aim is to address pressing societal issues such as access to education, youth at risk, marginalised communities and advocating for environment care such as minimising wastage, promoting upcycling as well as environmental conservation.
Selected participants will undergo a structured programme syllabus to accelerate the traction and growth of the social venture with three training days and two business execution days each week. Participants will also be provided with opportunities for partnership with corporations for social procurement and impact driven initiatives as well as access to a mentor network including corporations, NGOs, government bodies, venture capitalists and IDEs. The accelerator is designed to ensure that the IDEs in Malaysia are moving through each of the startup lifecycle stages which then creates a positive dent within the sphere.
“MaGIC has been a driving force of the IDE sector in Malaysia since 2014 with the sector well positioned to be a new economic driver for the nation,” says Ashran Ghazi (pic), chief executive officer of MaGIC. Ashran expects the Amplify Accelerator to help IDEs scale-up and create large-scale change. “We want to help them amplify their impact, equip them with the necessary credibility as well as provide them with access to resources and opportunities in order for them to push boundaries in addressing socio-economic disparities and help ensure inclusive economic growth for Malaysia,” he says.
The MaGIC Amplify Accelerator is a programme under the MaGIC Impact Driven Enterprise Accreditation (IDEA), a landmark initiative introduced in September 2017 under Malaysia’s Social Inclusion & VIbrant Entrepreneurship (MasSIVE) movement as a national initiative to create systemic change and help the IDE sector level up, drive growth from within, and be more people-centric. It seeks to bridge the disconnect between IDEs and resources and opportunities in three ways - connecting IDEs with the public and private sectors through an online platform; giving IDEs access to social procurement opportunities; and helping IDEs establish their credibility through an accreditation programme.
To date, 63 IDEs have been accredited and listed under the IDEA platform. These include Silent Teddies Bakery, The Batik Boutique, Biji Biji, FOLO Farms, GOLD, Dialogue in the Dark, Earth Heir, Project Woodworks, The Picha Project, Stich.A.Giggle, The Truly Loving Company, Agak-Agak, Suri, Foodabox, Greenyards, SOLS 24/7 SE, PT Foundation CHCC, 1L Carwash, Discover Muay Thai, Ecoloo and Project 57. IDEA aims that by the end of 2018, 100 active IDEs will be in the sector, which will be self-sustaining, equitable and people-centric.
“We have already created a wave of IDEs and know that our homegrown IDEs have the potential to make a lasting impact on society and the environment through innovative business via our previous accelerators such as the IDEA Accelerator, MaGIC Accelerator Programme Social Enterprise Track and the Global Accelerator Programme, an evolution of MAP. It is time that we create a platform for these social entrepreneurs that will allow them to take their social ventures to greater heights,” says Ashran.
MaGIC Amplify Accelerator Programme is one of MaGIC’s initiatives to help cultivate Malaysia’s impact driven sector. By driving the impact driven sector, MaGIC wants to help balance economic growth with environmental protection and the betterment of the society, as well as support Malaysia in contributing to the United Nations’ Sustainable Development Goals (SDGs).
Other initiatives by MaGIC include MasSIVE, Buy for Impact and the Amplify Awards which has resulted in more than 50,000 people being made aware of the IDE movement in Malaysia. These initiatives have also helped IDEs earn more than US$2.41 million (RM10 million) in revenue while creating hundreds of jobs for marginalised communities.
Wan Dazriq, Programme Director, MasSIVE, says: “We are excited to be providing the change makers in Malaysia with a chance to create an even larger impact through a growth-focused accelerator. Through Amplify Accelerator we hope to provide IDEs with a platform that will catapult their growth and maximise impact in helping the nation fulfill goals of enhancing inclusiveness towards an equitable society, pursuing green growth for sustainability, accelerating human capital development, and improving well-being for all which also contribute to the (SDGs).”
Over the course of six weeks, up to 30 teams will be put through specially tailored coaching sessions, deep diving into core topics of growth hacking, business model optimisation, project & financial management, impact measurement and pitch refinement.
The accelerator is open to all Malaysians and all social ventures operating in Malaysia for a minimum duration of one year with a proven track record. Applicants must also possess one or more established products or services with proof of sales, a valid licence to conduct business in Malaysia and a dedicated team consisting between one to two full-time participants with at least one founder participating in the programme full-time.