MaGIC’s Global Accelerator Programme returns for second year
By Chong Jinn Xiung June 20, 2018
- Programme expanded to help participants build a network in the VC space
- Minister of Finance believes Malaysia needs more technopreneurs
A TOTAL of 27 startups from 10 countries were selected to be the second cohort of the Malaysian Global Innovation & Creativity Centre (MaGIC)’s Global Accelerator Programme (GAP).
GAP is one of MaGIC’s efforts to strengthen the local and regional entrepreneurship ecosystem, supporting cross-border collaboration in entrepreneurship and innovation.
Part of the criteria of the startups selected is that they need to have the prospect to expand in the Asean market, have highly scalable products and be ready for early-stage investment.
According to MaGIC chief executive officer Ashran Ghazi, this year the programme was expanded to focus on helping participants build a network within the venture capital space and better position themselves to secure seed funding or other forms of investor commitments.
“For us, we believe it is not just about adding more capital into the market but putting focus and emphasis to ensure entrepreneurs truly get access to investments. This is currently the missing link within Malaysia’s entrepreneurship ecosystem and one we are actively working to help bridge,” he said.
The launch of GAP’s second cohort was officiated by Malaysian Finance Minister Lim Guan Eng who said he came to take a peek at what the future has in store in the form of budding young entrepreneurs.
Lim cited how MaGIC is part of the effort to create more productivity centres where it is not just about generating new sources of revenue but building on the nation’s talent pool by way of their creativity and innovation.
In a fireside chat with Ashran Ghazi, Lim said while Malaysia needs experts in technology, the country also needs avid technopreneurs. However, to be a successful technopreneur it is not a skill that can be taught in a classroom, but it is through experience and determination to never give up.
According to MaGIC, GAP has expanded its programme syllabus to include relationship-building meetings with venture capitalists from the start of the programme. There is an Asean Expansion Week where key community builders from around the region will share growth strategies and resources the startups can leverage on during their journey to expand into Asean.
GAP said it would provide four months of mentoring from technical and business experts; direct access to route-to-market partners such as Google, Malaysia Airlines, Maybank and Media Prima; a six-month professional visitor pass; a co-working space; accommodation for the programme duration; up to RM1,000 in flight reimbursement; RM2,500 of marketing allowance and RM1,000 of monthly stipend; and benefits worth over US$500,000 from Amazon Web Services, Canva, iPay88, EasyParcel, HubSpot, Kakitangan and others.
This year’s cohort includes Amalan International (Indonesia), Branch8 (Hong Kong), Camdy (Malaysia), Cantikful (Malaysia), Caring Moms (Malaysia), Dagang Algomecs (Malaysia), Delta Global Automation (Malaysia), ExpoStores Tradetech (India), Food Market Hub (Malaysia), Guesswork (United States), Heal Nutrition (Malaysia), Ijadfarm (Indonesia), Menur (Malaysia), MotionsCloud (Germany), Phinix (Philippines), Poladrone (Malaysia), Pocohouze (Malaysia), Qwerify (Malaysia), Rtist (Malaysia), SmartBridge Health (United States), SmartPeep (Singapore), The Picha Project (Malaysia), Toolyt (India), TresGo (Malaysia), Viking Garage (Poland), Wonderfly (Malaysia) and YoungHappy (Thailand).