The Malaysian Global Innovation & Creativity Centre (MaGIC), has recently launched a new accelerator programme, which is looking for 80 entrepreneurs to take advantage of benefits worth more than US$400,000 from Microsoft, Amazon Web Services, 123 RF, PiktoChart, and others.
The Global Accelerator Programme (GAP) is the latest version of MaGIC's Accelerator Programme (MAP), which has chalked up three successful cohorts by supporting Malaysian and regional startups.
GAP, which will start from July 2017, will give entrepreneurs the opportunity to strengthen their business ideas based on GAP's nine industry verticals: biotech, education, social innovation, lifestyle, supply chain, creative, finance, healthcare, as well as smart cities, said Ashran Dato' Ghazi, chief executive officer of MaGIC.
"This programme will be a great springboard for global entrepreneurs looking to expand and grow in Southeast Asia as well as help Malaysian entrepreneurs take their concepts out to the region, and beyond," said Ashran. "Our well-tested curriculum will help these entrepreneurs to fine-tune their ideas and bring their businesses to greater heights."
"After witnessing strong global interest in our ASEAN and Social Entrepreneurship accelerators last year, we decided to evolve the programme and take it to the global stage. The programme will foster cross-border collaboration in entrepreneurship and innovation between global, regional and local entrepreneurs," he said.
"We encourage anyone interested to come along to one of the roadshows and find out more, this could be your entry point into one of the most exciting entrepreneurship ecosystems in the region," he said.
Largest cohort to date
Ashram said "GAP's first cohort will be the largest MaGIC has hosted yet - the previous three cohorts had an average of 75 startups per cohort. It will also merge MAP's two tracks: ASEAN and Social Enterprise into one, in a push to encourage each of the participating startups to have a social mission and integrate social enterprise into their startup as they set out on their journey to build a sustainable business."
Participants in previous MAP cohorts include:
· Grub Cycle, raised a few rounds of grants and investment worth almost RM1 million (US$230,000) and won two awards at the Alliance Bizsmart Challenge 2016.
· Picha Project, received a total of RM45,000 of grant from MaGIC and MyHarapan. They have recently been approached by an investor and are valued at RM1 million.
· Katsana, raised US$893,000 for a solution which helps motor insurance companies analyse driver behaviour.
· RecomN, a platform that helps Malaysian and Indonesian users find service providers for projects, has raised US$1 million in seed funding from Gobi Partners.
· Eggbun Education, a South Korean startup that has successfully applied the key learnings from MAP ASEAN Track to expand in Southeast Asia effectively. It has recently completed Distro Dojo, a program by MaGIC and 500 Startups to help growth-stage startups accelerate their business.
· Moovby, a peer-to-peer car-sharing marketplace that has around 1,100 cars registered on its platform. It has officially launched its mobile application earlier this year.
· BurgieLaw, raised US$200,000 for a solution which helps users find solution to their legal issues.
· Kakitangan, a free online HR software solution, has recently raised more than RM1 million in equity through crowdfunding in just 24 hours.
Applications for the inaugural cohort of GAP opened on 3 March 2017. Participants will be shortlisted based on three key criteria: prospect to expand regionally and globally, potential of highly scalable products with large growth potential, and possibility of a market-ready product with some traction. Ideal startups would be less than three years old with diverse skill sets. Shortlisted participants will begin their four-month journey on 4 July 2017 before presenting their refined ideas in October.
GAP Cohort 1 will run from 4 July 2017 to 25 October 2017 at the MaGIC Campus in Cyberjaya, Malaysia. Interested participants are also invited to attend MaGIC's GAP Roadshow to learn more about the programme. The roadshow will travel to the following Malaysian cities: Ipoh, Penang, Kuching, Cyberjaya and Kuala Lumpur before visiting Singapore, South Korea, Vietnam, Thailand, Australia, Taiwan, Hong Kong, India, Sri Lanka, France, Germany and the United States.
The latest edition of this article can be found at Computerworld Malaysia.
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