Despite announcement of its disband by Prime Minister Dr. Mahathir Mohamad in May, on Tuesday, Malaysian Global Innovation & Creativity Centre (MaGIC) announced the startups that are set to participate in the second cohort of its Global Accelerator Program (GAP).
Selected out of 961 applications, the programme shortlisted 27 startups from 10 countries to join its latest batch: Germany, Poland, Hong Kong, India, Indonesia, Singapore, Thailand, the Philippines, the US, and Malaysia.
The majority of the startups are working in the Lifestyle and Creative industry verticals, followed by healthcare, smart cities, social innovation, and fintech.
The four-month programme provides participating startups with mentoring; direct access to corporate partners such as Google, Malaysia Airlines, Maybank, and Media Prima; a six-month professional visitor pass for founders that are not based in Malaysia; coworking space access; accommodation; and US$5,000-worth of benefits from Amazon Web Services, Canva, iPay88, EasyParcel, HubSpot, Kakitangan, and others.
The GAP syllabus includes four main areas: Identifying desired target market and build the right product; measuring the right metrics to drive the required outcomes; positioning for local expansion and regional growth; and preparing for Demo Day and investors.
Startups can also participate in the programme’s other learning opportunities that include weekly check-ins with account managers and class room modules, as well as mentoring sessions with industry leaders and subject matter experts.
For this year, GAP has expanded its syllabus to include: Relationship-building meetings with venture capitalists from the start of the programme; more efficient route-to-market (RTM) week where startups will receive more information on RTM partners and coaching on how to pitch on individual companies; and ASEAN Expansion Week where “key community builders” from the region will share growth strategies and resources the startups can leverage to support their ASEAN expansion plan.
Mentors for this year include Dr. Daniel Loy, Director, Centre of Learning & Innovations of Petrosains; Andre Teow, Venture Manager of Tan Chong Group; Arzumy MD, CTO of Fave and Billplz; Desmond Ngai, Senior Vice President, Global Alliances of WebTVAsia; Tomas Holub, CEO of CoverGo; Muhamad Nasir Habizar, CEO of Jomparking; Rudy Lee, CEO and Founder of VREX LAB; Heinrich Wendel, CTO of iPrice group; Chok Kwee Bee, Managing Director of Teak Capital Sdn Bhd; and Fui-yu Choong, CEO of Kaodim.
“This year we have expanded the programme to really focus on how we can help 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 a missing link within Malaysia’s entrepreneurship ecosystem and one we are actively working to help bridge,” MaGIC CEO Ashran Dato’ Ghazi said in a press statement.