Cyberjaya, Malaysia - 09 August 2019 – Malaysian Global Innovation & Creativity Centre (MaGIC) officially launched the third Cohort of the Global Accelerator Programme (GAP) with 30 startups from 9 countries including Malaysia, Russia, Myanmar, India, Spain, Estonia and more.
The accelerator which opened applications from 10 April 2019 till 17 May 2019 drew over 1,170 applications from 68 countries across the globe. Applicants were put through a stringent and rigorous judging process with the final 30 shortlisted based on three key criteria: 1) prospect to expand regionally and globally, 2) potential of highly scalable products with large growth potential and, 3) a demonstrable market-ready product with traction.
The four-month long programme which will be running out of the MaGIC Campus in Cyberjaya aims to equip the 30 local and global startups, keen on expanding in Southeast Asia, with the necessary skills, tools and network to be sustainable and ready for ASEAN expansion. GAP will provide the selected entrepreneurs with a head start to break into the Southeast Asian market, a region that is often touted as the world’s next consumer powerhouse.
The launch was officiated by Yang Berhormat Datuk Seri Mohd Redzuan Yusof, Minister of Entrepreneur Development (MED) together with Yang Berbahagia Secretary General of MED Datuk Wan Suraya binti Wan Mohd Radzi and Dzuleira Abu Bakar, MaGIC Chief Executive Officer.
During the programme, MaGIC will be equipping participants with benefits worth over USD500,000 from various programme benefit partners including Amazon Web Services, HubSpot, Usability Hub and many others; industry-specific training, an opportunity to learn from world-class technical and business mentors; a stronger route-to-market focus with extensive corporate support, and partnerships in place with private sector champions such as CIMB, Maxis and Allianz Malaysia as well as a co-working space, accommodation, monthly stipend, a six-month professional visitor pass and marketing allowance.
Yang Berhormat Datuk Seri Mohd Redzuan Yusof, Minister of MED in his speech, congratulated and welcome all the participants to the Malaysian ecosystem. He also said: “MED has been entrusted to lead the way to create a holistic, conducive entrepreneurial ecosystem that is inclusive in supporting the country's socio-economic development agenda while increasing the number of qualified, viable, resilient and global-minded entrepreneurs. A programme like GAP which provides exposure not only our local startups but startups from other countries too with the opportunity to work together, share learnings and different viewpoints as well as explore expansion opportunities in Southeast Asia is aligned with our efforts at MED in transforming Malaysia to be an entrepreneurial nation by 2030. I hope to see GAP Cohort 3 bring greater economic impact through revenue generation and the raising of investment.”
With a dedicated mentorship platform and exclusive access to MaGIC’s alumni network and community, GAP offers greater value creation for startups and the opportunity to build a strong network with corporates and investors. The syllabus is set to include: 1) relationship-building meetings with venture capitalists from the start of the programme, 2) a route-to-market (RTM) week where startups will receive more information on RTM partners and coaching on how to pitch on individual companies; and 3) ASEAN Expansion Week where key community builders from around the region will share growth strategies and resources startups can leverage on in their journey to expand in ASEAN.
The launch also featured a keynote presentation by Bryan Loo, founder of Tealive as well as a panel discussion comprising MaGIC Alumni Nadhra Fauzi of Tresgo, Wee Siong Quek of MHub and Nasir Habizar of JomParking which was moderated by Dr. Mimi Aminah Wan Nordin, Programme Consultant at MaGIC.
The 30 startups participants will begin their journey today before presenting their refined ideas to a room of investors in November 2019 during Demo Day.
Efforts by GAP to build a strong ASEAN startup community and cultivate ASEAN relationships have been well recognised with the programme ranked as one of the top ten most active accelerators in the world in 2016 and rated the “Best Accelerator Program” by ASEAN Rice Bowl Startup Awards 2017 and Malaysia Rice Bowl Startup Awards 2017 and 2018.
For more information on GAP, please visit http://mymagic.my/gap
ABOUT MALAYSIAN GLOBAL INNOVATION & CREATIVITY CENTRE (MaGIC)
MaGIC is an agency under the Ministry of Entrepreneur Development (MED) that enables and supports the sustainable growth of entrepreneurship in Malaysia. Our goal is to drive sustainable ecosystem development through innovation, as well as create value and new economic drive for Malaysia. We help entrepreneurs at every stage of their journey by collaborating with other government agencies, industries, and community stakeholders. To build our nation’s creativity and innovation skills as well as grow talent, we offer dynamic programmes and capacity-building initiatives. MaGIC is also working to position Malaysia as a gateway to Asia for entrepreneurs to expand their business and reach. Social entrepreneurship is a key focus for us; we aim to drive the movement forward through community engagement, capability development, and social impact measurement initiatives. For more information on MaGIC, please visit http://mymagic.my/en/.
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