January 1, 2020

MaGIC Generates USD 359 Million Economic Impact in 4 years

Shared 4 year progress update with impact report as testament

Impacted 84,932 entrepreneurs through 806 programmes, events and initiatives

Committed to propel the aspirations of the National Entrepreneurship Policy 2030

2019, Cyberjaya: The Malaysian Global Innovation & Creativity Centre (MaGIC) today shared its achievements and milestones from 2014 to 2018 with the release of an impact report, highlighting progress updates on on-going as well as previously held programmes, events and cross-collaboration initiatives, pieced together by the MaGIC team.

Since MaGIC’s inception in 2014 until end of year 2018, MaGIC has been working towards moulding Malaysia’s next generation of entrepreneurs who will be able to navigate the challenges of tomorrow and prepare for the future and rapid change brought about by the Industrial Revolution 4.0 (IR 4.0) by mainly addressing common issues that startups face such as mentoring, market access and investment, focusing on three key areas; 1) Creating exponential entrepreneurs by equipping them with the necessary tools, skills, and capabilities to succeed, 2) Building innovation capital conducive for entrepreneurs to access markets as well as venture capital and angel investment, and 3) Creating a collaborative entrepreneurship environment between entrepreneurs, corporates, the government and other key stakeholders.

MaGIC provides the rakyat with equal access to entrepreneurship education and an avenue for them to experiment with new ideas and get guidance on how to build a business, which simultaneously brings these aspiring or early stage startups into contact with industry experts, help them learn from mentors and success stories and link them with potential investors and venture capitalists, through which, MaGIC was able to impact 84,932 entrepreneurs via 806 programmes including SPARK, MaGIC Academy, MA Symposium and other immersive innovation and entrepreneurship programmes.

MaGIC’s accelerator programmes have helped entrepreneurs catapult growth, scale-up their business and expand in ASEAN markets, often touted as the world’s next consumer powerhouse. Entrepreneurs from Malaysia and around the globe have participated in accelerators such as the Global Accelerator Programme, e@Stanford and more that cater to both entrepreneurs and impact-driven entrepreneurs, in all ideation and growth stages which translated into 986 startups accelerated, yielding an investment raised amount of USD 131 Million, a revenue increase of USD 228 Million with 24% of startups raising investment within 24 months post-programme.

Programmes such as Buy for Impact, Malaysia’s Social Inclusion & Vibrant Entrepreneurship (MasSIVE) and Amplify Awards are part of MaGIC’s initiatives to drive Malaysia’s social innovation movement are designed to help balance economic growth with environmental protection and betterment of the society making it a new economic driver for the nation, as well as support Malaysia in contributing to the United Nations’ Sustainable Development Goals (SDGs). As a result of these programmes, MaGIC has accelerated 140 social enterprises and generated over RM 2 million in social procurement value.

MaGIC also serves as the ecosystem enabler and collaborator for corporates to find and access the latest innovations while ensuring startups and entrepreneurs are able to meet potential clients and gain market access to accelerate their growth. Dedicated programmes and initiatives in ensuring this has resulted in MaGIC garnering 70 corporate partners and 14 regional partners across ASEAN.

MaGIC was also able to organise 355 community events, clocked in 740 mentorship sessions and delivered 132 MaGIC Broadcast Network sessions as part of efforts at MaGIC to extensively support various communities and proactively collaborate with partners in nurturing creativity, innovation and entrepreneurship.

As part of efforts moving forward, MaGIC is committed and actively supporting the Ministry of Entrepreneur Development (MED) and its initiatives to achieve the National Entrepreneurship Policy 2030 which thoroughly covers the various sectors and areas in Malaysia’s entrepreneurship development. MaGIC will also continue its reach and efforts for the rural communities so continuous exposure to creativity and innovation can be sowed and nurtured.

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ABOUT MALAYSIAN GLOBAL INNOVATION & CREATIVITY CENTRE (MaGIC)

MaGIC bridges together startups, corporates, investors, academics, and the government to create a vibrant and collaborative entrepreneurship ecosystem that will build sustainable industries, able to navigate challenges of tomorrow and stay competitive in economies of the future. MaGIC propels the nation’s economic transformation by moulding Malaysia’s next generation of entrepreneurs to generate future-ready solutions. As one of the building blocks, MaGIC works to create and equip these exponential entrepreneurs with the necessary tools, skills and capabilities to succeed; creating an open and collaborative environment with key ecosystem players to build sustainable future industries; and connecting new ideas to capital and markets more effectively. MaGIC is also committed to propel the aspiration of Malaysia's Social Enterprise Blueprint, drive the need for systemic change, create an enabling ecosystem as well as cultivate and champion impact driven entrepreneurship regionally. For more information on MaGIC, visit: http://mymagic.my.

For more information, please contact

Hazel Hassan, hazel.hassan@mymagic.my (+6019 217 8191)

Reshmi Haran, reshmi@mymagic.my (+6011 3693 2973)