CYBERJAYA, Malaysia - May 6, 2020: The Malaysian Global Innovation and Creativity Centre (MaGIC) is collaborating with RISE, a leading regional corporate innovation powerhouse, to accelerate the growth of MaGIC alumni startups and provide greater access for them to scale into the Southeast Asian market.
This strategic move by MaGIC enables its high performing startups to scale their growth through RISE’s accelerator programme and leverage on corporates, partners and investors access across the region. “Malaysian startups - particularly in emerging areas like healthtech - have huge potential to scale and serve the needs of developing countries in Southeast Asia, especially as they have a better understanding of the complexities and challenges of the region,” said MaGIC CEO Dzuleira Abu Bakar.
“Our collaboration with MaGIC provides opportunities for Series A+ startups to work closely with
RISE’s corporate partners on actual projects or existing commercial deals in order to get potential Proof of Concept (POC), Commercial Agreement or investment,” said Jonathan Lee, Country Head at RISE Malaysia.
For example, QueQ, a famous queuing application from Thailand raised over USD2.9 million from True Corporation and Google Launchpad Accelerator last year. RISE, through its network of more than 400 corporations in 40 countries, has a success rate of 70%.
MaGIC has identified several companies from its Global Accelerator Programme (GAP) which will be provided a ‘priority pass’ to be reviewed first and fast tracked during the selection for the programme. The startups, specifically in four areas – Artificial Intelligence (AI), Food Tech, Biotech and Agro Tech, have strong potential to level-up through RISE’s corporate innovation accelerator programme.
This includes autonomous mobile robot creator DF Automation, which was in the spotlight recently for developing a robot to help frontliners deliver food from room-to-room to reduce interaction between hospital staff and patients at the height of the COVID-19 crisis.
Another registrant is analytics and technology startup TheDecisionLabs, which will be launching an AI-embedded service management application to help patients request for hospital services via smart devices without physical contact – an important feature to mitigate COVID-19.
“Startups, agile by design, have been responsive to address needs, challenges and opportunities presented by sudden change – including that of COVID-19,” Dzuleira said. DF Automation and TheDecisionLabs are MaGIC alumni which were quick to pivot successfully during COVID-19 to deliver innovative products and solutions. Agrotech startups Poladrone and Agritix which are also MaGIC alumni have also applied to join the RISE programme.
Since its inception in 2017, MaGIC’s GAP programme has accelerated 112 startups, and have raised investments totalling USD3.2 million. MaGIC’s GAP programme is tailored for early stage startups with an ambition to expand in the ASEAN market.
“MaGIC is excited to provide both capacity-building and expand market access for our startups through collaborations such as these, and we welcome more startups, corporate investors and partners to continue to lift the innovation agenda for the country,” said Dzuleira.
Series A+ startups keen to accelerate their growth regionally through the RISE programme can apply at https://www.gap.riseaccel.com/program-in-2020 by May 15, 2020.
RISE is a leading Corporate Innovation Powerhouse based out of Southeast Asia. With the mission to lift up 1 percent of GDP of this region, we work closely with Fortune 500, large family businesses, and government agencies across the region to help set up and scale innovation initiatives from outside and within the organization. We are known for Global Accelerator Program, Intrapreneur University, Venture Building Services, and Corporate Innovation Summit - Asia’s Largest Experiential Conference. We have been creating the global ecosystem for corporate innovation with a network of more than 400 corporations, 2,000 startups, and over 20,000 corporate innovators and partners in 40 countries around the world, contributing to a combined impact of over US$1 billion.
For more information about RISE, visit https://riseaccel.com.
Issued on behalf of MaGIC by Ceria Communications. For more information, please contact:
Teh Eng Hock, firstname.lastname@example.org (+6012-3159928)
Andrew Ooi, email@example.com (+6016 3356543)