KUALA LUMPUR, March 24 — The Malaysian Global Creativity and Innovation Centre (MaGIC) and ScaleUp Malaysia have announced a collaboration geared at raising the volume, growth velocity and value of the local start-up industry.
In a statement today, MaGIC said the collaboration marked the first of many this year that it is driving in realising Malaysia’s Digital Economy Blueprint (MyDigital) to groom 5,000 start-ups and attract two unicorns in the next five years.
“The collaboration aims to train and coach 20 ascendant start-ups and raise a minimum investment commitment of RM250,000 per company for 10 selected start-ups through investments from institutional investors.
“The participating start-ups will benefit from potential funds from financial institutions to provide matching credit lines and support from strategic corporate partners for 20 potential Malaysian start-ups. Both organisations will also be working very closely with the start-ups to double their revenue in the coming year,” it said.
Chief executive officer Dzuleira Abu Bakar said this collaboration among ecosystem partners is aimed at providing more ready access to investors and funding for start-ups that are ready to scale up within Malaysia and the region.
“Through this, we groom the start-ups from bootcamp (early stage) to the Global Accelerator Programme (GAP) (mid to late stage) and onwards to ScaleUp Malaysia (growth stage) with committed funds for investment.
She said the centre hopes to funnel MaGIC alumni start-ups to ScaleUp Malaysia and likewise, to have ScaleUp Malaysia alumni benefit from MaGIC’s programmes.
“By value-adding to the start-ups’ growth development cycle, we are effectively raising the value and impact the start-ups in turn, delivering back into the ecosystem,” she added. — Bernama
