Malaysia launches new accelerator program to target SEA-focused startups
MALAYSIA’S technology hub, the Malaysian Global Innovation and Creativity Center (MaGIC), has announced the launch of a new accelerator effort called the Global Accelerator Program (GAP) which will give Southeast Asia-focused startups a boost.
The program was first announced at the annual Global Entrepreneurship Community (GECommunity) 2016 event, and first began as MaGIC’s Accelerator Program (MAP).
MAP saw three successful rounds with startups from around the region. Now, GAP will be inviting startups from all over the world to take part, particularly those who want to expand into SEA. The program will consider startups from nine industry verticals: biotech, education, social innovation, lifestyle, supply chain, creative, finance, healthcare, and smart cities.
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The four-month long program will welcome 80 participants with benefits worth over US$400,000 from Microsoft, Amazon Web Services, 123 RF, PiktoChart, and others sponsors. As with most accelerator programs, participants will be given mentoring, as well as access to market leaders and large networks in Southeast Asia.
Ashran Dato’ Ghazi, CEO of MaGIC, said in a statement: “After witnessing strong global interest in our ASEAN and Social Entrepreneurship accelerators last year, we decided to evolve the program and take it to the global stage. I hope the program will foster cross-border collaboration in entrepreneurship and innovation between global, regional, and local entrepreneurs.
“This program could be a great springboard for global entrepreneurs looking to expand and grow in Southeast Asia, as well as helping Malaysian entrepreneurs take their concepts out to the region, or even further afield. We hope our well-tested curriculum will help these entrepreneurs fine-tune their ideas and bring their business to greater heights,” he added.
There are three key criteria participants must fulfill in order to be shortlisted. They must have the prospect of expanding regionally and globally, offer products with the potential to be highly scalable with large growth potential, and have the possibility of a market-ready product with some traction.
Applications for the first cohort of GAP open today.