Malaysian Global Innovation & Creativity Centre, MaGIC, has kicked off its Global Accelerator Program (GAP) to help 56 global startups with the necessary skills, knowledge, and network to break into the ASEAN market and become investment-ready in four months.
The program states to provide, four months of mentoring from technical and business experts; direct access to route-to-market partners such as Axiata, Digi, Maxis, and Maybank; a co-working space; accommodation; monthly stipend; and benefits worth over $400,000 from Microsoft, Amazon Web Services , IBM, 123RF and HubSpot, among others.
One of the aims of the initiative is to develop and strengthen Malaysia’s position as the gateway to the region for entrepreneurs who are keen to expand their business and reach in the ASEAN market.
“We are really pleased to welcome the inaugural batch of GAP participants. We know that startups drive innovation and accelerate value-creation, and are excited by the potential and energy generated by this cohort,” said Ashran Dato’ Ghazi, Chief Executive Officer, MaGIC.
“ For the next four months, our hand-picked selection of entrepreneurs will meet and work with some of the region’s experts, collaborate with peers, fine-tune their ideas and understand what makes a business sustainable. I urge you to challenge yourself, and take full advantage of our large pool of mentors and coaches, as well as abundant resources and wide network.”
The program was first announced by Malaysia Prime Minister YAB Dato’ Seri Mohd Najib Tun Abdul Razak during the inaugural Global Entrepreneurship Community (GECommunity) 2016 last year. GAP aims to help create interconnectivity within the ecosystem through collaboration between global and local startups. the program will run starting this month to October this year from the MaGIC Campus in Cyberjaya, Malaysia.
GAP claims to be an evolution of the MaGIC Accelerator Program (MAP), which received 947 applications from 47 countries located in North America, Europe, Africa, and the Middle East.
The top 56 startups (70% from Malaysia, 30% from other 10 countries) were shortlisted based on three key criteria: prospect to expand in the ASEAN market, potential of highly scalable products, and readiness for early stage investment.
With GAP, startups will have the chance to enhance their business ideas based on two out of nine industry verticals and customized industry specific curriculum: creative and lifestyle, mobile, healthcare, smart cities, e-commerce, education, finance, social innovation, and supply chain.