Malaysia’s MaGIC Accelerator Programme kicks off Cohort 3
As many as 75 startups will participate in the programme, to be held from 24 August 2016 to 24 November 2016
Malaysian Global Innovation and Creativity Centre (MaGIC) has kicked off its four-month Accelerator Programme (MAP) for the third cohort today.
As many as 75 startups will participate in the programme.
MAP Cohort 3 will run from 24 August 2016 to 24 November 2016, at the MaGIC Campus in Cyberjaya, Malaysia.
During the programme, MaGIC will provide participants with benefits worth over US$400,000, an opportunity to learn from world-class mentors and direct access to route-to-market partners, such as Axiata, Digi, Maxis, Maybank, Accenture. This is in addition to the visas, monthly stipend, return flights, accommodation and working space.
MaGIC will take no equity from any entrepreneurs attending the programme.
MaGIC runs two different streams — the ASEAN Track and the Social Entrepreneurship (SE) Track. The ASEAN Track received 560 applications from 30 countries across North America, Europe and the Middle East. The top 50 startups (60 per cent from Malaysia, 40 per cent from 11 other countries) were shortlisted based on three key criteria: prospects to expand regionally and globally, potential of highly scalable products, and readiness for early-stage investments.
Also Read: MaGIC, Uber and Digi join forces to launch an ideation lab in Malaysia
Participants in ASEAN Track are focused on nine main sectors: professional services (20 per cent), lifestyle (18 per cent), online marketplace (18 per cent), enterprise solutions (14 per cent), education (8 per cent), financial technology (6 per cent), community services (6 per cent), technology solutions (4 per cent) and logistics (4 per cent).
For the MAP SE Track, the programme received 264 applications from 13 states in Malaysia. The top 25 startups were handpicked based on one crucial criteria: their ability to articulate a business model and the forecast impact of their social enterprise.
SE Track Cohort 3 strives to solve crucial social issues in the following sectors: healthcare (24 per cent), environment resource management (20 per cent), sustainable products and commerce (20 per cent), education (20 per cent) and community development through food and beverages (16 per cent).
During the programme, each social entrepreneur will receive RM30,000 (US$7432) of seed funding to support a pilot of their ideas, as well as monthly stipend, allowance for return flights, accommodation and working space.
“That the programme continues to be so popular both here in Malaysia and overseas is testament to the efforts that the team dedicate to supporting participants as they move to the next stage in their startup journey,” said Ashran Ghazi, Chief Executive Officer of MaGIC, in a press statement.
Also Read: Malaysia to host first Global Entrepreneurship Community in KL, aims to transform the nation
Founded in 2014, MaGIC’s mission is to build a Sustainable Entrepreneurship Ecosystem by catalysing Innovation & Creativity for long term nation impact.
For more information on the MAP, please visit this link.
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