The Malaysian government has launched MaGIC (Malaysian Global Innovation and Creativity Center) Accelerator Program on July 27, 2015 with 77 participating startups and social enterprises. The program is fondly called MAP. It is created to foster relationships and exchange knowledge among ASEAN communities.
Out of more than 1,000 applications, the organizers plucked only 77 startups and social enterprises. The first batch is called “Cohort 1” which is composed of 25 social enterprises and 52 startups. These startups will be trained at the MaGIC campus nestled in Cyberjaya. The building and training will be for four months.
According to the CEO of MaGIC, Cheryl Yeoh, the prime goal of the program is to help participants grow their enterprises by raising funds or sustaining business after their demonstration day. What should the applicants expect from this program? Here’s a glimpse:
- For the 25 social enterprises: This is the first in Malaysia and it aims to hasten and develop twenty five ideas from all over the country. The ideas should be able to address environmental as well as social issues. Participating cities include Kuala Lumpur, Pahang, Sarawak, Kedah, Johor, Penang and Selangor.
- For the 52 start-ups: The 52 selected startups are expected to gauge their products, prepare them for early stage partnerships and funding and lead them to expansion in the global market. Most of the participants are from Malaysia. Some came from Indonesia, Cambodia, Singapore, Philippines, Thailand and Vietnam.
The program will not provide seed funding but they have negotiated US$400,000 of perks with Microsoft, Google and other corporations Singapore might think of the same program in the future.