The countries startup scene is extremely robust both public and private sectors are supporting developments in this sector, creating a vibrant eco-system for company’s to make their ideas into reality. What small medium enterprise are to the economy of the country, startups and tech-prenuers will be the backbone for the rising digital economy. There has never been a more opportune time for individuals, teams, and startups to venture into business.
Yet another private company emerges to offer a stepping board for your Malaysian startups, Digi is the countries first telco to initiate a funding programme designed to strengthen efforts in supporting and developing the Malaysian startup scene. Digi Accelerate is a 360 initiative that will accelerate 2 startups and assist to build entrepreneurship fundamentals and fast-track their development, positioning them for long-term success globally.
Part of Telenors regional efforts, (the parent company of Digi) investments in the region of RM10 million each including 2 other countries Thailand and Myanmar has been committed annually for the Accelerate programme. Started earlier in those two countries, there has already been successful startups coming through this initiative.
Winners not only get seed funding to lift their business but also receive a thorough four month boot camp alongside startups from these countries, gain experience from workshops with Silicon Valley experts and one-on-one mentoring with qualified, successful startup entrepreneurs from the region, opportunity to pitch to global and regional venture capitalists, and potential commercialisation opportunities with Digi and Telenor Group, having instant access to 200 million customers globally. As part of the deal, Digi will also be taking a small equity in the 2 startups.
Digi’s Chief Executive Officer, Albern Murty said, “Malaysia has a lot of entrepreneurial talent and energy which is encouraging for a country aspiring to become a digital nation. Startups are key to our digital future. Given the right conditions for growth, they can become some of the largest, most successful companies of our time and this means big business as they contribute to innovation, new tech, job creation, economic growth and continuously change the way we live.
“With Digi Accelerate, our focus is to expose startups to methods of entrepreneurship, with structured coaching and mentoring so that on graduation day our founders have the knowledge and tools to keep improving and evolving, which is needed in today’s constantly changing market. We look forward to seeing the digital disrupt they will create, and market globally,” said Albern.
12 categories has been identified to be eligible for early stage start-ups at any point of the product maturity spectrum, from ideas or concepts, to market-ready products which are: Financial services, M2M and Internet of Things, Education, Music, Video and Gaming, Healthcare, Fitness and Wellness, Communications, Productivity and Cloud Services, Security, Travel, Logistics or E-Commerce.
Submissions for business proposals are open until 17 April 2016, after which a selection of top 12 teams will be announced on April 22 and advance to Pitch Day on April 28. The final selected two startups will win up to RM100,000 in seed funding each, and attend Digi Accelerate’s four-month intensive bootcamp from May to August 2016 in Bangkok, Thailand.
