One of the key ingredient for a start up to grow is a visionary leader or team, another aspect for the company to scale is resources or in layman’s term funding.
In the latter aspect, Cradle Fund is offering just that for early start-ups who have gotten their ideas of the ground and need funding to expand their work further. To help realise some of these ventures, Cradle Fund has two new investment programmes set up – Cradle Investment Programme Ignite (CIP Ignite) and Cradle Investment Programme Accelerate (CIP Accelerate) this is following its announcement last year to further enhance its Cradle Investment Programme 300 (CIP300) and Direct Equity 800 (DEQ800) to cater to a wider audience.
The new funding programmes aims to provide more opportunities for local companies to explore the commercialisation of innovation as well as accelerate their growth.
The CIP Ignite is designed as a conditional grant of up to RM500, 000 to help support early stage technology-based start-ups, tech based SMEs or spin-off companies from universities or research institutes.
The grant is divided into distinct two components – CIP Ignite (1) for deep tech innovations and CIP Ignite (2) for other innovative tech-based companies. These new funding programmes were designed to create more opportunities for early stage companies to commercialise their innovations and create value in the market.
Cradle will also introduce CIP Accelerate, a programme that provides funding of up to RM2 million focused on accelerating the growth of deep tech companies and spin-offs from universities and research institutes.
To enhance the potential success of fund recipients of these programmes Cradle will provide value added support in the form of its Structured Coaching Programme (SCP) where fund recipients will be provided the services of an experienced business mentor, other value added services as well as targeted training opportunities to address other vulnerabilities. All of these, based on our experience, enhance sustainability and resiliency.
Sectors covered under these programmes include ICT, Advanced Manufacturing & Engineering, Food Security & Technology and Socioeconomics Drivers. Both grants are available to locally incorporated companies with not less than 51% Malaysian ownership and revenues of not more than RM5 Million. Applications may be made online via Cradle’s website at www.cradle.com.my.
According to Rafiza Ghazali, Group Chief Executive Officer (GCEO) of Cradle, “The new grants have been developed based on what we have experienced during the Covid-19 pandemic.
The world we live in is changing rapidly and the challenges we face today and in the future can only be overcome by harnessing technology and innovation if we are to accelerate recovery and to remain competitive. We can no longer afford ‘business as usual’ to find innovative, technology based, solutions for the pressing issues Malaysia faces such as climate change access to better healthcare, and food and energy security”.
To date, Cradle has funded over 1000 technology-based start-ups with notable ones such as iMoney, LaPasar, Naluri Hidup, Easy Parcel, MauKerja, StoreHub, The Lorry, InvolveAsia, RunCloud, WOBB, ZOOM and MoneyMatch amongst the many that have received support over the years. These start-ups in turn, created jobs for Malaysians and contributed to the Malaysian economic growth.
The new grant programmes will give Malaysian entrepreneurs an opportunity to become world class companies and demonstrates Cradle’s continued focus to be the leading proponent of the local tech startup scene.