27 handpicked startups have been selected from a total of 961 applications to participate in the second cohort of the Global Accelerator Progam (GAP) by Malaysian Global Innovation and Creativity Centre, (MAGIC). The program will help equip participants with necessary skills, knowledge, and network to become investment ready in four months and potentially break into the Southeast Asian market.
Lim Guan Eng, Minister of Finance and Ashran Dato Ghazi, CEO of Magic launched the program. In his speech during the launch, the finance minister says Malaysians have the skills and talents needed to bring out the best in them.
He says, “We stand on the brink of technological revolution that will fundamentally alter the way we live, work, play and relate to one another. In its scale, scope and complexity the industry 4.0 transformation will be unlike anything humankind has experienced before. The response to it must be integrated and comprehensive, involving all stakeholders of the global polity, from the public and private sectors to academia and civil society.”
Lim adds that it is time that Malaysian entrepreneurs raise to the challenge and gave some healthy economic competition to Singapore. “We must have the can-do spirit. For example, why is it is we must lose to Singapore every time? Beat them at their own game, you can do it. Penang has beaten them many times.”
The program’s syllabus is structured to help impart learnings in four main areas. These are led by industry experts helping participants to identify their desired target market and build the right product, measure the right metrics to drive the required outcomes, position for local expansion and regional growth and prepare for Demo Day and investors.
Now in its second year, the program accelerates startups from all over the world. “At MAGIC, we believe that a vibrant entrepreneurial hub can best arise out of an ecosystem that is collaborative,” says Ashran.
Speaking to the media, Ashran says the program does not give funding to the participants. “We do not provide funding. Our program focuses on development to ensure the startups and entrepreneurs can get funding. We bridge closer relationships for them with the funders and investors.”