Malaysia: The Malaysian Global Innovation & Creativity Centre (MaGIC) launched a new accelerator programme called the Global Accelerator Program (GAP).
Dubbed as an “evolution” of its MaGIC’s Accelerator Program (MAP), the new programme will take its predecessor “to a global stage” after past successes with both local and regional startups.
First announced by Prime Minister Najib Razak at the inaugural Global Entrepreneurship Community (GECommunity) 2016, the government-owned accelerator programme claimed that GAP’s first cohort will be the largest it has ever hosted as it targets to have 80 local, regional, and global entrepreneurs in. The previous three cohorts of MAP had an average of 75 participants per cohort.
It also plans to merge MAP’s ASEAN and Social Enterprise tracks into one, in a bid to encourage participants to include social mission in their business.
“After witnessing strong global interest in our ASEAN and Social Entrepreneurship accelerators last year, we decided to evolve the programme and take it to the global stage. I hope the programme will foster cross-border collaboration in entrepreneurship and innovation between global, regional and local entrepreneurs,” said MaGIC CEO Ashran Dato’ Ghazi in a press statement.
He also stated that the programme could serve as “a springboard” for global entrepreneurs looking to enter the Southeast Asian market, while also helping Malaysian startups expand to the region or even further.
The four-month programme will commence in July and ended in October 2017; applications is now open until April 7.
Applications will be judged based on these criteria: prospect to expand regionally and globally, potential of highly scalable products with large growth potential, and possibility of a market-ready product with some traction.
The programme is looking for startups working in nine industry verticals: biotech, education, social innovation, lifestyle, supply chain, creative, finance, healthcare, as well as smart cities. The startup should also be less than three years old and have a team with a diverse skill set.
The participants will get benefits worth over US$400,000 from companies such as Microsoft, Amazon Web Services, 123RF, and PiktoChart; opportunity to learn from “world-class” mentors and investors; and direct access to leading route-to-market partners in Southeast Asia such as Axiata, Digi, Maxis, Maybank, and Accenture.
They will also get visa, monthly stipend, return flights, accommodation, and coworking space. The programme itself will be run out of MaGIC Campus in Cyberjaya.
MaGIC is set to undergo a series of roadshow to promot the programme. They will begin with Malaysian cities such as Ipoh, Penang, Kuching, Cyberjaya, and Kuala Lumpur before leaving to Singapore, South Korea, Vietnam, Thailand, Australia, Taiwan, Hong Kong, India, Sri Lanka, France, Germany and the United States.