KUALA LUMPUR , Malaysia, Nov. 22, 2019 /PRNewswire/ -- Since 2003, Cradle Fund has championed over 900 early stage start-ups through various investment programmes. This year, its first ever Cradle Startup Awards & Media Appreciation Night aims to celebrate 16 years of empowering Malaysian start-ups and to recognise the contributions of start-ups, partners and media in cultivating a vibrant ecosystem and putting Malaysia on the global map.
The role of a vibrant startup ecosystem goes beyond leading the charge in innovation and technology, but is also important in sustaining a developing economy. In an impact study of the Cradle Investment Programme done in 2018, the Malaysian startup ecosystem contributed a total of RM3.4 billion to the nation's GDP from 2008 to 2016 and is projected to reach RM30.8 billion by 2030, giving it a significant role in the overall nation building process. Within the same period, the ecosystem had also created 80,600 new full time jobs, attracted RM1.3 billion in private and foreign funds and produced permanent recurring income effects on the economy.
With the recently announced Budget 2020 allocation of RM20 million, Cradle aims to focus on three main areas. Firstly, a whole new range of grant offerings with higher fund limits designed to attract a wider range of start-ups from digital tech to hard tech. Secondly, to develop a supportive ecosystem for the hard tech space by facilitating the development of angel investors, VCs, accelerators, and corporates that are interested in investing and supporting hard tech innovations. Lastly, to extend its outreach activities to undeserved areas, sectors and communities and strive for more inclusivity and diversity to find the very best tech start-ups.
In an increasingly crowded and homogenous market, Cradle will continue to seek out start-ups with meaningful differentiation, clear USPs and competitive advantages. Startups that are able to demonstrate good product-market fit, traction and ability to execute will continue to gain the upper hand and secure grants and support.
"We are encouraging more grant applications from the hard tech space such as the life sciences and green technologies, and also entrepreneurs with the daring to address real issues faced by Malaysians today such as traffic congestion, pollution, affordable housing, food security, transportation and healthcare," said Razif Abdul Aziz, Acting Group CEO at Cradle Fund Sdn Bhd.
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