Counting Avana, Go Get, Grab, Kakitangan.com, Piktochart, ServisHero, Supernewsroom, and Tapau.my among its many success stories, Cradle Sdn Bhd’s startup assistance schemes has had quite the track record in helping many Malaysian businesses take their first steps.
Where funding is a nightmare for a lot new businesses in Malaysia, the agency’s ability to see possibility in the potential of ideas brought to them has not only made the difference in the lives of numerous techpreneurs but also helped build the Malaysian global brand in ways that have impacted the country in many positive ways.
Originally intended to kick-start innovative technology based business ventures, it has has helped fund over 700 Malaysian tech start-ups and holds the highest commercialisation rate amongst government grants in the country.
Currently in its 15th year, the current startup program known as CIP 300 is focused on assisting early stage entrepreneurs to both develop and commercialise their products. CIP300 helps address the funding gap that exists for early stage businesses at the ideation stage and prototyping stages as well as early commercialisation of products.
A key feature of the CIP300 is a range of value added assistance that each CIP300 recipient will benefit from. These services are designed to help nurture, develop and prepare them for the challenges of building a tech start-up from the ground up. These value added support includes:
- An enhanced Coaching & Mentoring Programme throughout the funding period;
- Opportunity to be matched with potential investors;
- Match making with Cradle’s partners;
- Internal training programme to support creation, innovation and commercialisation;
- Participation in business and networking events under Cradle; and,
- Media and public relation support.
This product is eligible for application by individual or locally incorporated companies operating less than three (3) years. Eligibility criteria are as follows:
- Primary applicant is a Malaysian aged 18 years and above.
- Primary applicant is a permanent resident in Malaysia.
- A team comprises of ONLY Two (2) Members.
- A Sdn Bhd incorporated less than three (3) years (if applicable).
- At least 51% of the company’s equity is held by Malaysian.
- For company, accumulated revenue is not more than RM3 million.
From pitching stage to approval stage will take around Two (2) to Three (3) months. As for Approval stage to completion stage, it will take approximately up to Eighteen (18) months.
If successful, funds will be disbursed through a one-time advance to kick-start the fund, and the following/rest will be on reimbursement basis.
But it’s not easy to get – the competition of getting funded under the Cradle Investment Programme has increasingly becoming competitive over the years. Innovations are evolving on a daily basis and Cradle has to look for the best amongst the greatest.
They have provided a some important points as follows to help in applications:
- Clear explanation of the pain/problem/issue that the entrepreneur would like to address/solve.
- Clear explanation about the technology innovation of the product/service.
- Clear explanation on how the entrepreneur’s creation in technology through innovation can address/solve the issue that the entrepreneur would like to resolve.
- Clear and updated analysis in commercialisation aspect of the product/service which includes competitor analysis.
- The diversity in the entrepreneur’s team. It is not a must but having a diversity in team’s expertise such as tech, finance, etc. will show the strength in the entrepreneur’s team.