This section provides the additional question received during the Live session that panel speakers didn't get to address
- What should new start-ups with no track records, where should we going and apply?
For start-ups with no track record, you may want to apply to various accelerator programmes available for example WatchTower & Friends (WTF), 1337 Ventures (who is coming up with a fully online programme), Cyberview Living Lab, and MaGIC GAP etc. At the moment Cradle focuses on only startup in commercialization stage.
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YB, macam mana syarikat yang dah lama dalam industri tapi mereka tak pandai buat kertas kerja untuk dapatkan tambahan modal bagi memperkembangkan lagi idea yang telah dilaksanakan pada beberapa pelanggan. Adakah kaedah untuk membantu mereka?
(YB, we are a company that has been in the industry for many years. However, we have no knowledge or skill in preparing paperwork for funding to help enhance our idea that has been implemented to a few of our customers. Are there any help available for us?)
Different agencies/financial institutions require different type of paperwork and there are numerous examples available on the internet. As for Cradle, we accept application via pitch deck and a very simple online pitch form. We also include guideline for creating the pitch deck. Inside the pitch deck you will need to furnish information on your technology, solution, business model, market segmentation and management team. There are also examples on how to prepare your pitch deck available online.
- YB, can NGO like us from Sarawak digital media e-platform association get the support from your department to support our local members whereby a lot not even startup but also they want to transform their business immediately into ecommerce. We need resources to help them immediately.
- Besides monetary, is Government supporting companies in promoting and branding?
- A lot of money are horded in the private sector, how do we encourage or even make it mandatory to ensure more angel investors and business investing in other start-ups? This should be on top of the angel tax incentive.
- I noticed the focus is mainly to support businesses that is running. Please also take consideration to fund those that will be losing jobs now to open business. So we need more pre-seed funds to encourage those who lose their jobs to venture into business.
- What are the grants available for the R&D, Commercialisation, and Product Development & Green Project Funding?
- R&D:
- MOSTI eDana Fund – https://www.mosti.gov.my/web/dana-geran/dana-rnd/
- Dana Kolaborasi Antarabangsa (ICF) MOSTI – https://www.mosti.gov.my/web/dana-geran/dana-kolaborasi-antarabangsa-icf/
- Commercialisation:
- Cradle Fund Sdn Bhd (Cradle) – https://www.cradle.com.my/
- MAVCAP – http://www.mavcap.com/
- SUPERB – http://www.teraju.gov.my/skim-usahawan-permulaan-bumiputera-2/#1
- Product Development:
- SUPERB by Teraju – http://www.teraju.gov.my/skim-usahawan-permulaan-bumiputera-2/#1
- Platcom Ventures – http://www.platcomventures.com/
- Green Tech Funding:
- Agencies under MOSTI (Depending on stage)
- Our original business model is mortgage crowd lending platform targeting underserved millennials. We have obtained clearance from BNM and KPKT respectively. If we were able to pivot to offer payday loans which will help many Malaysian in this crisis. Is there any way YB can assist us on the regulatory side?
- A request from the startup community at seed stage, can Cradle please re-activate CIP for Startups which can have impact on the nation or Covid related relieves? Q1, cradle removed CIP and stopped pitch submission. Right now, there is ZERO Seed investment initiatives by the government since Jan 2020, mostly mid and late stage.
- Will there be any Grant given by MDV, MAVCAP and CRADLE to the SMEs?
- Do we need to encourage adoption of technologies from local companies?
- Private VCs like 1337 Ventures are running Digital Accelerators to pivot how they're still contributing to creating more resilient start-ups. Will any of the esteemed agencies represented here be partnering with VCs for this, or conducting their own?
- Also, if there are start-ups that can help with Covid-19 related support through tech they own or quick pivots to repurpose tech, whom can we reach out to in government to send in a summary?
- Being in the service startup, I have legitimate invoices to customers on a 30 days payment terms. But I am paying my gig economy workers on a weekly basis. Is there possibility to quickly do invoice financing with government against legitimate invoices to vendors so we are able to manage cash flow:
- Are we only encouraging digital technology? What about real hardware technology that could make a difference?
- There is a tendency for Malaysian Tech companies to either base themselves out of Singapore or relocate there. Why do you think this is? And what can be done to encourage Malaysian start-ups to stay in Malaysia.
- YB can we get participation from large GLCs to really mobilise technology and digitalisation by working together with VCs that have expertise in identifying start-ups with the right VP and growth story? Petronas has done started with Agro Bank focusing on Agrotech. But this is a bank, banks being banks, and with BNM financing guidelines, startup will not stand a chance to get this funding.
- Good efforts YB and chiefs. We heard Malaysian funding ecosystem is running dry. Is government topping up funds for Mavcap, MDV and Cradle soon?
- Is there a plan by MDEC, MDV, Cradle, and Mavcap to jumpstart the tech scene at the end of this PKP? Will they focus on looking at new innovation or supporting only the start-ups that they are focusing on? I humbly make a suggestion: consumer behaviour during this time opens up an unprecedented opportunity for ecommerce. Export ecommerce across all goods, not just consumer goods are increasing. There is a massive global demand that is not being served due to local lock downs. Exporters should grab this opportunity to take market share from competitors by being digital and global.