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MAP Cohort 3 will run from 24 August 2016 to 24 November 2016, with participations by 75 startups
Malaysian Global Innovation and Creativity Centre (MaGIC) kicked off a four-month Accelerator Programme (MAP) for its third cohort today.
75 startups will participate in one of the largest accelerator programmes in Southeast Asia which runs two different streams: the ASEAN Track and the Social Entrepreneurship (SE) Track.
MaGIC will take no equity from any entrepreneurs participating in the accelerator programme.
The MAP ASEAN Track received 560 applications from 30 countries located in North America, Europe, the Middle East and Europe. The top 50 startups (60 per cent from Malaysia, 40 per cent from 11 other countries) were shortlisted based on three key criteria: prospects to expand regionally and globally; potential of highly scalable products; and readiness for early stage investments.
Also Read: MaGIC, Uber and Digi join forces to launch an ideation lab in Malaysia
Participants in ASEAN Track are focused on nine main sectors: professional services (20 per cent), lifestyle (18 per cent), online marketplace (18 per cent), enterprise solutions (14 per cent), education (8 per cent), financial technology (6 per cent), community services (6 per cent), technology solutions (4 per cent) and logistics (4 per cent).
During the programme, MaGIC will provide participants with benefits worth over US$400,000; an opportunity to learn from world-class mentors; direct access to route-to-market partners – such as Axiata, Digi, Maxis, Maybank, Accenture – as well as visas, monthly stipend, return flights, accommodation and working space.
For the MAP SE Track, the programme received 264 applications from 13 states in Malaysia. The top 25 startups were handpicked based on one crucial criteria: their ability to articulate a business model and the forecast impact of their social enterprise.
SE Track Cohort 3 strives to solve crucial social issues in the following sectors: healthcare (24 per cent), environment resource management (20 per cent), sustainable products and commerce (20 per cent), education (20 per cent) and community development through food and beverages (16 per cent).
During the programme, each social entrepreneur will receive RM30,000 (US$7432) of seed funding to support a pilot of their ideas, as well as monthly stipend, allowance for return flights, accommodation and working space.
“Following the success of Cohort 2 at the Demo Day earlier this month we’re excited to welcome the third cohort into MAP. That the programme continues to be so popular both here in Malaysia and overseas is testament to the efforts that the team dedicate to supporting participants as they move to the next stage in their startup journey,” said Ashran Ghazi, Chief Executive Officer of MaGIC, in a press statement.
Also Read: Malaysia to host first Global Entrepreneurship Community in KL, aims to transform the nation
Founded in 2014, MaGIC’s mission is to build a Sustainable Entrepreneurship Ecosystem by catalysing Innovation & Creativity for long term nation impact.
MAP Cohort 3 will run from 24 August 2016 to 24 November 2016 and is run out of the MaGIC Campus in Cyberjaya, Malaysia. For more information on the MAP, please visit this link.
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