PETALING JAYA: Cradle Fund Sdn Bhd has contributed RM1.83 billion to the national gross domestic product (GDP) via its grant and investment programmes since its establishment in 2003, said the science, technology and innovation ministry (Mosti).
“Cradle Fund’s grant recipients have contributed RM830 million to the national GDP whilst achieving the highest commercialisation rate among government grant providers at 100% for its commercialisation grant, and 76% for its prototype grants programmes,” said Mosti in a statement today.
According to the ministry, Cradle Fund has distributed RM255 million worth of grants to more than 1,000 local entrepreneurs over the past two decades. To date, the startups funded by the agency have created more than 80,000 jobs, according to the statement.
Meanwhile, Mosti said Cradle Fund’s investment programmes – Cradle Seed Ventures (CSV) and DEQ800 – had contributed RM1 billion to the GDP through 43 investment portfolios and raised RM182 million worth of follow-on investments.
“To date, the startups funded by CSV and DEQ800 have generated over 1,000 jobs,” it said.
On MYStartup, a data-driven community initiated by Mosti and powered by Cradle Fund, Mosti said the initiative had made a direct impact on more than 5,000 industry players.
Furthermore, the programme’s digital platform received over 70,000 visits, recording over 4,000 registered users and 3,500 registered startups to date.
Science, technology, and innovation minister Chang Lih Kang said startups play a pivotal role as crucial drivers of innovation, by constantly seeking opportunities and taking risks to challenge existing norms.
“The recognition earned by Cradle Fund stands as a testament to the dedication of its workforce, which constantly strives to elevate local startups and continuously propel the ecosystem to new heights,” he said at the agency’s 20th anniversary celebration dinner recently.
Meanwhile, Cradle Fund acting group CEO Norman Matthieu Vanhaecke emphasised that the expanded mandates assigned to Cradle Fund demonstrate both confidence in the organisation and its capacity to lead the advancement of early-stage startups.
Simultaneously, these mandates contribute to the strengthening of the local startup ecosystem.
“Through a seamless integration, startups can maximise their potential, overcome challenges and contribute to economic development as well as job creation,” he said.
