KUALA LUMPUR, MALAYSIA - Media OutReach - 11 February 2022 - NEXEA's Entrepreneurs Programme and Malaysian Global Innovation and Creativity Centre (MaGIC) renewed their partnership to continue helping startups grow their businesses during this challenging time. Despite the pandemic, the Entrepreneurs Programme continues to provide a platform for tech entrepreneurs to connect with peers and like-minded individuals in an opportunity to grow, gain knowledge, and develop themselves for success.
Since collaborating with NEXEA in March 2021, MaGIC has empowered 15 participants. In this quarter, the startups have grown tremendously in terms of generating revenue, team expansion, growing the startup valuation and gaining fundraising. The startups who are supported by MaGIC have recorded a total of RM41mil revenue in this quarter. Realizing that the partnership promoted the entrepreneurs' growth, MaGIC expanded their support to another 15 participants later in September. Hence, MaGIC now has opened up to a total of 30 slots for the programme.
"The ability to scale up, access untapped markets, enhance brand positioning, access to funds and partners, are crucial factors to the success of technology and innovation businesses. By value-adding to the startups' growth development cycle, we are effectively enhancing the value and impact for our innovators to deliver its benefits back into the ecosystem. Together, MaGIC with our corporate partners can empower startups who will be at the forefront of the digital transformation while positioning them for exponential growth. to accelerate commercialisation rates of key technologies pivotal to the growth of the country," said Khalid Yashaiya, Acting CEO of MaGIC.
"With the consolidation of MaGIC and TPM as MRANTI, we can further empower innovators who will be at the forefront of the digital transformation while positioning them for exponential growth to accelerate commercialisation rates of key technologies pivotal to the growth of the country," said Khalid.
Eu Gin, the founder of Riipay, was one of the newer startups under the programme. It is a financial service company that provides 'buy now, pay later' for customers' easy financial management. He said, "The Entrepreneurs Programme has allowed me to build deeper connections with many fellow entrepreneurs. With this, I am able to learn from their experience, which has helped me build a more sustainable business with a high focus on business fundamentals, such as company business development strategy, company finance, talent management, and more."
He added, "As a startup, managing our costs to be as lean as possible is very crucial. MaGIC's support has eased me in managing my company's finances better."
Apart from that, Keith Loh, the founder of Perkaholic, a startup that is passionate about providing lifestyle perks for employees, said, "Having been through the programme, we have truly discovered who we truly are as entrepreneurs. We have gained so much knowledge and experience from this program."
"As a result, NEXEA's Entrepreneurs Programme has accelerated the process, ensuring we do not repeat the mistakes of others who have gone through the same process. As a startup, the team is now more aware of what will happen, which will enable us to progress better by avoiding traps that we otherwise would have fallen into," he adds.
As of the third quarter of 2021, the Entrepreneurs Programme managed to help the startups to gain more than RM75mil in total combined revenues and over RM1bil in combined startup valuations. Lastly, they also managed to achieve RM118mil in combined funding for these entrepreneurs.