Malaysia’s leading early stage start-ups influencer organises first ever Cradle Startup Awards & Media Appreciation Night
 
KUALA LUMPUR, Nov 22 (Bernama) -- Since 2003, Cradle Fund Sdn Bhd (Cradle) has championed and helped over 900 early stage start-ups through various investment programmes. This year, its first ever Cradle Startup Awards & Media Appreciation Night aims to celebrate 16 years of empowering Malaysian start-ups and to recognise the contributions of our start-ups, partners and media in cultivating a vibrant ecosystem and putting Malaysia on the global map.

The event featured 7 startup awards and 1 recognising the contributions of an exceptional partner organisation - Rocking Cradle Recipient Award, Global Startup Award, Life Changing Award, Promising Startup Award, Outstanding Founder Award, Cradle Startup Ambassador Award, Special Jury ‘Nazrin Hassan’ Award and Best Supporting Partner Award.

To recognise the important role they play in the ecosystem, 16 media organisations were also acknowledged at the event for their indispensable roles in the process of nurturing and promoting the local startup ecosystem. The award recipients were selected by judges from Cradle as well as representatives from its partners.

 “Over the past decade, the local startup ecosystem has not only put us on the global map, but have also led the way in terms of innovation and technology. This is only possible due to the tireless efforts of the start-ups, partners and media, and tonight’s awards and appreciation aims to celebrate all parties for their contributions. As a funding agency under the Ministry of Energy, Science, Technology, Environment and Climate Change (MESTECC), Cradle will continue to focus on providing opportunities for early stage technology based start-ups to achieve their dreams and keep the nation competitive in an increasingly globalised world,” said Dr. Mohd Nor Azman Bin Hassan, Deputy Secretary General (Science Technology & Innovation) of MESTECC.

The role of a vibrant startup ecosystem goes beyond leading the charge in innovation and technology, but is also important in sustaining a developing economy. In an impact study of the Cradle Investment Programme done in 2018, the Malaysian startup ecosystem contributed a total of RM 3.4 billion to the nation’s GDP from 2008 to 2016 and is projected to reach RM 30.8 billion by 2030 giving it a significant role in the overall nation building process. Within the same period, the ecosystem had also created 80,600 new full time jobs, attracted RM 1.3 billion in private and foreign funds and produced permanent recurring income effects on the economy.

With the ultimate goal of encouraging more aspiring start-ups and entrepreneurs and to educate them about what entrepreneurship is all about through the event, Razif Abdul Aziz, Acting Group CEO at Cradle Fund Sdn Bhd, stressed that the awards are not about who is better, but rather about recognising hard work and achievements, to boost morale and to motivate others.

“We want to continue doing our very best to empower Malaysian start-ups by funding, supporting and guiding them. We do what we can to help companies grow and build pathways to markets, talent and partnerships” said Razif.

Receiving anywhere between 600 - 700 applications in a year for their grants, with more than 80% of applications originating from digital based start-ups such as e-commerce, e-services and software the lack of diversity and prevalence of duplicate or variations of existing start-ups is making it increasingly challenging to select truly innovative start-ups that are worthy of the taxpayers’ support.

“We are encouraging more grant applications from the hard tech space such as the life sciences and green technologies, and also entrepreneurs with the daring to address real issues faced by Malaysians today such as traffic congestion, pollution, affordable housing, food security, transportation and healthcare” Razif added.

With the recently announced Budget 2020 allocation of RM20 million, Cradle aims to focus on three main areas. Firstly, a whole new range of grant offerings with higher fund limits designed to attract a wider range of start-ups from digital tech to hard tech. Secondly, to develop a supportive ecosystem for the hard tech space by facilitating the development of angel investors, VCs, accelerators, and corporates that are interested in investing and supporting hard tech innovations. Lastly, to extend its outreach activities to undeserved areas, sectors and communities and strive for more inclusivity and diversity to find the very best tech start-ups.

In an increasingly crowded and homogenous market, Cradle will continue to seek out start-ups with meaningful differentiation, clear unique selling points and defensible competitive advantages. Startups that are able to demonstrate good product-market fit, traction and ability to execute will continue to gain the upper hand and secure grants and support.  

Surrounded by inspiring start-ups, distinguished partners and media, guests were treated to a night of eventful celebration which included performances by singers Syamel and Dina Nadzir, lucky draw sessions and a sumptuous dinner menu.

Visit www.cradle.com.my for more details
 
About Cradle Fund Sdn Bhd (Cradle)

Cradle is deeply passionate about innovation and Entrepreneurship – we want to create leading start-ups by creating an ecosystem that supports a strong and innovative business-building environment for technology entrepreneurs. Cradle Fund Sdn Bhd (Cradle) is Malaysia’s early stage start-up influencer, incorporated under the Ministry of Finance Malaysia (MOF) in 2003 with a mandate to fund potential and high-calibre tech start-ups through its Cradle Investment Programme (CIP). Throughout its 16-year history, Cradle has helped fund over 900 Malaysian tech start-ups and holds the highest commercialisation rate amongst government grants in the country. Having more than a decade of experience in the nation’s grant funding scene, Cradle further expanded its role from grant provider to investor through the establishment of its venture arm, Cradle Seed Ventures in 2015 and following its portfolio expansion to equity investment in early 2017, Cradle now offers both funding and investment assistance. Cradle’s product offerings are not only restricted to monetary aid, but also include commercialisation support, coaching and various other value-added services to cater today’s entrepreneurs’ diversified needs. Cradle is presently being administered by the Ministry of Energy, Science, Technology, Environment and Climate Change (MESTECC).

SOURCE: Cradle Fund Sdn Bhd 

FOR MORE INFORMATION & INTERVIEW, PLEASE CONTACT: 
Name: Caroline Jintoni
Tel: +6019 293 9096
Email: caroline@cradle.com.my 

--BERNAMA