CRADLE Fund Sdn Bhd (Cradle), a company under the Science, Technology & Innovation Ministry (MOSTI), continues its effort to support the local tech startup ecosystem by approving 28 startups for the first three batches under the CIP Spark & CIP Sprint programmes with a total of RM8.24 mil as of September 2022.
Launched in March of this year, both conditional grants were allocated under the 12th Malaysia Plan with the aim to support the holistic development and commercialisation for startups via various value-added services to help nurture, develop and prepare them with business model development, market validation and market access.
During the Engagement Session with Cradle recipients, Cradle senior vice president (grant) Julia Jan said these 28 startups – drawn from a range of various industry verticals – have shown great potentials in terms of technological advancement applied, business model innovation and market-fit solutions.
The awarding of these grants will act as a bridge for them to further develop and strengthen the product, validate the business model and assist in the commercialisation and market access before the next stage of fund raising.
This will definitely broaden the commercialisation funding funnel within the ecosystem.
“Cradle, as the focal point agency for the early-stage startup ecosystem sees this as a definite and proactive effort in line with the Government’s aspiration for the nation to be recognised as the leading startup hub,” she remarked.
“Cradle will continue to support and empower the local startup ecosystem by addressing one of the biggest pain points faced by early-stage startups, which is funding.
“By assisting these startups with development grants, we believe it will bridge the gap for them to cross the ‘valley of death’ in startup life cycle as we help accelerate product commercialisation.”
At the said engagement session, eleven (11) startups were announced as the pioneer batch recipients. They are:
CIP SPARK is a conditional development grant that offers a financing period of up to 18 months and is open to individuals, private companies, limited liability partnerships (LLPs) and Sendirian Berhad companies.
Meanwhile CIP SPRINT is a conditional convertible commercialisation grant that offers a financing period of 18 months and is open to Sendirian Berhad companies, including university and research institute spin-offs.
For more information about the grant programme and how to apply for one, startups and ecosystem players can log on to www.cradle.com.my. – Oct 13, 2022