MaGIC’S GAP Cohort 4 Startups Post Revenue Growth of 53%
Summary
In spite of the changes brought about by Covid-19, 39 exciting startups have successfully completed their growth journey today with the Malaysian Global Innovation and Creativity Centre (MaGIC) Global Accelerator Programme (GAP) Cohort 4.The programme culminated in an all-virtual GAP Demo Day 2020 where the graduating startups from 6 countries were given a chance to pitch their ideas to an audience of distinguished local and regional investors, corporate partners, and mentors.Since embarking on MaGICs flagship programme some 12 weeks ago, GAPs Cohort 4 collectively posted strong revenue growth at 53% despite navigating jittery market conditions. Total funding raised during the course of the programme was UD$123,000 (RM500,000). These startups represent a wide range of 19 industries, including Agriculture, Education, E-Commerce, Enterprise Solutions, Fintech, and Real Estate.Startups are the creative engine that drive out-of-the-box solutions to address Malaysias socio-economic challenges. In a year plagued by the Covid-19 virus, programmes like GAP are crucial for the growth of our startup ecosystem, said the Minister of Science, Technology and Innovation, Khairy Jamaluddin.Khairy added that Malaysia has been a great place for startups to grow, pointing to its position as an English-speaking country, its highly-skilled workforce, high-level of tertiary education enrolments, multicultural roots, and high-ranking on global indices for competitiveness and ease of doing business.Malaysia was ranked the 11th emerging startup ecosystem in the Global Startup Ecosystem Report (GSER) 2020, and placed in the top 10 and 20 for emerging ecosystem in performance and talent respectively. Were also the 35th most innovative economy in the world according to Bloombergs Global Innovation Index 2019, with top marks in high-tech net exports and creative goods exports, said Khairy.