The Star media group has launched “The Star Accelerator Fund” to support digital and technology-based entrepreneurs in Malaysia. The RM20mil fund serves as a platform to help individuals and companies develop ideas and commercialise products, with the goal of establishing Malaysia as a “game-changer” in development funding for start-ups.
“The Star Accelerator Fund was the brainchild of MCA president Datuk Seri Dr Chua Soi Lek, who approached The Star with the idea of creating a seed fund for digital and technology start-ups,” said Star Publications (M) Bhd executive deputy chairman Datuk Vincent Lee.
Supporting the Government’s call for the private sector to support the Economic Transformation Programme, The Star took up the idea and expanded on it, leading to the establishment of The Star Accelerator Fund.
The fund provides financing at pre-seed and seed levels. In both instances, the fund seeks to give financial support in exchange for an equity stake in the business.
“We see this opportunity as a long-term commitment to establish and grow the businesses we become involved in. It is our aim to leverage our media expertise, as well as that of our business partners, for the benefit of successful applicants,” Lee said at the fund’s launch.
The pre-seed fund is targeted at applicants who are developing their technology-based ideas into prototypes and transforming them into commercially viable enterprises.Each successful applicant will have access to a maximum amount of RM300,000.Applicants who already possess innovative technology-based products or services that are ready for commercialisation can apply for the seed fund, which provides funding for up to RM1mil.
Lee added that the actual monetary value would be double from the fund’s absolute amount, as successful ventures would be supported by the media exposure provided by The Star media group.In addition, candidates would be able to leverage on the group’s network opportunities, financial training and legal advice.
The Star Accelerator Fund is open to Malaysians aged 21 and above.
For information, visit http://www.accelerator.my.
Source : thestar.com.my