PETALING JAYAMalaysia is increasing its potential to produce more unicorns through 100 Soonicorns, a program that aims to support the country’s ambition to create five unicorns by 2025.
Unicorn is a privately held start-up company valued at more than US$1 billion (RM4.7 billion), while Sony’s horn is a unicorn in the making.
The 100 Soonicorns ecosystem is designed to nurture local startups with the potential to become Malaysia’s next unicorns, after Carsome Group.
The program was launched by ScaleUp Accelerator Sdn Bhd and Proficeo Consultants Sdn Bhd in a public-private partnership with Penjana Kapital Sdn Bhd and Malaysia Digital Economy Corp Sdn Bhd (MDEC).
Dr. Sivapalan Vivekarajah, Proficeo’s Chief Evangelist shared that the program acts as a growth catalyst for high-potential late-stage startups that drive the country’s economic growth.
The program also provides access to local and global investors interested in investing in some of Malaysia’s best companies.
“This program highlights these startups as Malaysia’s most promising companies and puts them in the spotlight of global investors,” Sivapalan said at the launch today.
ScaleUp Malaysia managing partner Andre Sequerah said Malaysia’s entrepreneurial landscape – with more than 2,500 active startups – is vibrant and has huge potential to create disruptive businesses that are resilient, sustainable and poised to become the unicorns of the future. are the country
“The margins between success and failure are slim, and without peer guidance and support, startups either stagnate or decline over time. This program will help empower these startups to make their way to the top.”
Tawfiq Iskandar, CEO of Panjana Capital, noted: We have always believed that the development of an ecosystem requires more than financial capital. 100 Soonicorns is an initiative that provides the right stimulus to help aspiring entrepreneurs maximize their potential.
Meanwhile, MDEC CEO Mahadir Aziz said it was committed to the national target of creating five unicorns by 2025 and the expansion of the Malaysia Digital (MD) initiative would accelerate this effort.
“MD seeks to increase the overall value of the ecosystem, providing the targeted assistance and resources that Soonicorns need, in their latest push towards Unicorn status,” he said.
To be invited as a participant, startups – usually technology-based – must have raised at least $1 million from a venture capital firm or institutional investor. or have earned $2 million in the past 12 months.
With 16 executive directors (CEOs) of startups in each cohort, two cohorts of the 12-month program will begin simultaneously in the first quarter of 2023. By the end of 2023, six groups will support 100 CEOs.
In the first phase, the team will identify the top 100 Malaysian startups that have the potential to become unicorns.
Startups will then be nurtured through a founder-support-founder curriculum that includes structured problem solving, capacity building sessions, networking and peer-to-peer support with like-minded people.
Finally, 20 startups out of 100 startups will be selected to receive training, mentoring, regulatory assistance and funding from investors, government agencies and other ecosystem actors.
