The United Nations Development Program (UNDP) has announced that a total of 25 startups in Malaysia will move on to phase two of the Social Impact Challenge Accelerator (SICA) organized by the Malaysian Global Innovation and Creativity Center (MaGIC).
Implemented by UNDP in Malaysia, phase two of SICA will see start-ups go through a rigorous impact accelerator program, which began on September 20, he said in a statement.
The Impact Accelerator program will also work with 500 Global, one of the world’s most active venture capital firms. It is designed based on the success of the ImpactAim model first launched by UNDP in Armenia in 2017, he said.
UNDP said it has launched similar impact business accelerator programs in Denmark, Indonesia, India, Singapore, the Philippines, Vietnam, Bosnia and Herzegovina and Thailand, in collaboration with more companies. from 45 countries.
In Malaysia, the Impact Accelerator program will use the best elements of ImpactAim adapted to the local context and needs to stimulate the development of social entrepreneurship and impact-driven start-ups in Malaysia, helping to amplify the positive impact. local innovations and achieve the Sustainable Development Goals (SDGs), said the UNDP.
The program focuses primarily on affordable and accessible elderly care services; recycling plastic into commercial products; accessible and affordable education; provide mental health and psychosocial support to children and access to a safe and clean environment; and climate change and sustainable cities.
UNDP said startups will have access to business acceleration support from 500 Global’s mentor network and be introduced to impact measurement methodologies to help them align their business strategies with the SDGs.
After the 10-week program during which the teams will be prepared for preparation, they will have the opportunity to present their sales pitch during a demonstration day where they will connect to networks of investors and update partners. the ladder, before moving on to the third phase. of SICA, he said.
In addition, top performing participants on the demo day will have the opportunity to gain post-accelerator support, including financial support from participating partners, access to local and international networks and mentorship, an opportunity to tap into in public procurement (Perolehan Impak Sosial Kerajaan Program), and attract international investment.
“This Impact Accelerator program is an innovative initiative to accelerate the growth of established Malaysian start-ups to help them reach their highest potential and create positive impact in various fields by equipping them with the expertise to measure and intensify impact towards the SDGs. Said Manon Bernier, Deputy Resident Representative of UNDP Malaysia, Singapore and Brunei Darussalam.
“The strategic partnership with MaGIC imbues Malaysia and the global impact investing ecosystem with the SDG impact factor, enabling a more productive environment to find, develop, test and scale technology and business solutions that respond to global and national challenges related to the SDGs, ”she added.
“We are delighted that these 25 local start-ups are coming together to accelerate the development of their impact-driven innovation model for further market deployment,” said Amiruddin Abdul Shukor, Interim CEO of Malaysian Global Innovation and Creativity Center (MaGIC).
Asia-Pacific Regional Director, 500 Global, Ee Ling Lim said, “We want to create the next generation of unicorns who serve communities and the environment, creating a more diverse, inclusive and sustainable world.
“We are delighted to collaborate with UNDP and MaGIC to elevate these 25 impactful startups, supporting them to generate positive social or environmental impact alongside financial growth. In addition to mentoring, the accelerator will focus on growth strategies, customer acquisition, impact measurement and capital growth for founders.
A total of 184 applications were received for four Impact Challenges and one closed-door challenge in the first phase of SICA. The 25 winners who pass the Impact Accelerator program are:
Khazanah Impact Innovation Challenge
1. Teman My Ventures PLT
2. Robopreneur Sdn Bhd
3. Firegent iASP Sdn Bhd
4. Nova Engineering Services
5. IMM Health Sdn Bhd
Educating the future challenge
6. Pandai Education Sdn Bhd
7. Future Sdn Bhd laboratory
8. Academy of Infinite Spirits Sdn Bhd
9. IX Ventura Tech Sdn Bhd
10. Thought Asia Sdn Bhd (“Devance Academy”)
Selangor Sea Bridge Innovation Challenge (“SMG”)
11. Tigasfera Sdn Bhd
12. CH Green Sdn Bhd
13. EmLab Sdn Bhd
14. Mensilin Green Energy Sdn Bhd
15. Fuze Ecoteer Outdoor Adventures Sdn Bhd
MyUNICEF Impact Challenge
16. Goodkids Sdn Bhd
17. Innosens Technology (M) Sdn Bhd
18. LeapEd Services Sdn Bhd
19. Play Unltd PLT
20. Siung Film Productions Sdn Bhd
Closed door challenge from Proficeo Consultants
21. Blair & Associates Sdn Bhd (“Boutique Batik”)
22. HOMA Sdn Bhd
23. MyBump Media Sdn Bhd
24. Sentuh Sinergi Sdn Bhd
25. Victory farm on the roof Sdn Bhd
In addition to the Impact Accelerator program, UNDP Malaysia will also work closely with National Technology and Innovation Sandbox (NTIS).
The collaboration will have similar goals to nurture the local ecosystem for impact technology and integrate the SDGs and impact measurement and management into solutions that are currently being tested in live sandbox environments, a UNDP said.
For the pilot initiative, UNDP and NTIS will focus on solutions related to energy, smart cities and transport in 2021, with targeted mentoring and coaching provided by the UNDP network of expertise through a program of capacity building organized over six months.
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