Putrajaya, Malaysia, 21 September 2021 – A total of 25 start-ups in Malaysia will be moving on to the second phase of the Social Impact Challenge Accelerator (SICA) by MaGiC. Implemented by the United Nations Development Programme (UNDP) in Malaysia, phase 2 of SICA will see the start-ups go through a rigorous Impact Accelerator programme, which began on 20 September 2021.
The Impact Accelerator programme will also collaborate with 500 Global, one of the world’s most active venture capital firms. The Impact Accelerator is designed based on the success of the ImpactAim model first launched by UNDP in Armenia in 2017. UNDP has launched similar Impact Venture Accelerator programmes in Denmark, Indonesia, India, Singapore, Philippines, Vietnam, Bosnia Herzegovina, and Thailand working with ventures from over 45 countries. In Malaysia, the Impact Accelerator programme will take the best elements of ImpactAim customised to local context and needs to boost the development of social entrepreneurship and impact-oriented start-up ventures in Malaysia, contributing towards amplifying the positive impact of local innovations and achieving the Sustainable Development Goals (SDGs). The programme primarily focuses on accelerating the growth of impact ventures targeting five priority fields; (i) affordable and accessible senior care services; (ii) upcycling plastic into commercial products; (iii) accessible and affordable education; (iv) providing children support in mental health and psycho-social support and access to safe and clean environment; (v) climate change and sustainable cities.
Through the Impact Accelerator programme, start-ups will gain access to business acceleration support from 500 Global’s network of mentors and be introduced to impact measurement methodologies to assist in aligning their business strategies toward the SDGs. Following the 10-week programme where teams will be groomed for preparedness, they will get the opportunity to present their business pitch in a demo day where they will gain connection to networks of investors and scale-up partners, before moving on to the third phase of SICA.
High-performing participants during the demo day will stand a chance to secure post accelerator support, including financial support from participating partners, local and international network access and mentorship, an opportunity to tap into Government Procurement (Program Perolehan Impak Sosial Kerajaan), and attracting international investment.
“This Impact Accelerator programme is an innovative initiative to accelerate the growth of established Malaysian start-ups to help them reach their highest potential and create a positive impact in various areas by equipping them with the necessary expertise to measure and scale-up impact towards SDGs. While not all new technologies and innovative business models are suited to support sustainable development, certain adjustments, and structured processes such as SDG-alignment and impact measurement and management will enable businesses to significantly elevate their impact potential and better address needs of developing markets,” said Manon Bernier, Deputy Resident Representative of UNDP Malaysia, Singapore and Brunei Darussalam.
‘The strategic partnership with MaGIC infuses Malaysia and global impact investment ecosystem with SDG impact factor, enabling a more productive environment for finding, developing, testing and scaling technology and business solutions that address global and national SDG-related challenges’, she continued.
“The problem statements selected for SICA are not new yet they are unresolved pressing issues that affect our society. Through this collaboration with the UNDP, we look forward to connecting new innovative solutions to our partners in addressing their problem statements and at the same time, increase market adoption of impact driven products and services. We are excited to have these 25 local start-ups getting a step closer to accelerate their impact-driven innovation model development for greater market roll out,” said Amiruddin Abdul Shukor, Acting CEO of the Malaysian Global Innovation and Creativity Centre (MaGIC).
Regional Director of Asia Pacific, 500 Global, Ee Ling Lim said, “The entire global economy is being rebuilt. As investors and ecosystem builders, we believe that not only can profit and purpose go hand in hand, it is in fact a virtuous cycle. We want to create the next generation of unicorns that serve the communities and the environment, creating a world that is more diverse, inclusive, and sustainable. Which is why we are excited to be collaborating with UNDP and MaGIC to elevate these 25 impact startups, by coaching them to generate a positive social or environmental impact alongside financial growth. In addition to mentorship, the accelerator will focus on growth strategies, customer acquisition, impact measurement, and capital growth for founders.”
SICA is a platform (www.mymagic.my/sica) that assembles high potential innovators to accelerate their impact model development for greater market rollout.
A total of 184 applications were received for four Impact Challenges and one closed door challenge in phase 1 of SICA. The 25 winners moving on the to the Impact Accelerator programme are:
Khazanah Impact Innovation Challenge
- Teman My Ventures PLT
- Robopreneur Sdn Bhd
- Firegent iASP Sdn Bhd
- Nova Engineering Services
- IMM Healthcare Sdn Bhd
Educating the Future Challenge
- Pandai Education Sdn Bhd
- Future Laboratory Sdn Bhd
- Infinite Minds Academy Sdn Bhd
- IX Ventura Tech Sdn Bhd
- Thought Asia Sdn Bhd (“Devance Academy”)
Selangor Maritime Gateway (“SMG”) Innovation Challenge
- Tigasfera Sdn Bhd
- CH Green Sdn Bhd
- EmLab Sdn Bhd
- Mensilin Green Energy Sdn Bhd
- Fuze Ecoteer Outdoor Adventures Sdn Bhd
MyUNICEF Impact Challenge
- Goodkids Sdn Bhd
- Innosens Technology (M) Sdn Bhd
- LeapEd Services Sdn Bhd
- Play Unltd PLT
- Siung Film Productions Sdn Bhd
Proficeo Consultants closed door challenge
- Blair & Associates Sdn Bhd (“Batik Boutique”)
- HOMA Sdn Bhd
- MyBump Media Sdn Bhd
- Sentuh Sinergi Sdn Bhd
- Victory Farm At Rooftop Sdn Bhd
In addition to the Impact Accelerator programme, UNDP Malaysia will also be working closely with National Technology and Innovation Sandbox (NTIS) under similar objectives to nurture the local ecosystem for impact technology and integrate SDG and impact measurement and management into the solutions that are currently being tested in live sandbox environments. UNDP believes that digital innovation is the fundamental driver of change this century and pivotal in accelerating our progress towards the 2030 Agenda for Sustainable Development in Malaysia. For the pilot initiative, UNDP and NTIS will be focusing on solutions related to Energy, Smart Cities and Transportation in 2021, with targeted mentoring and coaching provided by UNDP network of expertise via a six-months curated capacity building programme.
For more information, please visit https://www.mymagic.my/sica/en.
About Malaysian Global Innovation & Creativity Centre (MaGIC)
MaGIC discovers and empowers technology startups and social innovators through creativity, innovation and technology adoption, and develops a vibrant and sustainable entrepreneurship ecosystem in Malaysia. Since its inception in 2014, MaGIC has provided its community of start-ups, investors and ecosystem players with capacity building programmes, funding opportunities and regulatory assistance that impacted more than 100,000 aspiring and seasoned entrepreneurs with an overall value creation of RM1.9 billion.
About 500 Global
500 Global is a venture capital firm that invests early in founders building fast-growing technology companies. We focus on markets where technology, innovation, and capital can unlock long-term value and drive economic growth. 500 Global has backed over 6,000 founders representing more than 2,500 companies operating in 77 countries. Our portfolio includes 33 companies valued at more than $1 billion and 120 companies valued at over $100 million. Our team members are located in more than 15 countries and bring experience as entrepreneurs, investors, and operators from some of the world’s leading technology companies.
For media interviews and queries, please contact:
Chin Su Ci, Communications Associate, UNDP Malaysia
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