Cradle Fund Sdn Bhd, a key player in Malaysia’s startup ecosystem, has contributed RM1.83 billion to the national GDP through grant and investment programs since its establishment in 2003. With exceptional commercialization rates, job creation, and the role in shaping startup policies, Cradle has emerged as a driving force in propelling Malaysia toward a top global startup ecosystem position by 2030.
10 August 2023 – In a noteworthy contribution to Malaysia’s entrepreneurial landscape, Cradle Fund Sdn Bhd has demonstrated its vital role in fostering innovation and growth over the past two decades. With an impressive track record in grant distribution and investment programs, Cradle has significantly boosted the nation’s GDP, creating jobs and solidifying its position as a key player in shaping the startup ecosystem.
Since its inception in 2003, Cradle Fund Sdn Bhd has continually elevated the Malaysian startup ecosystem through its financial support and investment initiatives. The Ministry of Science, Technology, and Innovation (MOSTI) acknowledges Cradle’s remarkable contribution of RM1.83 billion to the national GDP. This significant impact is attributed to the agency’s grant and investment programs, which have empowered local entrepreneurs and propelled the growth of innovative startups.
Cradle’s commitment to its core mandate is evident in its distribution of RM255 million in grants to over 1,000 local entrepreneurs. These grant recipients have not only added RM830 million to the local GDP but also demonstrated an impressive commercialization rate. Cradle’s commercialization grant achieved a remarkable 100% success rate, while its prototype grant program scored 76%, setting a benchmark among government grant providers.
The startups supported by Cradle have played a pivotal role in job creation, generating more than 80,000 employment opportunities. Additionally, Cradle’s investment programs, Cradle Seed Ventures and DEQ800, have secured RM1 billion for the national GDP. Through 43 investment portfolios, these programs have attracted RM182 million in follow-on investments, contributing further to economic growth and job creation.
Recognizing the importance of capacity-building, Cradle has expanded its mandate beyond grant financing. Initiatives such as the Coach and Grow Programme (CGP) have provided early-stage startups with essential coaching and mentorship. CGP has enriched more than 1,500 participants through over 5,000 hours of mentorship, further nurturing a culture of innovation and entrepreneurship.
With the unveiling of the Malaysia Startup Ecosystem Roadmap 2021-2030, Cradle has been entrusted with a significant role in shaping the nation’s startup policies. Guiding 16 comprehensive interventions across key areas including funding, talent, innovation, policies and regulations, and market environment, Cradle envisions positioning Malaysia among the top 20 startup ecosystems globally by 2030.
In conjunction with this vision, Cradle’s MYStartup initiative, powered by the Ministry of Science, Technology, and Innovation, serves as a data-driven community driving the development of the nation’s startup ecosystem. Boasting direct impact on over 5,000 industry players, the initiative’s digital platform has garnered significant engagement, with over 70,000 visits, 4,000 registered users, and 3,500 registered startups.
Minister of Science, Technology, and Innovation, YB Tuan Chang Lih Kang, commends Cradle’s role in fueling innovation and resilience in local businesses, especially during the challenges posed by the COVID-19 pandemic. Norman Matthieu Vanhaecke, Acting Group Chief Executive Officer of Cradle, underlines the agency’s ability to spearhead early-stage startup development, solidifying the local startup ecosystem’s growth trajectory.
As Cradle marks its 20th Anniversary Celebration Dinner, it awards outstanding startups across categories such as Best Female Founder, Best Male Founder, Most Promising Startup, and Cradle Startup Choice, further celebrating the innovation and dedication that define the Malaysian startup landscape. – source: BusinessToday