Afternoon Highlight (17/04/13/64/762) The Star launches RM20mil fund for digital and tech-based start-ups

The Star launches RM20mil fund for digital and tech-based start-ups

PETALING JAYA: The Star Media Group launched on Wednesday the RM20mil The Star Accelerator Fund to support digital and technology-based businesses.

The fund will serve 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," Star Publications (M) Bhd executive deputy chairman Datuk Vincent Lee said.

Lauding the Government's call for the private sector to support the Economic Transformation Programme, The Star took up the idea and expanded on it, giving rise to The Star Accelerator Fund.

The fund provides financing for the 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 our successful applicants,” Lee said.

Besides monetary assistance, the fund offers unprecedented benefits to successful applicants such as media support, networking opportunities, financial training and legal guidance.

The pre-seed fund is targeted at applicants who are developing their technology-based ideas into prototypes and transforming them into commercially viable enterprises. Successful applicants 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 maximum funding of RM1mil.

The launch was attended by Chua, Lee and a host of start-ups and technopreneurs.

Source : The Star

Date : 17 April 2013

Afternoon Highlight (17/04/13/64/762)