Malaysia makes magic with 500 startups

Malaysia creates accelerator program with US-based accelerator 500 Startups through its Malaysian Global Innovation and Creativity Center.

The Malaysian Global Innovation and Creativity Center (Magic) has joined forces with 500 Startups to launch an accelerator in south-east Asia.

Magic, a government-run startup and entrepreneurship program, has agreed to a three-year partnership with US-based accelerator and investment firm 500 Startups to launch an accelerator based in Kuala Lumpur. Beginning in August this year the accelerator will run 10-week programmes for between 10 and 20 companies.

These companies will work with mentors and contacts from the two organisations to develop their businesses and increase their user base and revenue.

The accelerator is open to any businesses in south-east Asia not just companies that 500 Startups has invested in as has been the case with similar setups in the country.

Khailee Ng, managing partner for 500 Startups in south-east Asia, said: “Companies get prepped on unique growth problems and we set objectives for the end of the 10 weeks. Experts [brought into the program] work in the company… it isn’t like sitting in a class just listening. We think it’s the kind of thing founders can relate to.”

See more from this Government Report: Malaysia

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