Firm hopes to approve 12-24 applications for pre-seed funds
GEORGE TOWN: Cradle Fund Sdn Bhd, an agency under the Finance Ministry, is targeting to approve 12 to 24 applications for its pre-seed funds and five to 10 applications for its seed funds from Penang’s technopreneurs this year.
Chief executive officer Nazrin Hassan said Cradle would give RM150,000 in pre-seed funding to a team of two or more technopreneurs from Penang to kick start the development of their ideas.
“Subsequently, the technopreneurs can form their own company to commercialise their intellectual property or sell it to a third party,” he said after signing an Memorandum of Understanding (MoU) with Software Consortium of Penang (Scope) chairman Jeffrey Lim.
The MoU allows Scope to assist Cradle in screening and approving funds from the Cradle Investment Programme (CIP), which is Malaysia’s first development and commercialisation programme that enables budding innovators and aspiring entrepreneurs to transform their raw technology-based ideas into commercially-viable ventures.
Nazrin Hassan (right) exchanging documents with Jeffrey Lim, witnessed by Datuk Boonler Somchit Also present was Penang Skills and Development Centre chief executive officer Datuk Boonler Somchit, who witnessed the signing.
Nazrin said for the seed grant, Cradle would be giving up to RM500,000 to a company for commercialising its products.
“To date, we have given a total of RM35mil in pre-seed grants to 387 ideas from all over Malaysia. About 50% of the ideas come from Selangor, and the rest from Penang and other parts of the country.
“Over 50% of the 387 ideas have been successfully commercialised. Some 70% of the ideas we funded were from the information and communication technology sector, while the remainder were ideas from the life and material sciences,” he said.
Meanwhile, Lim said the MoU would allow more technopreneurs from Penang to gain access to funding from the CIP.
“It serves as a catalyst for the creation and growth of a total eco-system for the development and commercialisation of high-technology business in the northern region,” he said.
GEORGE TOWN: Cradle Fund Sdn Bhd, an agency under the Finance Ministry, is targeting to approve 12 to 24 applications for its pre-seed funds and five to 10 applications for its seed funds from Penang’s technopreneurs this year.
Chief executive officer Nazrin Hassan said Cradle would give RM150,000 in pre-seed funding to a team of two or more technopreneurs from Penang to kick start the development of their ideas.
“Subsequently, the technopreneurs can form their own company to commercialise their intellectual property or sell it to a third party,” he said after signing an Memorandum of Understanding (MoU) with Software Consortium of Penang (Scope) chairman Jeffrey Lim.
The MoU allows Scope to assist Cradle in screening and approving funds from the Cradle Investment Programme (CIP), which is Malaysia’s first development and commercialisation programme that enables budding innovators and aspiring entrepreneurs to transform their raw technology-based ideas into commercially-viable ventures.
Nazrin Hassan (right) exchanging documents with Jeffrey Lim, witnessed by Datuk Boonler SomchitNazrin said for the seed grant, Cradle would be giving up to RM500,000 to a company for commercialising its products.
“To date, we have given a total of RM35mil in pre-seed grants to 387 ideas from all over Malaysia. About 50% of the ideas come from Selangor, and the rest from Penang and other parts of the country.
“Over 50% of the 387 ideas have been successfully commercialised. Some 70% of the ideas we funded were from the information and communication technology sector, while the remainder were ideas from the life and material sciences,” he said.
Meanwhile, Lim said the MoU would allow more technopreneurs from Penang to gain access to funding from the CIP.
“It serves as a catalyst for the creation and growth of a total eco-system for the development and commercialisation of high-technology business in the northern region,” he said.
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