Cradle Fund has launched 2 new grant programmes for early-stage technology companies.
The announcement was made earlier today via an online live stream together with the Minister of Science, Technology, and Innovation, Khairy Jamaluddin.
The new grant programs are as follows:
CIP Ignite: Funding of up to RM500,000 to validate and convert validated prototypes to market ready products.
CIP Accelerate: Funding of up to RM2 million to for product commercialization.
The grants programmes cover the following sectors:
Advanced Manufacturing & Engineering
Food Security & Technology
Socio economics drivers.
Other requirements for the grant programmes are as follows:
Companies must be incorporated in Malaysia.
At least 51% Malaysian owned.
Revenues must not be more than RM5 million
Alongside funding, fund recipients will also be connected with an experienced business mentor, training opportunities, as well as value added services to further enhance their success.
According to Rafiza Ghazali, Group CEO of Cradle, she mentioned that "the new grants have been developed based on what we have experienced during the COVID-19 pandemic".
“The world we live in is changing rapidly and the challenges we face today and in the future can only be overcome by harnessing technology and innovation if we are to accelerate recovery and to remain competitive”, mentioned Rafiza Ghazali, Group CEO of Cradle.