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MYStartup, a challenge developed by Cradle Fund, has introduced the Prime 5 qualifiers from the first-ever cohort beneath its pre-accelerator programme which resulted in September.
This pre-accelerator is designed for early-stage startups searching for to validate their concepts and enterprise fashions.
For its first cohort, 37 startups have been chosen to have direct entry to native and worldwide mentors, sources, and market publicity with prolonged post-programme and funding alternatives.
Out of these 37 startups, 5 have emerged as the highest qualifiers. Based on a video by MYStartup, the highest 5 will participate in a Cradle Fund-sponsored abroad immersion programme in addition to take part in part two of its startup acceleration programme.
Listed below are these high 5 startups which have been chosen from Cohort 1 of the inaugural MYStartup Pre-Accelerator.
1. Luwjistik
A software-as-a-service firm, Luwjistik is a platform that connects shoppers within the logistics business to numerous international community companions.
By means of Luwjistik, logistic firms can design their cross-border ecommerce provide chain simply, mixing and matching varied community companions to the totally different nodes within the provide chain.
Luwjistik is co-founder and CEO Syed Ali Ridha Madihid’s third startup, although it’s his first one in Malaysia.
Understanding the worth of networking, the entrepreneur determined to affix MYStartup’s pre-accelerator programme to embrace Malaysia’s vibrant startup ecosystem.
“I strongly imagine the most important profit was the networking amongst startups and in addition mentors, which permits us to share our challenges, change concepts and share experiences and options,” Ali stated.
Whereas present process the programme, Luwjistic secured an acquisition by Australian logistics firm Shippit for US$11.3 million.
“We at the moment are centered on integration work and are trying ahead to contributing to an lively ecosystem in Malaysia,” Ali stated.
2. Sayur Kita Asia
An agrotech startup, Sayur Kita Asia goals to help the expansion of Southeast Asian agropreneurs by offering an internet interactive net platform that gives agri-courses. Presently, the one accessible course is the hydroponics course.
The startup additionally goals to present customers entry to recent and inexpensive greens through its web site.
Naviin Thiaga, the founder and CEO of Sayur Kita Asia, shared that the first purpose of his startup is to create a brand new era of high quality agropreneurs in Malaysia.
On high of that, the startup additionally goals to raise and put money into the folks from the B40 group to make a further revenue for themselves by way of rising and promoting produce through its platform.
The startup’s core focus aligns with why Naviin joined the pre-accelerator programme—for the group.
“There’s a saying ‘if you wish to go quick, go alone; if you wish to go far, go collectively’,” Naviin quoted. “To construct a revolutionary enterprise with an enormous goal as its mission will not be that straightforward that it may be achieved alone.”
True to his expectations, Naviin stated he has been capable of acquire group help by way of the programme. Based on him, everybody concerned, from mentors to friends to ecosystem builders, was prepared to assist at a second’s discover.
3. Bytespace
Primarily based in Petaling Jaya, software program firm Bytespace gives IT options to all enterprise market segments, from startups to enterprises.
Based on its web site, Bytespace gives options similar to software growth and customisation, web site design and growth, content material administration methods, and cellular functions.
Furthermore, it at present gives two merchandise—Steve and Protected G. Steve is a complete end-to-end resolution that digitalises port and logistics operations providers. In the meantime, Protected G is an easy and complicated safety resolution.
Based on Suresh Chidambareswaran, the CEO of the corporate, Bytespace joined the programme as they noticed a have to validate its folks, course of, and product verticals.
He believes that MYStartup has helped Bytespace with that. Aside from that, he shared that by way of the programme, the startup was capable of study in regards to the energy of social media and the significance of pivoting.
“Don’t be afraid to pivot,” Suresh stated. “Take calculated dangers and do it if the chance is manageable.”
4. Loop Meals
A purveyor of wholesome and inexpensive consuming, Loop Meals is a farm-to-table on-line restaurant. It sources its produce instantly from farmers and gives free supply to prospects’ doorsteps. Manufacturers beneath Loop Meals embody SpargoEats.
Nicholas Ou, the co-founder and CEO of Loop Meals, believes that specializing in impression is essential with the pre-accelerator programme. “The remaining is fluff,” he stated.
To him, founders might find yourself getting romantic with their options. However as an alternative of that, it’s extra smart to validate with customers and construct a minimal viable product.
After going by way of this programme, Loop Meals is now trying to pilot its company group lunch app with Cradle Fund and Beyond4’s company community. The startup additionally shared that it’s trying to elevate its seed spherical.
5. Materials in Works
Based by packaging materials consultants, Materials in Works (MIW) has developed a remedy course of that recovers cellulose to be processed again into uncooked materials for paper product producers, thus stopping the waste from ending up in landfills.
As defined by John Ooi, the co-founder of MIW, its remedy course of is mutually helpful for the atmosphere and the paper business, as the worth and availability of uncooked supplies are main considerations of the business gamers.
Based on John, MIW aspires to steer within the “industrial symbiosis programme”, which explains why it joined MYStartup’s programme.
Industrial symbiosis is a course of whereby wastes or byproducts of an business change into the uncooked supplies for an additional. This helps contribute in direction of the creation of a round economic system.
“Our very first challenge is piloting upcycling options to deal with label packaging waste in Malaysia,” John defined.
There are three explicit beneficiaries of MIW’s efforts. This consists of label packaging stakeholders, the B40 group members who’re residing close to landfill websites, and the atmosphere at giant.
One factor particularly that the group discovered helpful was the one-to-one biweekly name with a mentor who comes from a VC background.
“We discovered the monetary modelling and valuation course to be very sensible for us, significantly earlier than organising our pilot plant,” John shared.
After the programme, MIW introduced that it has secured its seed funding, and as such is aiming to arrange a one-tonne capability pilot plant.
Recommendation based mostly on expertise
Following Cohort 1’s conclusion, MYStartup has already introduced Cohort 2 of its pre-accelerator programme. Based on a press launch, the brand new batch has acquired a complete of 126 functions, with 38 early-stage startups making the reduce to endure the six-month coaching programme.
Luwjistik’s Ali inspired Cohort 2 to embrace the expertise and to needless to say there is no such thing as a such factor as a foolish query.
“To maximise the programme, I strongly encourage lively participation, particularly asking questions and interesting with the respective mentors,” he shared.
The one factor Naviin needs Cohort 2 startups to ask themselves is: “Have you learnt what you don’t know?”
“I would like startups to know that there will probably be questions requested instantly from consultants that may throw you off your toes and that’s good,” he defined.
Powerful questions will give the group a actuality verify because it reveals how a lot they really perceive their enterprise mannequin as a complete.
Suresh’s recommendation for future startups wanting to affix the programme is to know all of your friends. If there’s a chance of collaboration or partnership, he believes it’s worthwhile to noticeably take into account it.
Nicholas’ phrase of knowledge is to maintain an open thoughts and attempt to perceive everybody’s views and recommendation no matter how harsh they might appear.
“[This is] because the mentor’s intention is to grasp and construct a sustainable enterprise, to not simply damage our emotions,” he stated.
Cohort 2’s coaching interval began on October 6. For the subsequent six months, the 37 groups will probably be studying from mentors and friends alike, and we look ahead to seeing who the highest 5 for Cohort 2 will probably be.
- Be taught extra about MYStartup right here.
- Learn different articles we’ve written about Malaysian startups right here.
Featured Picture Credit score: MYStartup
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