The Malaysian Research Accelerator for Technology andInnovation (MRANTI) is inviting high growth startups looking to expand their business presence in Japan, Germany and Thailand to sign up for its Global Market Fit Program (GMP) on Monday.
Applications open from today with four cities on the 2023 destination roster including Osaka and Tokyo, Berlin and Bangkok, MRANTI said in a statement.
“GMP is designed for companies geared up for the next stage of growth. It will help them navigate tough competition in a crowded market and maximize their market expansion efforts,
“Whether they are looking to enter into a new vertical, or reach an emerging audience segment, GMP steers them through business, technical and cultural aspects of these countries for better opportunities to succeed,” said Dzuleira Abu Bakar, MRANTI Chief Executive Officer.
According to her, the firm is targeting to enlist at least 100 quality applications for GMP in 2023, making it one of the largest Malaysian innovation global market-entry equipping programs this year.
“We want our innovators to ride on the growing momentum in international business and position them early into the next 24 months of sustainable growth,” she added.
It is noted that MRANTI has been providing a platform for high growth startups, innovative spin-offs or companies to gain international market access for rapid international commercialization since 2020 through GMP.
The program has supported 62 companies across six countries, and established partnerships with more than 22 organizations.
This year, GMP is opening its doors to innovators with research and development (R&D) solutions which have registered intellectual property or patents in Malaysia, to participate in the program.
Companies are expected to be majority Malaysian-owned or with their intellectual property (IP) based in Malaysia.
Companies with products and solutions in Internet of Things (IoT), finTech and IT (Software as a Service, SaaS), smart cities, machinery, healthtech, smart manufacturing, agriculture, education, transport, food and beverage and mobility are highly encouraged to apply.
Dzuleira explained that exciting improvements have been made for GMP, in which selected companies stand to gain up to MYR1 million ($220,000) in program value from the government agency.
Participants are expected to commit to a 2 to 3 month program from July to October, during which MRANTI orchestrates a series of physical and virtual workshops and match-making meetings.
Through the comprehensive, intensive and immersive program, participants will be mentored on approaches to localize and validate their business model, and strategize their market entry.
This includes having the products and solutions lined up for a needs analysis, a value creation framework, a rubric for market expansion and more.
Meanwhile, participants will have the opportunity to network and gain business insights and technical support through one-on-one mentoring sessions, as well as meet investors,
industry associations and prospective partners to explore contracts and much more.
As a result of the support and interventions, each company is expected to realize MYR500,000 ($108,637) in value creation across the 24 months, through prototype contracts, development contracts, partnerships, IP licensing and subscriptions, and any other collaborations.
To participate, companies need to demonstrate a minimum of MYR1 million ($220,000) in revenue, with commercialized products (achieving a minimum Technical Readiness Level of 6 or more), proven stream of business transactions and with a strong financial record.
“We want to scale up and scale out these businesses fast by reducing uncertainties and increasing their chances for success especially in the global market,” Dzuleira said.
According to her, there will only be one batch intake this year for GMP across the three countries, so the firm encourages eligible entrepreneurs with a mindset for international expansion to apply soon.
She also said that MRANTI connects regional and global ecosystem players for commercialization of R&D and welcomes bi-lateral international collaboration opportunities.
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