Malaysia-based Selangor Information Technology and Digital Economy Corporation (Sidec) has announced the launching of the Twin Accelerator Program which comprises the seventh cohort Selangor Accelerator Program (SAP24) and the second cohort of Selangor E-Commerce Xccelerator (ECX24).
This program is an effort to strengthen the small and medium-sized enterprises (SMEs) and startups ecosystem in Selangor with a vision to create million-dollar companies, contributing to Selangor’s gross domestic product (GDP), Sidec said in a statement on Tuesday.
According to the statement, a total of 50 startups with a focus on artificial intelligence (AI), smart mobility, bio-based solutions, and net zero have been shortlisted for the SAP24.
Meanwhile 50 SMEs, spanning from food and beverages (F&B), home living and home appliances, fashion and lifestyle, health, beauty and wellness and social impact industries have been shortlisted for the ECX24.
“We have received a remarkable number—over 550 applications for both SAP24 and ECX24 programs,
“This shows the strong interest and enthusiasm within the entrepreneurial community and it reflects the growing recognition of Selangor as a hub for innovation and business development,” said Yong Kai Ping, Chief Executive Officer of Sidec.
He said Sidec is committed to a rigorous selection process to cultivate high-impact entrepreneurs capable of building high-growth, high-value companies.
“The focus is on identifying and supporting the most promising talents and innovative businesses with the potential to scale rapidly and contribute significantly to the economy, further positioning Selangor as a leader in the global marketplace,” he added.
According to the statement, the ECX24 offers a four-month program with comprehensive modules covering business workshops and pitching courses focused on key areas like AI in e-commerce, branding, growth strategies, cross-border expansion, data analytics, and financial management.
The pitching courses help participants develop strong pitching skills, create effective pitch decks, engage with investors, and practice pitching.
ECX24 participants will also benefit from mentoring sessions with industry leaders, including those from Carsome, ZUS Coffee, Secret Recipe, and The Lego Group among others.
These mentors will provide valuable insights and expertise, equipping participants with the essential knowledge and strategies needed to thrive in the digital age and successfully grow their businesses.
The ECX24 winners will receive prestigious awards, including trophies, certificates, cash prizes, and potential investment opportunities.
They will also have the opportunity to participate in a special program by ByteDance TikTok in Shanghai, China.
This program offers unique access to global markets, networking with industry leaders, and insights into the latest trends in e-commerce and digital marketing.
Additionally, the top ten winners will benefit from 30,000 credits from Pos Malaysia, with total prizes valued at RM300,000.
Meanwhile, the SAP24 aims to drive Malaysia’s tech startups toward accelerated growth.
The program provides startups with mentoring, networking opportunities, workshops, and uplifting them to investment and expansion-ready level.
These startups will also receive a range of valuable perks, including cloud services, membership in the CXO Club, opportunities to exhibit at the 9th Selangor Smart City and Digital Economy Convention, and international outreach expansion.
Additionally, they will have access to Selangor Sandbox 2 hot seats, promotion of their services to the Sidec database, valuation assessments, and partnerships with the Selangor Lab.
Ever since its initial rollout, SAP has nurtured 190 startup companies, including Nexmind AI, Seed Dream, Borong (commonly known as Dropee), GFI Fintech, Entomal, and many
others.
This year, SAP24 introduces a specialized long-stay overseas trip for selected participants, tailored by vertical according to their business focus.
The long stay will be facilitated by established company partners who will provide programmatic support and industry-specific guidance, ensuring participants gain maximum value from these immersive experiences.
As the programs continue to expand their impact, partnerships play a crucial role in their success.
AFFIN BANK, as the main sponsor of the Twin Accelerator Program, exemplifies this commitment by reinforcing its dedication to supporting Malaysia’s SME sector.
In addition, Invest Selangor Berhad (ISB) now serves as the Co-Organiser for SAP24, further strengthening the initiative’s foundation.
The involvement of key strategic partners, including TikTok Shop as the Strategic E-Commerce Partner, AEON as the Strategic Retail Partner, and Shopline as the Strategic Webstore Partner, alongside industry leaders like Microsoft, AWS and NVIDIA, will significantly amplify the Selangor E-Commerce Xccelerator (ECX) program’s reach and impact, establishing a dynamic ecosystem that fosters entrepreneurial success.
Additionally, the inclusion of FIUU as the Payment Partner for both SAP24 and ECX24, WORQ as the Community Partner, and Pos Malaysia as the Strategic Logistics Partner reflects a collaborative commitment to providing comprehensive support for program participants.
These partnerships are designed to enhance the value delivered to SMEs and startups, ensuring sustainable growth for Selangor’s burgeoning entrepreneurial landscape.
Moreover, Sidec’s involvement reaffirms its dedication to building a strong ecosystem for SMEs and startups in Selangor, with a goal to nurture over 300 entrepreneurs in the next five years.
By focusing on fostering innovation and supporting high-potential businesses, this initiative aims to drive economic growth and digital transformation in the region.
Sidec is under the purview of the Standing Committee of Trade and Investment of Selangor in Malaysia. It is a subsidiary company of Invest Selangor Berhad.
The corporation is a Selangor government agency mandated to lead the digital transformation of Selangor as ASEAN’s digital hub.
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