The Malaysian Research Accelerator for Technology and Innovation (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 Programme (GMP).
Applications open from today with four cities on the 2023 destination roster including Osaka & Tokyo, Berlin and Bangkok.
“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 maximise 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.
“We are targeting to enlist at least 100 quality applications for GMP in 2023, making it one of the largest Malaysian innovation global market-entry equipping programmes 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,” said Dzuleira Abu Bakar, CEO MRANTI.
MRANTI has been providing a platform for high growth startups, innovative spin-offs or companies to gain international market access for rapid international commercialisation since 2020 through GMP.
The programme has supported 62 companies across six countries, and established partnerships with more than 22 organisations since it started in 2021.
This year, GMP is opening its doors to innovators with R&D solutions which have registered intellectual property or patents in Malaysia, to participate in the programme. 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 RM1 million in programme value from the government agency.
Participants are expected to commit to a two to three-month programme 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 programme, participants will be mentored on approaches to localise and validate their business model, and strategise 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 realise RM500,000 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 RM1 million in revenue, with commercialised 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,” she said.
“There will only be one batch intake this year for GMP across the three countries, so we encourage eligible entrepreneurs with a mindset for international expansion to apply soon.”
MRANTI connects regional and global ecosystem players for commercialisation of R&D and welcomes bi-lateral international collaboration opportunities. Apply or enquire now at www.mranti.my/gmp. Closing date: 30 July 2023.