Cradle startups contributed RM3.4bil to the economy

columnist photo: Razif Abdul Aziz is Chief Operations Officer of Cradle Fund Sdn. Bhd. and the Malaysian Business Angel Network (MBAN) Executive Director.

KUALA LUMPUR: Cradle Fund Sdn Bhd’s (Cradle) Cradle Investment Programme (CIP) has contributed RM3.4bil to Malaysia's GDP, created 80,600 full-time jobs and attracted RM1.3bil in private and foreign funds.

The figures were given by Cradle acting group chief executive officer (CEO) Razif Abdul Aziz (pic) at Cradle Buzz 2018 in the Sime Darby Convention Centre here yesterday.

“These are positive outcomes by any measure, and testimony to the fact that the right funding at the right time can result in far greater outcomes than that of ordinary public spending.

“Stay tuned for the full report on the study in coming weeks,” he said.

HELP University was commissioned to conduct the study that produced the numbers using data from grant programmes between 2008 and 2016.

The main point of it was to find out Cradle's impact on the ecosystem over the years.

Before the one-day conference got underway, a moment of silence was observed for Cradle’s first CEO Nazrin Hassan, 45, who passed away on the eve of Hari Raya this year.

Razif paid tribute to Nazrin for his vision and seeing the potential in companies like MyTeksi (Grab), iMoney and iPay88, which received grants from Cradle.

Since its establishment, Cradle – incorporated under the Ministry of Finance (MoF) in 2003 – has funded more than 800 tech startups and witnessed the network quickly grow around the region.

“Today, we can see how these startups have become smarter, more informed and cultivated stronger networks.

“However, the challenges will be greater in this age of digital technology,” warned Razif.

Cradle's conference cum 15th anniversary brought together 305 investors and startup founders to discuss the direction and development of new companies, as well as exchange ideas.

The event was launched by MoF National Strategic Unit director Datuk Dr Aminuddin Hassim. — Bernama

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