MaGIC reopens its accelerator programme for entrepreneurs

The Magic building in Cyberjaya

The Malaysian Global Innovation and Creativity Centre (MaGIC) is having an open call to entrepreneurs to take part in its latest Global Accelerator Programme (GAP).

"The largest startup accelerator in South-East Asia is looking for you to join their next batch! After an evolution from five successful regional accelerators, we would like to invite you for our community sharing session," says MaGIC, on its site.

The Community Sharing sessions will be held in Penang (April 25), Sarawak (April 27), Johor (April 29), Singapore (May 2) and Selangor (May 3).

During the four-month accelerator programme, MaGIC teaches new companies how to streamline its product, market it, consider the legal concerns involved, leading to a Demo Day where the companies get to pitch their services to investors, media and potential collaborators. 

The Government body says participants will be provided with flight reimbursement of up to RM1,000 for international flights and up to RM500 for flights from Sabah and Sarawak; accommodation for the duration of the programme; marketing allowance of RM2,500 and a monthly stipend of RM1000 per participant and a six-month professional visitors pass to join the programme.

It says participants will have advice from experts and mentors, gain access to route-to-market partners and a MaGIC's network of partners across all Asean countries. 
 
MaGIC assures no equity will be taken in exchange. 

Applications close on May 10, with an announcement on which companies made the cut to be released in June. 

Participants of the first cohort of GAP had raised US$11.03mil (RM45.52mil) and had a valuation of US$275.77mil (RM1,13bil).

Meanwhile, in its previous iteration the MaGIC Accelerator Asean Programme (MAP), the startups raised US$5.94mil (RM24.51mil) with a US$148.55mil (RM613.15mil) valuation (Cohort 1), US$6.574mil (RM27.11mil) with a US$164.35mil (RM678.37mil) valuation (Cohort 2), and US$1.713mil (RM7.05mil) with a US$42.82mil (RM176.74mil) valuation (Cohort 3).