KUALA LUMPUR, 5 June 2024 – The MYStartup Pre-Accelerator Cohort 3, in collaboration with Growth Charger, celebrated innovation and growth at its culminating Demo Day yesterday after more than 16 weeks of intensive mentorship and consultations. The programme also recognised the high-potential startups from the cohort upon their successful completion of proof-of-concept designs while building and validating ideas and business models.
A total of 26 startups spanning diverse industries of green technology, smart living, hospitality, and digitalisation were selected to participate in the programme’s third cohort spearheaded by Cradle and MYStartup. At the Demo Day, twelve (12) finalist startups pitched their business ideas to an audience of fellow entrepreneurs, mentors, potential investors, and the greater Malaysia startup community, including a panel of ten (10) distinguished judges comprising industry leaders such as Cradle, Maybank, Cyberview Sdn Bhd, Dana Impak, Tuas Capital Partners and The Hive Southeast Asia, Jewel Digital Ventures, MBI Selangor, Orbit Malaysia, Origgin Ventures, and SBI Ventures Malaysia.
As the event concluded, five (5) startups were revealed as the top winners. The five companies are as follows:
- ScancerAI: Utilises advanced AI for early lung cancer detection through chest X-ray analysis, aiming to revolutionise diagnostics. Developed with expertise from Universiti Kebangsaan Malaysia (UKM).
- Practistica: Streamlines assignment creation, grading, and analysis for teachers. Features a large database of high-quality questions where teachers can drag-and-drop to create assignments, grade objective and subjective questions, and analytics to enable laser focus on the weaknesses of each student.
- StayWokeProperty: A marketplace for long-term property rental. Offers a unique value proposition that focuses on helping property owners to rent out quickly while also saving them the hassle of rental collection and property maintenance.
- FinDoc: AI-driven online credit screening and advisory platform. For borrowers, FinDoc recommends the best financial products and personalised advice to improve credit health and address financing needs. For agents and banks, FinDoc acts as a lead generator.
- Beseek: A promptless content analysis tool. Some of the key features include performing qualitative analysis such as key highlights and gap analysis between private data and public knowledge.
Norman Matthieu Vanhaecke, Group CEO of Cradle Fund Sdn Bhd (Cradle), reiterated the crucial roles startups play in the ecosystem and the agency’s commitment to developing a high-performing, inclusive, and sustainable startup ecosystem in the country. “We launched the first cohort in 2022 to accelerate early-stage startups and unlock their growth potential through structured guidance and coaching. More than 100 Malaysian startups have benefitted from the programme, with most startups expanding their market and adopting technology-led solutions such as advanced AI to revolutionise diagnostics, blockchain, and online interactive web platforms. For this cohort, we are proud to support all 26 participating startups, each utilising unique technology, data, and intelligence to develop viable proofs of concept that meet market needs and bridge existing gaps.”
“We would like to congratulate the winning teams, finalists, and all participating startups. We hope to equip these innovators with a solid foundation, and we look forward to their continued impact in their respective industries,” continued Norman.
Datuk’ Syed Haizam Jamalullail, Managing Partner, Tuas Capital Partners and The Hive Southeast Asia, who is also one of the judges, commented: “Experiencing the innovative and disruptive pitches at the MYStartup Pre-Accelerator Demo Day gives me great confidence in the talent and innovation coming out of such programmes. All 12 startup founders displayed exceptional quality, blending creativity, strategic vision, and entrepreneurial spirit. Despite being in their early stages, these startups are clearly growth-driven and ready to launch their ventures. We at The Hive Southeast Asia look forward to seeing the positive impact that they will have and supporting these talented entrepreneurs as they achieve future success.”
Meanwhile, Shamsuddin Salleh, Founder of Scancer AI and one of the top five startups, described the programme as instrumental in realising his innovative ideas, preparing the business for market entry, and opening doors for future collaborations. “Building a startup is a challenging yet incredibly rewarding journey. Apart from embracing feedback and being open to pivoting your approach, a supportive network of mentors, peers, and advisors is critical. The comprehensive mentorship, networking opportunities, and access to industry experts offered throughout the programme were crucial to propelling Scancer AI to the next level. We have gained not only invaluable insights into various aspects of startup development from the workshops and coaching sessions but also honest feedback from mentors during the pitch clinic sessions that have helped refine our business model and strategies.”
In addition to bagging home RM7,500 each and gaining recognition, the top five (5) startups will join the MYStartup Market Access Programme. This exclusive programme allows them to network and engage with key ecosystem players and potential partners globally. Beyond that, Growth Charger will also continue supporting these startups post-programme by facilitating strategic ecosystem connections and providing access to international investors.
Apart from harnessing MYStartup and Growth Charger’s resources and global network, startups selected for this cohort have benefited from individualised mentorship and one-on-one guidance from experienced entrepreneurs, which each cohort member has received over four months. Since the onboarding session, which was held last March, these innovators have been given multiple opportunities and perks, which include exclusive networking events with global mentors and partners, invitations and group visits to innovation hubs, market research access, as well as channels to funding opportunities.
More than ten (10) experts who served as mentors to the programme’s third cohort hail from diverse backgrounds and specialise in different areas of expertise, yet all—with shared passion and dedication—come together in their commitment to positively shaping the next wave of entrepreneurs.
An initiative by the Ministry of Science, Technology & Innovation (MOSTI), powered by Cradle, the MYStartup Pre-Accelerator aims to propel early-stage and pre-seed startups through a flexible yet comprehensive programme. Aligned with the Malaysia Startup Ecosystem Roadmap (SUPER) 2021-2030 to create 5,000 startups by 2025 and 10,000 coders by 2030, this third iteration of the programme continues to be a beacon of opportunity for aspiring entrepreneurs aiming at accelerating their business growth, bringing together every key player in the community to help foster scalable, sustainable, and inclusive startup ecosystem.
Join the startup ecosystem and be part of the innovation today! Visit www.mystartup.gov.my.
