KUALA LUMPUR, Feb 20 — Pitch Malaysia USA Series is now open for applications until March 10, 2023, and the Selangor Information Technology and Digital Economy Corporation (Sidec) is looking for 10 technology (tech) start-ups to represent Malaysia at pitching showcases in the United States (US).
In a statement today, Sidec said that Pitch Malaysia USA Series is a platform for investment-ready local start-ups to showcase and expand their business potential into the US market.
“By highlighting the success stories of Malaysian start-ups, more potential investors, partners, and customers will be aware of the innovative and promising companies from Malaysia.
“This increased visibility can help attract new business opportunities and drive growth while accelerating the drive to groom five unicorn start-ups in Malaysia by 2025,” it said.
Sidec said that start-ups that are keen to apply must have the following criteria -- incorporated less than 10 years in Malaysia (on or after January 1, 2013); raised US$500,000 (US$1=RM4.43) from a venture capital firm or institutional investor; generated at least US$1 million in revenue over the last 12 months; and developing new technology products or services, providing disruptive innovation and scaling new markets.
“The shortlisted start-ups, to be announced on March 16, 2023, will get to showcase their products, services or innovation to potential investors at two different pitching showcase platforms in the Silicon Valley and Washington DC.
“Not only that, industry visits and 2023 SelectUSA Investment Summit will be part of Pitch Malaysia USA Series from April 25 until May 3, 2023,” it said.
Tech start-ups can register from now at https://sidec.com.my/startup/pitchmalaysia until the 12pm deadline on March 10, 2023.
Sidec chief executive officer Yong Kai Ping said showcasing Malaysian start-ups to the world is an important step in promoting the country as a destination for innovation and entrepreneurship, while building a closer US-Malaysian tech ecosystem to assist Malaysian start-ups in scaling globally.
According to Sidec, by highlighting the local start-ups’ potential, Malaysia will be able to attract more investments, promote entrepreneurship and inspire innovation, while local start-ups can also create jobs, increase tax revenue and contribute to the overall economic growth of the region.
“It is the Selangor state government’s aim to make Selangor an ASEAN digital hub through Sidec, developing the state to become a regional trading hub for e-commerce and to uplift the start-up ecosystem,” it said, adding that Sidec has seven years of experience in building the start-up ecosystem in the state.
Since 2018, Sidec has managed to nurture 150 tech start-ups throughout five cohorts via the Selangor Accelerator Programme (SAP), and 41 per cent of the start-ups have received initial investment either through grants, venture capital funds or equity crowdfunding.
— Bernama
