The Star launches RM20mil fund to help entrepreneurs develop ideas
PETALING JAYA: The Star media group has launched The Star Accelerator Fund to support digital- and technology-based entrepreneurs.
The RM20mil fund serves as a platform to help individuals and companies develop ideas and commercialise products, with the goal of establishing Malaysia as a “game-changer” in development funding for start-ups.
“The Star Accelerator Fund is the brainchild of MCA president Datuk Seri Dr Chua Soi Lek, who approached The Star with the idea of creating a seed fund for digital and technology start-ups,” Star Publications (M) Bhd executive deputy chairman Datuk Vincent Lee said.
Supporting the Government’s call for the private sector to support the Economic Transformation Programme, The Star took up the idea and expanded it, leading to the establishment of The Star Accelerator Fund.
The fund provides financing at pre-seed and seed levels. In both instances, the fund seeks to give financial support in exchange for an equity stake in the business.
“We see this opportunity as a long-term commitment to establish and grow the businesses we become involved with. It is our aim to leverage our media expertise and that of our business partners for the benefit of successful applicants,” Lee said during the fund’s launch at Menara Star here yesterday.
The pre-seed fund is targeted at applicants developing their technology-based ideas into prototypes and transforming them into commercially viable enterprises.
Each successful applicant will have access to a maximum amount of RM300,000.
Applicants who have innovative technology-based products or services ready for commercialisation can also apply for the seed fund, which provides funding for up to RM1mil.
Lee added that the actual monetary value would be double of the fund’s absolute amount, as successful ventures would be supported by the media exposure provided by The Star media group.
In addition, candidates would be able to leverage on the group’s network opportunities, financial training and legal advice. Present at the launch were Dr Chua, Lee and a host of start-ups and technopreneurs.
The Star Accelerator Fund is open to Malaysians aged 21 and above. For information, visit www.accelerator.my.