KUALA LUMPUR: MDEC has set up a new division called Global Growth Acceleration (GGA) to help boost high-potential Malaysian-headquartered tech companies to skyrocket on the global stage.
The new division will spearhead the Global Acceleration and Innovation Network (GAIN) programme (https://gainconnex.com.my) that was launched by MDEC in 2015 to render business-growth interventions to local tech scale-ups, spanning the sectors of cloud, big data, artificial intelligence (AI), Internet of Things (IoT), e-commerce, blockchain, cyber security, drone technology, robotics, finance, fintech, etc.
“In a short time span, the GAIN Programme has achieved exceptional results, yielding a cumulative export revenue of over RM4 billion. We have also witnessed an upward trend of Malaysian tech companies expanding exponentially into the region. These success stories must be amplified without reservations,” said MDEC's CEO, Surina Shukri.
She said that Malaysia is increasingly recognised as the destination of choice for digital initiatives in Asean, and the country has been actively rolling out business-friendly initiatives and policies to encourage higher foreign direct investment.
“The Malaysian government has laid a strong foundation for stable and sustainable economic growth. The time is ripe for tech entrepreneurs around the world to capitalise on Malaysia’s potential as the Heart of Digital Asean,” she said.
On hand to brief representatives from Malaysia’s leading tech companies was MDEC's vice president of GGA, Gopi Ganesalingam, who shared the refreshed mandate of the new division and key initiatives for the year.
“Beginning 2020, the GAIN programme will be embracing prolific tech startups to leverage on the tried and tested growth-intervention strategies that we have been deploying for tech scale-ups. This will allow MDEC to provide clear end-to-end expansion support for Malaysian tech companies at all growth stages,” said Gopi.
Asean is on track to become the world’s fourth-largest economy by 2030 and the Economic Research Institute for Asean and East Asia projects that Asean’s digital economy is expected to expand 6.4 times from US$31 billion (RM130 billion) in 2015 to US$197 billion by 2025.
“As Asean’s digital economy is increasingly driven by younger tech-savvy entrepreneurs, we welcome companies to leverage on our eight tech ecosystems in Indonesia, the Philippines, Thailand, Vietnam, Cambodia, Japan, Australia and United Arab Emirates. With over 200 strategic partners consisting government and trade agencies, investors, business associations, resellers, end customers and regional media, the GAIN Programme has positioned itself as a credible business growth enabler that has united the digital Asean landscape,” said Gopi.
The success of the GAIN Programme is attributed to MDEC’s year-round growth intervention initiatives, grounded on four unique pillars:
• Gateway (curated market access and business matching events at regional and international levels);
• Amplify (high-impact visibility initiatives to elevate the credibility of GAIN companies);
• Invest (facilitation of funding discussions with venture capitalists, private equity and other funding avenues);
• Nurture (involvement in professional development with influential mentors and aspiring mentees).
Also present at the GGA Kick-off 2020 were founders of three prominent Malaysian tech companies - Forest Interactive, Innovate2U and Softspace.
Today, many mature GAIN companies are adopting the ‘pay-it-forward’ approach by mentoring younger tech companies in specific aspects of business, similar to the culture practised at Silicon Valley in the US.