In a bold move, the Malaysian Research Accelerator for Technology and Innovation (MRANTI) is reaching out to high-growth Malaysian startups, encouraging them to broaden their international business reach. MRANTI has opened applications for its Global Market Fit Program (GMP), targeting four cities: Osaka and Tokyo in Japan, Berlin in Germany, and Bangkok in Thailand. This initiative positions MRANTI as a catalyst for global market-entry equipping programs.
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Dzuleira Abu Bakar, MRANTI’s Chief Executive Officer, underlined the GMP’s goal to steer startups through the challenging market terrain, aiding their expansion efforts. She emphasized the GMP’s role in navigating business, technical, and cultural aspects of target countries, thereby increasing opportunities for success.
MRANTI’s ambitions extend to garnering at least 100 quality applications for the GMP in 2023, making it one of the most comprehensive Malaysian innovation global market-entry equipping programs this year. The program seeks to position innovators for sustainable growth over the next 24 months, with a particular focus on startups with registered intellectual property or patents in Malaysia.
MRANTI aims to support companies with a majority Malaysian ownership or those with their intellectual property based in Malaysia. Encouraged sectors range from Internet of Things (IoT), FinTech, and Software as a Service (SaaS), to smart cities, machinery, healthtech, and smart manufacturing, among others.
GMP offers selected companies up to MYR1 million ($220,000) in program value from the government agency. The program runs from July to October, during which participants attend a series of physical and virtual workshops and matchmaking meetings. Here, startups learn to localize and validate their business model, strategize their market entry, and align products and solutions for a needs analysis and a rubric for market expansion.
Moreover, GMP provides opportunities for networking, one-on-one mentoring sessions, and meetings with investors, industry associations, and prospective partners. Participating companies are anticipated to realize MYR500,000 ($108,637) in value creation over 24 months, through prototype contracts, development contracts, partnerships, IP licensing, subscriptions, and other collaborations.
Eligibility for participation requires companies to showcase a minimum of MYR1 million ($220,000) in revenue, commercialized products with a minimum Technical Readiness Level of 6 or more, a proven stream of business transactions, and a strong financial record. Dzuleira urged eligible entrepreneurs to apply soon, highlighting a single batch intake this year for GMP across the three countries.
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