The Malaysia Digital Economy Corporation (MDEC) launched the Global Acceleration & Innovation Network (GAIN) program in 2015 to support the expansion of technology companies based in Malaysia and Malaysia.
MDEC recently held its
Global Growth Acceleration (GGA) kicks off 2020 with over a hundred local and
Regional technology entrepreneurs and partners for digital ecosystems gathered to learn
about how the new GAA division leading GAIN could help them.
Vulcan Post had the opportunity to speak to Gopi Ganesalingam, Vice President of GGA, MDEC, to learn more about the changes the GAIN program has undergone in the past 4 years and how GGA has affected the program and its participants will continue to benefit.
The biggest change
"When the GAIN program started in 2015, we found that many of our local technology companies weren't strong in branding – this became one of our top priorities that needed to be addressed," said Gopi.
The focus was really on technology scale-ups. Over the past 4 years, the GAIN team has consolidated its visibility and reinforcement strategies, helping many companies penetrate regional markets, raise funds, make mergers and acquisitions, and attract mentors to support them.
“Now that some of these technology companies have grown from RM 100 million to RM 1 billion in annual sales, they can enter larger markets outside of ASEAN such as Europe, Australia and the United States, and become mentors to startups and younger entrepreneurs. Said Gopi.
By the way, MDEC
also had a department called Startup Ecosystem Development (SED) that was commissioned
Help startups grow.
Then it happened
the team that it was only logical that their scaleups and startups worked
together, said Gopi.
“So there was a new department
created called GGA, which was commissioned to refuel Malaysians with high potential
Tech companies with headquarters in all growth stages will skyrocket worldwide
Startups to use the proven growth intervention strategies
that they were used for tech scale-ups – this is the biggest change to the
GAIN program so far.
How do you look?
The GAIN selection guidelines are listed on their website as follows:
- Strong finances,
- Global aspirations,
- Future-oriented management and management team,
- Scalable / innovative technology products and
- Majority owned and / or resident in Malaysia.
Do you want a little more
We asked what was important for the team, and Gopi replied, "Apart from
There is a scalable business model and strong corporate goals
also an “entrepreneurial” factor that we take into account before boarding
Company in the GAIN program. "
Surina Shukri, CEO of MDEC, and Gopi during the GGA launch 2020 / Photo credit: MDEC
According to him, she
Spend a lot of time understanding and identifying a company
the success story of its founders before placing their bets on placing
them on board.
"We really did it
well with popular technology companies like e-commerce, fintech, etc., ”says Gopi
commented: "And we would like to see more IR4.0 companies on board, those who
are in the field of machine learning, RPA (Robotics Process Automation) and
Data platform companies that support intelligent manufacturing. "
For now, MDECs
At GGA, the priority is to be ahead of the curve as an economy and technology
Companies continue to develop and bring all the players in the ecosystem together
benefit from the growth and expansion of startups and scaleups.
But there are
Challenges to be faced, the biggest of which "spoke to financial institutions"
"We know that there is
Money in the system, but personally I'm not happy with the number of deals
come through. "
So we have to do two things: we have to invest more money in Malaysian technology companies and we have to get foreign venture capital money to support us too.
Gopi Ganesalingam, Vice President for Global Accelerated Growth, MDEC.
At the same time, MDEC
actively identifies good GAIN companies that are extremely successful
Gopi set the example
the Aerodyne Group, which only operated in two markets about 4 years ago.
“Today they are present
in 25 markets and are the third largest drone service provider worldwide.
You recently raised $ 30 million in Series B funding. "
Photo credit: Elsoft / Pentamaster / ViTrox
"We are also proud to have three local technology companies on Forbes Asia's top 200 billion in 2019, which is dominated by companies from China, Japan, South Korea and Australia," added Gopi.
The three companies are Elsoft Research, Pentamaster and ViTrox. Together they have a market value of almost RM 5.53 billion and a net profit of around RM 259.6 million.
- More information about MDEC can be found here.
Selected image source: MDEC