WSF to kick start funding programme in Malaysia

Kuala Lumpur: US-based World Startup Festival (WSF), a global entrepreneurship platform, plans to kick off its first accelerator funding programme in Malaysia this early April.Its President, Freda Miriklis said this programme, which would be conducted on a monthly basis, was a prerequisite for startups who were seeking funding through WSF's network of private equity investors.

WSF, a super connector for businesses worldwide and a complete business incubator, has an fund size of US$20 million (US$1 = RM3.85) and offered accelerator programmes, international media exposure, pre-seed to initial public offering investments, international market access, networking festivals, startup ratings and awards.

"Startups who participate in all three requisite modules of the accelerator programme and show satisfactory progress in their businesses, will be guaranteed funding in the next stage," she told Bernama in an email interview.

She said Malaysia has a strong support system, which owed much to the Malaysian government which channelled a lot of funding towards the development of startups in the country.

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"I believe there are a lot of potentials in the logistics sector, with the boom in e-commerce in the region and financial technology and with the increasing demand to digitise payments across-the-board," she said.

Malaysian startups, she said, could leverage on the bullish mood of the startup ecosystem at the moment, with a lot of agencies and organisations ready to support startup development.

"Malaysia has a huge reservoir of creativity and impetus for great innovation.

"The challenge is in terms of growth funding, because I believe it is lacking in the country, which is why WSF can play a pivotal role to fill this gap," Miriklis said.

Through WSF's funding mechanism, market access and media exposure, Miriklis said, the plan in the future would be to have a steady pipeline of credible startups.

"We are gathering startup members in ten regions around the world," she said. As for women entrepreneurs, Miriklis said, there must be strong awareness among them on the pivotal importance of entrepreneurship and how they need to be educated in it.

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Apart from the accelerator programme in Malaysia, WSF would be running its annual Paris Festival from June 6 to June 8, 2018, she said.

"The festival will bring together startup entrepreneurs, big firms, policymakers and community leaders particularly from Asia, Africa and Europe together for collaboration, funding and market access," she said. – Bernama

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