UMNO Youth expects to generate about 300 successful applicants among its members under the Cradle Investment Programme (CIP), a funding managed by Malaysia Venture Capital Management Berhad (Mavcap)to stimulate growth of technopreneurs and generation of ideas in information and communications technology (ICT) and other high growth areas.
According to secretary of its IT Bureau Shahrul Zaman Yahya, Umno Youth will soon begin efforts to communicate with its leaders at the state, division and branch levels on the programme. “We will actively promote the CIP to our members so that eligible ones would apply for this pre-seed capital,” he said, adding that Umno Youth is also a partner of the programme.
The immediate plan for Umno Youth IT Bureau is to have another round of discussions with Mavcap and CIP’s other partners on organising activities such as roadshows, advertising and promotion, and on issues in monitoring the programme.
The bureau will encourage eligible members to apply for funding in a range of ICT and technology-related projects.
The CIP derives its funding from an allocation RM100 million set aside by the Government for the development of seed venture capital. Successful applicants will be given a conditional grant of up to RM50,000 per idea.
