THE Malaysian Venture Capital Management Bhd (Mavcap), a wholly owned subsidiary of the Finance Ministry, has committed RM200 million in seed funding for 70 technology-focused companies under itsCradle Investment Programme (CIP).<\/p>\n
Mavcap expects to commit RM60 million this year and the remaining RM140 million by end of next year, said Second Finance Minister Datuk Dr Jamaludin Mohd Jarjis in Kuala Lumpur last week.<\/p>\n
According to Jamaludin, the CIP is an effort undertaken by the Government to boost the growth of the local information and communications technology (ICT) industry, particularly by addressing the issue of seed funding, which is currently lacking here.<\/p>\n
“Commercial banks and venture capitals will not be able to fund all fledgling companies because the companies lack the necessary track record and may prove to be highly risky in nature. Thus, the CIP aims to address this issue by offering companies financial assistance at the cradle stage.”<\/p>\n
Companies seeking funding may submit their proposals and the CIP’s board, which comprises Mavcap and industry experts, will determine whether an idea is worth funding before putting forth a recommendation to the Government, he added.<\/p>\n
Jamaludin said companies under the CIP programme will also be guided by the board and once they are financially strong, the Government will sell these companies to venture capitalists or commercial companies. Proceeds from these sales will be used to seed other companies, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"
THE Malaysian Venture Capital Management Bhd (Mavcap), a wholly owned subsidiary of the Finance Ministry, has committed RM200 million in seed funding for 70 technology-focused companies under itsCradle Investment Programme (CIP). Mavcap expects to commit RM60 million this year and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-242","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=242"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/242\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}