MDeC and Founder Institute to send 4 startups to Silicon Valley

By Digital News Asia July 10, 2014

4 startups to be selected for 2 week Silicon Valley Founder Institute programme
Intended to address gap of Malaysian startups aiming to go global

MDeC and Founder Institute to send 4 startups to Silicon Valley

THE Multimedia Development Corporation (MDeC) and Kuala Lumpur Founder Institute (KLFI) have announced that four Malaysian startups will be selected to go to the Silicon Valley under the MSC Malaysia Global Linkages Programme.

These companies will have the opportunity to participate in a two-week intensive training program under the Silicon Valley Founder Institute (SVFI), where they will meet and get business feedback from seasoned mentors.

Selected startups will be making the trip sometime between November - December 2014, and MDeC will bear the majority of the expenses; however, participants need to provide a small commitment fee, though the amount has not been publicly disclosed.

There is no application process; MDeC and KLFI will jointly undertake the selection process, screening those who have participated in KLFI, MDeC’s startup accelerator, and other programmes. However, MDeC has stated that the opportunity is open to all.

The MSC Malaysia Global Linkages Programme solidifies the culmination of effort between Founder Institute and MDeC to address the gap of Malaysian startups that are aiming to go global and validate their products in the global market.

The ability to think and go global has been addressed in KLFI Chapter sessions and the need to immerse in the Valley ecosystem itself will definitely accelerate the selected startups.

Adeo Ressi, founder and chief executive officer of Founder Institute said it is the organisation’s mission “to globalise Silicon Valley.”

“In order to do this, we focus on building sustainable startup ecosystems in promising markets like Malaysia with supportive partners like MDeC. We also think that the selected companies will benefit from seeing how things are done in Silicon Valley,” he added.

Ng Wan Peng, chief operating officer of MDeC said that through the Global Linkages Programme, the agency hopes to accelerate high-growth startups by linking them to the Silicon Valley ecosystem.

“These startups will focus on validating their venture through high-touch mentorship and coaching from the mentors in SVFI.

“This includes the opportunity to immerse in the Valley's culture and build a network with local subject matter experts, mentors, investors, global tech companies and other entrepreneurs, a move which we believe will increase the prevalence and success of Malaysian startups", she added.

MDeC’s collaboration with Founder Institute is in line with one of Digital Malaysia’s strategic thrusts, which aims to help Malaysians fully capitalise opportunities by leveraging the Internet to become producer-consumers.