Cradle-funded startups help boost economy
KUALA LUMPUR: Cradle Fund Sdn Bhd’s Cradle Investment Programme (CIP) has contributed RM3.4 billion to Malaysia’s gross domestic product (GDP), created 80,600 full-time jobs and attracted RM1.3 billion in private and foreign funds from 2008 to this year.
The figures were provided by Cradle acting group chief executive officer (CEO) Razif Abdul Aziz at Cradle Buzz 2018, here, yesterday.
“These are positive outcomes by any measure, and testimony that the right funding at the right time can result in far greater outcomes than of ordinary public spending.
“Stay tuned for the full report on the study in coming weeks,” he added.
HELP University was commissioned to conduct the study that produced these numbers using data from grant programmes between 2008 and 2016.
The main point of it was to find out what has been Cradle’s impact on the ecosystem over the years.
Before the one-day conference got under way yesterday, a moment of silence was observed for Cradle’s first chief executive officer Nazrin Hassan, 45, who passed away on the eve of Hari Raya this year.
Razif paid tribute to Nazrin for envisioning the potential in companies like MyTeksi (Grab), iMoney and iPay88, which received grants from Cradle.
Since its establishment, Cradle — incorporated under the Finance Ministry in 2003 — has funded more than 800 tech startups and witnessed this network quickly grow in the region.
Cradle’s conference cum 15th anniversary brought together 305 investors and startup founders to discuss the direction and development of new companies, as well as exchange ideas.
It was officiated by Finance Ministry national strategic unit director Datuk Dr Aminuddin Hassim.