Tech start-ups upbeat to hone fundraising skills through Founders Grindstone
KUCHING: The Malaysia Digital Economy Corporation ( MDEC) launched Founders Grindstone, its sixth funding initiative in the span of four months, following the facilitation of five alternative funding initiatives for companies seeking financial relief during the movement control order.
This latest initiative by MDEC’s Global Growth Acceleration division is geared towards elevating the proficiency of startup founders to successfully navigate the complexities of raising funds and fulfilling the gruelling demands of potential investors.
Founders Grindstone is a sixmonth programme, consisting three blocks of intensive workshops conducted by global partners from venture capital firms, equity crowdfunding operators, startup- centric media and the legal practice.
Apart from mentorship and advisory, Founders Grindstone also offers the opportunity to leverage funding platforms of the partners on-board, granting Malaysian entrepreneurs access to investment offerings by the global funding network.
This initiative is timely as Kuala Lumpur was ranked 11th emerging startup ecosystem in the Global Startup Ecosystem Report 2020 released last week.
Expressing her delight, Surina Shukri, chief executive officer of MDEC, attributed the positive rankings to the entrepreneurial vigour of local founders and reinforced MDEC’s commitment to be the prime driver of digital innovation among post- seed stage startups in Malaysia.
“Founders Grindstone will up the ante in our post-seed startup landscape.
“As we focus on scaling digitally-powered business, we are thrilled to draw on the collective experience of Draper Startup House and top- echelon partners to provide stewardship and tactical advice to our tech entrepreneurs.
“The exchange of such rich knowledge will thrust Malaysian tech entrepreneurs beyond current pastures, ready to earn global recognition,” said Surina.
Meanwhile, Gopi Ganesalingam, Vice President of MDEC’s Global Growth Acceleration Division, asserted that this initiative fills a critical knowledge gap in funding technicalities and will stimulate the flair for storytelling among Malaysian tech entrepreneurs, who often struggle in their quest to secure capital-injection, resulting in futile attempts when pitching to investors.
“Tech startups are undeniably the key drivers of digital transformation worldwide. Going digital is no longer a corporate mantra but part of our lifestyle today, from contactless transactions at work and leisure, to e-learning in schools, digital ID at dwellings, remote-working solutions, e-wallets and many more.
“Jobs created by startups are also suited for our economic future, which is why MDEC is steadfast in supporting our entrepreneurs in their funding and growth endeavours,” added Gopi.
The first block of workshops will be conducted virtually by MDEC and Draper Startup House Ventures ( DSH) on July 15, 2020, where participants will be guided on the creation of effective pitch decks and the art of persuasive storytelling.