Since its establishment in 2003, Cradle Fund Sdn Bhd has added RM1.83 billion to the national gross domestic product (GDP) through grant and investment programs. This news is according to an announcement from the Science, technology, and innovation ministry (Mosti).
Mosti stated that Cradle Fund’s grant recipients have boosted the national GDP by RM830 million. They achieved a 100% commercialization rate for the commercialization grant. They also achieved a 76% for prototype grant programs. This marks them the highest among government grant providers.
Over the past two decades, Cradle Fund has awarded RM255 million in grants to more than 1,000 local entrepreneurs. The startups funded by the agency have generated over 80,000 jobs so far.
Cradle Fund’s investment programs, Cradle Seed Ventures (CSV) and DEQ800, have contributed RM1 billion to the GDP. Through 43 investment portfolios, they’ve also raised RM182 million in follow-on investments, creating over 1,000 jobs from startups funded by CSV and DEQ800.
MYStartup powered by Cradle Fund
Mosti initiated MYStartup, a data-driven community powered by Cradle Fund, impacting over 5,000 industry players. The digital platform received 70,000 visits, with over 4,000 registered users and 3,500 registered startups.
Science, technology, and innovation minister Chang Lih Kang emphasized the vital role of startups as drivers of innovation. He recognized Cradle Fund’s dedication to elevating local startups and fostering the ecosystem’s growth.
Acting group CEO Norman Matthieu Vanhaecke highlighted Cradle Fund’s expanded mandates and their role in advancing early-stage startups and strengthening the local ecosystem. He stressed that these mandates enable startups to fulfil their potential, overcome challenges, and contribute to economic development and job creation.
Many will remember the former CEO Nazrin Hassan who died in an electrical fire incident in his home. His mobile phone had exploded whilst it was charging and in the process injured and killed the former CEO. In 2019, his widow and two step-sons were charged with murder by the Pakatan Harapan government. It was only in 2022 that they were finally acquitted. Some netizens have accused the Pakatan Harapan government of slandering the widow simply due to her ties with former PM Najib Razak’s daughter.