The Malaysian Research Accelerator for Technology and Innovation (MRANTI) will open registration for its Global Market Fit Program (GMP) to high-growth startups looking to increase their market share in Thailand, Germany, and Japan.
Four cities—Osaka and Tokyo, Berlin, and Bangkok—are on the list of 2023 destination cities, according to a statement from MRANTI, and applications are now open.
“GMP is designed for companies geared up for the next stage of growth. It will help them navigate tough competition in a crowded market and maximize their market expansion efforts,
“Whether they are looking to enter into a new vertical, or reach an emerging audience segment, GMP steers them through business, technical, and cultural aspects of these countries for better opportunities to succeed,” said Dzuleira Abu Bakar, MRANTI Chief Executive Officer.
She claims that the company intends to accept at least 100 high-quality applications for GMP in 2023, making it one of the biggest programs this year for Malaysian innovation to be equipped for global market entry.
“We want our innovators to ride on the growing momentum in international business and position them early into the next 24 months of sustainable growth,” she added.
It should be noted that since 2020, MRANTI has been offering high-growth startups, inventive spin-offs, or businesses a platform to gain access to global markets for quick international commercialization through GMP.
Since the program’s inception in 2021, 62 businesses in six nations have received support, and partnerships have been formed with more than 22 organizations.
This year, GMP is welcoming innovators with research and development (R&D) solutions that have intellectual property or patents that have been registered in Malaysia to take part in the program.
Companies must either have their intellectual property (IP) based in Malaysia or be majority-owned by Malaysians.
Applications are strongly encouraged from businesses with offerings in the areas of the Internet of Things (IoT), fintech, IT (Software as a Service, SaaS), smart cities, machinery, healthtech, smart manufacturing, agriculture, education, transportation, food and beverage, and mobility.
The government agency is offering selected companies up to MYR 1 million ($220,000) in program value as part of the exciting improvements to GMP, according to Dzuleira.
From July to October, participants must commit to a two-to-three-month program during which MRANTI organizes a number of in-person and online workshops and match-making events.
Participants will receive mentoring on methods to localize, validate, and strategize their business model through the extensive, intensive, and immersive program.
This entails having ready-to-use goods and services for market expansion criteria, value creation frameworks, needs analyses, and more.
Through one-on-one mentoring sessions, participants will have the chance to network, gain business knowledge and technical assistance, as well as meet investors, trade groups, and potential partners to discuss contracts and much more.
