PETALING JAYA: There has been a 10% to 20% success rate among startups looking for additional funding over the past two years, said Cradle Fund Sdn Bhd.
Jonathan Lee, manager of Cradle’s Ideas Bank, said it is working to boost the success rate by improving the business and presentation skills of such startups via training programs.
Recently, eight entrepreneurs under Cradle pitched their ideas to more than 20 local venture capitalists, which included investment banks and government funding agencies.
Chong Chee Keh, senior vice-president of Teak Capital Sdn Bhd, one of the venture capitalists, said the technopreneurs were well prepared for questions.
He also said that the ideas presented were interesting.
There was no announcement as to how many of those entrepreneurs were successful.
Cradle offers two types of conditional grants — pre-seed and seed/commercialisation.
The pre-seed grants offer funding of up to RM150,000 to teams or individuals while the seed/commercialisation grant offers up to RM500,000 to budding Malaysian technopreneurs and other entrepreneurs.
Every quarter, Cradle selects between eight and 10 entrepreneurs who have successful completed their pre-seed development phase, to present their ideas to potential investors.
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