NEXEA Accelerator Goes Online with Five Corporates, To Invest Up To RM 5 Mil

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Date : 30-Apr-2020
Location: Kuala Lumpur

Key Takeaways:
  • This is the fifth consecutive year, Malaysia-based investment firm NEXEA Angels Sdn Bhd (NEXEA) is back with its accelerator program, known as the Multi Corporate Accelerator Program 2020. However, this year they have transformed their program to an online accelerator program in March, due to the recent events of COVID-19.
  • In addition to their online accelerator program, NEXEA has hosted online events that aim to help startup founders stay up to date on doing business during the lockdown. The last event on April 10 was a success with over 250 live viewers.
  • Highlight of year 2020 program:
    • Corporate partners are : UEM Sunrise Bhd, Spritzer Bhd, Delloyd Group, shopper360 Sdn Bhd and Allianz General Insurance Company (Malaysia) Bhd.
    • Introduced expert mentors - expert mentors are mentors who can provide expertise-based mentoring to startups such as Growth Hacking,Tech, Legal, and Finance - mentors are also angel investors.
Offerings:
  • Through the program, startups will get an opportunity to explore pilot projects with these organisations, validate business with feedback from them, explore real-world product testing and build up traction by having these organisations as potential customers.
  • In addition, startups will also get support from mentors from NEXEA and have an opportunity to get funded by NEXEA and its co-investment partners.
  • The Accelerator program also plans to fund up to a total of RM5,000,000 into the top five companies after the program ends, over a few more rounds of funding.
  • The year 2020 applications are closed, nonetheless, interested and fired-up startups may still make submission which cases will be evaluated on case-by-case basis.



 Spokepersons:
  • Calvin Lim, the Accelerator lead at NEXEA,said,each of the startups is paired with two mentors who are seasoned and veteran business entrepreneurs,besides that,the startups also can explore a possible corporate partnership with our strong line-up of corporate partners.
  • Kenny Lim, CEO of Spritzer Bhd attributed the success of the company - a homegrown brand - to having the right spirit of entrepreneurship in the early days.
Case Studies:
  • In the past, one of the participants has bagged close to RM2,000,000 in total investments before being funded further by Venture Capital in the region. During the program, each of the top five participants also gets RM50,000 in cash to help to validate their business models.
Editor's comments:
  • The Multi Corporate Accelerator Program 2020 is meant for pre-revenue startups to participate in mandatory-attendance workshops to compete to become the top few of the class before they can be rewarded with funding.
  • Typical accelerator program requires the startup founders to participate full-time, it is a way to push founders to the limit in terms of commitment to the project,and to survive with minimal cash facilities.
  • Accelerator program is not suitable for startup founders who build the project by bootstrapping - working on other projects to earn revenue to fund current project.
  • It is a test of full-time commitment, financial management and tenacity (usually 3 to 6 months program).

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