Business

Published: Tuesday December 1, 2009 MYT 2:26:00 PM

Cradle set to secure 30 seed and 80 to 100 pre-seed deals


KUALA LUMPUR: Cradle Fund Sdn Bhd (Cradle) is looking to secure 30 seed deals and between 80-100 pre-seed deals next year.

Cradle is the manager of the Cradle Investment Programme (CIP) for the Ministry of Finance.

Its chief executive officer, Nazrin Hassan said the company had funded 378 projects worth RM35 million to date, from the RM100 million allocation given to it upon inception of the CIP in 2003.

"The seed project is to commercialise a product.The pre-seed deal is to develop an initial idea to become a product," he explained.

Nazrin was speaking to reporters after a memorandum of understanding (MoU) signing ceremony between Cradle and the National Incubator Network Association (NINA).

Also present at the ceremony was NINA president, Andrew Wong.

Through the MoU, Cradle will provide pre-seed funding of up to RM150,000 and commercialisation funding of up to RM500,000 to local innovators and technology entrepreneurs, residing within NINA's incubators for each selected innovative technology idea with high commercialisation potential.

NINA on the other hand will provide a variety of incubation support and services, including commercialisation expertise that supports the management, development, distribution and marketing of commercialised technologies.

Wong said his team had identified 50 ideas to date to be commercialised.

However, he added that only some of the 50 ideas would be funded by Cradle, after undergoing the normal interview process.

"The funding process may start as early as January next year.We are now focusing on areas outside the Klang Valley as there are ideas there which have yet to be realised," he said.

Meanwhile, Nazrin said in order to promote the funding, Cradle is currently having roadshows around the country before setting up marketing outposts' in some locations next year. - Bernama

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