KUALA LUMPUR, 14 MARCH 2010 Malaysian Ministry of Finance company Cradle Fund wants to increase its commercialisation rate this year from 50 to 55 per cent.
During an annual networking session to mark the Chinese New Year, Cradle Fund chief executive officer Nazrin Hassan, said: For Cradle in 2010 our main thrust for this year will be increasing not only the percentage of cases commercialised, but also increasing the quality of the successes achieved by past Cradle recipients.
We would like to see more of them procuring venture capital or angel investments, securing bigger sales and contracts, selling out or licensing their intellectual property for larger amounts to third parties, said Nazrin.
Cradle's commercialisation rate currently stands at 50 per cent (up five per cent from 45 per cent from last year's Chinese New Year), which we believe is still the highest commercialisation rate among grants in the country one out of two of our recipients have commercialised their application, he said.
Cradle Fund, an agency under the Ministry of Finance, Malaysia (M0F) is the organisation that manages the Cradle Investment Programme. A total sum of US$30.13 million (RM100 million) has been allocated to Cradle for this programme by MOF. The Cradle Investment Programme (CIP) is Malaysia's first development and early stage funding programme, which enables Malaysia's budding innovators and aspiring entrepreneurs to develop their raw technology-based ideas into commercial ventures.
On the lookout for new ideas
I believe this shows the quality, resourcefulness and resilience of our Malaysian technopreneurs and within 2010, Cradle is looking at increasing our commercialisation rate to 55 per cent, Nazrin said.
We are actively on the lookout for good quality proposals especially from budding companies as our CIP 500 seed fund has received good response since its inception, said Nazrin.
In total, Cradle has funded 386 ideas to date since September 2003 and is still one of the few technology grants in Malaysia that has not yet exhausted its funds for the period of the 9th Malaysian Plan (RMK9), which ends this year, he said.
Sign up for MIS Asia eNewsletters.