Kuala Lumpur, 15 NOV – The Technopreneurs Association of Malaysia (TeAM) launched their new programme, ASEAN Connect – which will increase regional investment deal flow across the ASEAN Region through supporting startups, investors and stakeholder to connect with each other. The media launch was held at TeAM’s headquarters in Binjai 8, Kuala Lumpur City Centre.
The big idea behind the programme lies in the challenges faced by startups looking to expand in the region. A lack of relevant industry networks and market intelligence often results in expansion failure when taking businesses to new markets. To solve this problem, TeAM is organising Plugged-in Tours across key ASEAN cities. With Indonesia’s sizeable population of 250 million, a majority of the entrepreneurs in Malaysia have Indonesia expansion plans in their pipeline. This inspired TeAM to arrange the first Plugged-in Tour in Jakarta which will kick off on 30th November to 3rd December this year.
Dato’ Fadzli Shah, President of TeAM, emphasised that the focus will be on generating deal flow within the 10 ASEAN markets, each with their different nuances. “TeAM wants to support startups to exploit the strengths and mitigate the risks associated with expanding to neighbouring markets”, he said.
Dato’ Fadzli mentions one of the main reasons for ASEAN Connect being foreign investors views of the ASEAN Market being a single one, while this idea is something that has for long been resisted by local players.
“We at TeAM have accepted that that’s how they view it by economics and viable market size. So we want to see what we can do to increase the chance of success for startups across ASEAN and that will start with introducing them to regional partners.” Dato’ Fadzli said. He continued hinting on TeAM’s launch of a US$50M venture capital growth fund.
“Once we have quality startups interested in going to other markets we are going to help refine them to get to a stage where they are investable, and while doing that, it only makes sense for TeAM to raise a fund to also double down on those bets. It’s one thing to go to an investor and say these are good companies that you should back with your dollars, and a stronger argument is us actually saying that we also want to put money on the table and fund their expansion.”
TeAM will bring altogether 10 startups from across ASEAN to Indonesia for a 4 days trip aiming to familiarise themselves with the business landscape, connect with prominent venture capitalists, get advice from Angel Investors, and explore partnerships with local startups. Following the Plugged-in Jakarta, selected startups will move on to the Project Refined, which aims to make the startups investment-ready through providing them necessary support and advice needed for this. TeAM is working closely with its local partners in Indonesia, such as ANGIN, Grupara Ventures, Freeware Spaces and UnLtd Indonesia to make the trip possible and bring high value for startups. The application is open at team.net.my until November 21, 2016.
About the Technopreneurs Association of Malaysia (TeAM)
The Technopreneurs Association of Malaysia (“TeAM”) has been formed in 2000 by a group of Malaysian Technopreneurs to further the interests of Technopreneurs and to assist in the development of the technology-based industry in Malaysia. Membership to TeAM is open to all individuals related to the technology industry in Malaysia. Since its founding, TeAM’s efforts in accelerating the adoption, growth and development of the ICT industry in Malaysia has resulted in a number of successful key initiatives such as the Cradle Investment Programme (CIP), Excite the Entrepreneur Programme, TeAM Clinic, Malaysian ICT Trade Directory (with Matrade), MSC Global Technopreneur Forum 2004 (with MDeC formerly known as MDC) among others. At the same time, TeAM takes an active role in fostering ICT development efforts in support of initiatives by the Government of Malaysia to make Malaysia a major ICT and Biotechnology player in the region. TeAM participates annually in the Malaysian Government’s budget dialogue and proposes ideas and initiatives to enhance the technopreneur sector in the country.
About ASEAN Connect
TeAM has initiated ASEAN Connect, a programme which will support the development of a Regional Startup Ecosystem through connecting players from across ASEAN with each other, with the aim of increasing the regional deal flow and support the establishment of partnerships. One of the projects under ASEAN Connect is Plugged-in Trips, which are made to key cities across ASEAN Region aiming to create a unique experience for entrepreneurs leading to the knowledge they could not gain elsewhere.
Startups identified as being high-quality ones are offered an opportunity to move to the next level, which is Project Refined. Through this project, startups will get the necessary support and advice that is needed in order to make them investment-ready.
Technopreneurs Association of Malaysia (TeAM)
Tel: +60 11 3707 6410