MYStartup's pre-accelerator is open for startups, here's how to join

Partnered Post | Shathana

October 16, 2024

[Written in partnership with publiCT.io, but the editorial team had full control over the content.]

MYStartup, in collaboration with Watchtower and Friends (WTF), has launched the fifth cohort of its MYStartup Pre-Accelerator programme, with applications now open.

The programme aims to discover and nurture early-stage startups across the country, especially those bringing tech-driven solutions to the table.

Applications for cohort 5 are open from now until November 6, 2024, for pre-seed and early-stage startups from various sectors.

A four-month journey for founders

Running from October 2024 to February 2025, the pre-accelerator programme is designed to give founders the practical knowledge and resources they need to accelerate their startup’s growth.

Over four months, selected startups will benefit from top-tier mentorship, access to key resources, and a curriculum that hones both business and innovation skills.

But it’s not just about knowledge. The cohort is all about results. The programme includes hands-on learning that focuses on areas crucial to startup success, including market validation, MVP (Minimum Viable Product) development, and effective pitching strategies.

At the end of the programme, the top five startups will secure a coveted spot in an exclusive fundraising accelerator programme. This step is designed to give these startups the connections and tools they need to raise investments and grow beyond the pre-accelerator stage.

As an added bonus, cohort 5 also offers prizes of RM35,000 for each of the top five startups, underscoring the commitment to fostering startup growth in Malaysia.

What you need to apply

The programme is particularly focused on tech-driven startups that offer innovative, cutting-edge solutions across a wide range of industries.

Applicants are expected to demonstrate a solid concept or prototype, with a strong preference for those who have already developed a minimum viable product (MVP). Additionally, startups must present a compelling unique selling proposition (USP) that clearly highlights the distinct value and benefits their venture brings to the market.

Here are the application requirements:

At least one team member must commit to attending the entire programme.
You’ll need to either have a registered business or plan to register one within the next three months.
Startups must be, or plan to be, registered in Malaysia to qualify.
Your team should have at least two members, with one co-founder working full-time on the business.

What you’ll learn

The pre-accelerator is structured around six core modules, which provide a comprehensive overview of what early-stage startups need to know.

The modules cover the following topics:

Module 1	Founders’ foundations	Establishing co-founder alignment, defining vision and mission, and goal-setting through OKRs (Objectives and Key Results).
Module 2	Business model canvas	Building robust business models, customer profiling, and understanding market landscapes.
Module 3	Minimum viable product (MVP)	Designing and launching MVPs with a focus on iterative development.
Module 4	Market validation	Conducting customer validation, gathering feedback, and refining the product.
Module 5	Early-stage essentials	Covering legal documents, valuations, fundraising strategies, and pitch preparation.
Module 6	ESG for startups	Exploring the importance of environmental, social, and governance (ESG) criteria and aligning with sustainable practices to attract investors.

This specific curriculum ensures that startups are ready to take on the competitive landscape and scale their ventures.

Building on success

An initiative under the Ministry of Science, Technology, and Innovation (MOSTI), the MYStartup Pre-Accelerator Programme has become a cornerstone in Malaysia’s startup ecosystem.

It offers a solid platform for early-stage companies to evolve their ideas into market-ready solutions, all while fostering innovation and entrepreneurial spirit.

The programme has seen its fair share of success stories. In previous cohorts, startups like Faradays Energy secured a Cradle grant to develop a rural electrification project, while Reyhut landed a five-figure investment from a venture capital firm.

If you find this programme appealing, you can visit the accelerator’s official page for further information and apply before the November 6, 2024, deadline. It could be a valuable opportunity to advance your startup.