[MaGIC] MaGIC Accelerator Program - ASEAN Startup Track FAQ
| Question | Category | Answer |
| What is the ASEAN Startup Track? | General | A program to accelerate startups to be investment-ready in 4 months, and to build a strong ASEAN startup community by cultivating ASEAN relationships. |
| What type of startups are you looking for? | General | We are looking for startups that have validated their ideas or launched a product/prototype with some traction, and have the potential to scale in the region. Ideal startups would be less than 3 years old and focusing on the ASEAN market. |
| What type of teams are you looking for? | General | We are looking for strong teams with diverse skillsets; although we may also accept single cofounders by exception. Each team in the accelerator shall consist of between one (1) to three (3) co-founders or at least one (1) founder and up to two (2) employees. All participants must be aged 18 years old and above. |
| What are the objectives of the program? | General | The ASEAN community is currently the 3rd largest market with a population of 600M and the 5th largest economy in the world. The accelerator program aims to bring down the borders in the ASEAN startup ecosystem and work together to capitalise on ASEAN's growth story. By joining forces, we also aim to create a large cluster of ASEAN startups for investors seeking access to regional deal flow. |
| Why should I join the program? | General | The program will prepare you with the knowledge and relationships to scale in the ASEAN region. Startups will learn from world-class mentors with weekly themes and gain access to regional investors and route-to-market partners. In addition, MaGIC covers your travel and living expenses to attend the program. |
| What is the commitment required from startups? | General | Startups are required to commit to the program for a full-time basis for the entire 4 months. As part of the program, startups are also required to participate in some social impact activities such as helping out early stage social enterprises or conducting entrepreneurship-related outreach activities within Malaysia. Ultimately, the core focus of the program is for you to build relationships, work on your startup and achieve your milestones. |
| What is the difference between the ASEAN Startup Track and the Social Enterprise Track? | General | While both tracks are part of the MaGIC Accelerator Program, the Social Enterprise Track is for Malaysians to pilot their social enterprise ideas that will create positive impact to our community or environment. For more information, please visit www.mymagic.my/accelerator/se |
| I am an ASEAN Social Enterprise, which program should I apply for? | General | The SE Track is only open to Malaysians but highly scalable ASEAN social enterprises are welcome to apply for the ASEAN Startup Track. |
| How is the program different from other startup accelerators? | General | The MaGIC Accelerator Program is a government-funded initiative to create a critical mass of 50-75 high-growth startups in Malaysia for the ASEAN region, twice a year, 4 months at a time. What sets the program apart is its strong regional focus and the quality of regional mentors and partners committed to the program. |
| What kind of assistance does MaGIC bring to match startups with investors? | General | MaGIC has access to local, regional and global investors and can act as the platform to match startups with potential sources of funding. We also have investors committed as program mentors and top startups will have the opportunity to pitch to investors during Demo Day. |
| How long does the program last? | General | The program is approximately four months long, from 27 July to 22 November 2015. |
| Do we need to move to Malaysia to join the accelerator? | General | Yes, the program participants (preferably all founders) must move to Malaysia for the duration of the program but other employees of your startup are not required to relocate. |
| Does MaGIC invest in the startups? | General | MaGIC does not invest or take any equity in the startups. |
| How do I apply? | Application | Kindly submit your applications via the online applciation form at map.mymagic.my |
| Are there any application fees or program fees? | Application | No. |
| When can I apply? | Application | Applications open on 1 April and close on 10 May 2015 for the first (July-Nov 2015) intake. We will announce application dates for the two 2016 cohorts later this year. |
| Do we need to have a Malaysian founder to apply? | Application | The program is open to all nationalities. |
| How many Malaysian vs ASEAN startups are you going to accept? | Application | Each cohort will consist of 30 Malaysian and 20 ASEAN startups. |
| My company provides consulting services. Can I apply? | Application | No, as we do not consider consulting companies scalable startups. |
| We have submitted our application, what is the next stage of the application process? | Application | Thank you! If your startup is shortlisted, MaGIC will invite you to pitch at MaGIC Cyberjaya during the week of 25-29 May 2015. We will make special arrangements for applicants who are not based in Malaysia to pitch via video conference. |
| When will we find out if we are accepted into the program? | Application | MaGIC aims to notify all applicants on the status of their applications by the first week of June 2015. |
| Can we apply if we are a current or past recipient of another MaGIC program e.g. Stanford Go2Market, Web Development Bootcamp, etc.? | Application | Yes. |
| Can we apply if we have already received funding? | Application | Yes. |
| Can we apply if we have previously participated in another accelerator program? | Application | Yes. |
| Will MaGIC provide working space? | Onboarding | MaGIC will provide co-working space at MaGIC's building in Cyberjaya for the entire duration of the program. |
| How does the monthly living allowance work? | Onboarding | MaGIC will provide each participant a fixed living allowance of RM1,500 per month over the course of four months. |
| What type of accommodation is provided? | Onboarding | MaGIC will provide free accommodation in Cyberjaya for all participants on a twin-sharing basis. However, participants may choose to opt-out if they already have their own accommodation arrangements. MaGIC will not provide reimbursements for any other forms of accommodation. |
| How does the flight reimbursement work? | Onboarding | You will need to purchase your own flight ticket to Malaysia. MaGIC will reimburse the cost of your return flight ticket up to a maximum of RM1,000 per participant. |
| Do I need apply for a visa to participate in this program? | Onboarding | MaGIC will assist you with the process of applying for a 6-month Professional Visit Pass to participate in the accelerator program. |
| Will MaGIC provide any insurance cover during the program? | Onboarding | Insurance will not be provided and as such MaGIC strongly advises all participants to purchase insurance. |
| I am interested in being a mentor or coming in as a program partner. Who can I contact? | Others | Thank you for your interest. Kindly email map.asean@mymagic.my and our team will get back to you. |
| Where do I go if I have more questions? | Others | Thank you for your interest. Kindly email map.asean@mymagic.my and our team will get back to you. |
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