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Cradle Fund and LTT Global to boost Malaysian mobilepreneurs'

AvantiKumar | Oct. 26, 2009
New partnership to support Malaysian mobile content development

KUALA LUMPUR, 26 OCTOBER 2009 A new partnership, which is intended to boost Malaysian mobile content development, has been formed between government agency Cradle Fund and mobile learning provider LTT Global Communications.

Under the agreement, Cradle would offer funding of up to US$44,352 (RM150,000) to aspiring local mobile content and application developers for each selected innovative technology idea with a high level of potential for commercialisation under its Cradle Investment Programme [CIP], said Cradle chief executive officer, Nazrin Hassan.

In addition, LTT Global would provide a variety of services that support the management, development, distribution and marketing of mobile content and applications to mobile consumers locally and globally, said Hassan.

The Cradle-LTT Global collaboration marks yet another milestone in Cradle's ongoing efforts to enrich the mobile application ecosystem by actively promoting idea development within the mobile content space and assist in the increasing commercialisation of these ideas, he said.

Malaysia's first developmental pre-seed funding programme, Cradle Investment Programme (CIP) is managed by Cradle Fund under the auspices of the Malaysian ministry of finance (MOF). A sum of US$29 million (RM100 million) has been allocated by MOF for this programme.

 Mobilepreneurs given unique platform'

The Cradle-LTT Global collaboration would provide local mobilepreneurs with a unique platform to fine-tune business ideas and to widen their business skills and knowledge of the industry, said Hassan.

He said Cradle has received 232 mobile-related applications since its inception in 2003, of which 35 have been approved for funding. To date, Cradle has funded about 372 ideas via its Cradle Investment Programme, of which 48 per cent of the completed ideas have been commercialised.

 This partnership with Cradle is a much-needed catalyst for the creation and growth of a total eco-system for the development and commercialisation of ideas in the mobile content and application development space, said LTT Global chief executive officer, Wemel Cumavoo. It is a way forward as we work with Cradle to help remove barriers to industry opportunities for local developers and to grow the market for content, applications and services in Malaysia.

This move will benefit both the industry and consumers developers now have greater incentives to develop even more world-class applications; and consumers stand to gain from a greater variety of innovative applications to add value to their daily mobile use, said Cradle's Hassan.