Photo - Exabytes Founder cum Executive Director, Chan Kee Siak (4th from left) posing with Cockroach Startup Programme Team.
Penang-based web hosting service Exabytes Networks (Exabytes) has launched its first funding programme for Malaysian tech startups.
Though officially launched on 1 April 2017, founder cum executive director of Exabytes, Chan Kee Siak said that the programme is a serious initiative to drive local startups and build a strong startup community in Malaysia.
The 'Cockroach Tech Funding' programme will help local aspiring startups during pre-seed and seed stages and offers an option of 5 percent equity shareholding exchange to gain long-term tech support, said Chan.
When asked about the name 'cockroach,' he answered that, "A cockroach startup is the one which keeps struggling and moves forward in spite of changing environments, market conditions and investment scenarios, just like a cockroach."
"The introduction of the Cockroach Startup Program is part of Exabytes' continual commitments in nurturing startups by providing a sustainable platform to help drive the setup of aspiring startups in Malaysia," said Chan.
How the programme works
He said Malaysia is the third largest market for startups. "Grab, iflix and HappyFresh are just a few top Malaysian founded startup companies with great innovations and fascinating technologies that have established themselves in the South-East Asia region."
"The Malaysian government is always supportive of startups and tech innovation. There is also a passionate group of startup advocates comprising actual business owners or successful entrepreneurs, who are willing to help other entrepreneurs succeed by way of investment funding, providing mentorship and access to global network," said Chan.
"To complement these startup advocates, we have designed Cockroach Startup Program to support pre-seed to seed high potential startup from all industry categories by way of technology funding to build and grow their business," he said.
This programme, which started on 1st April 2017, offers Exabytes' support in two stages.
At Stage 1, the company will offer RM3,000 (US$677) worth of credit for 1000 qualified startups who have joined incubator or accelerator program to use Exabytes services for one year, including services such as domains to hosting, servers and online marketing..
Stage 2 sees twenty (20) shortlisted startups which have successfully developed their products continue receiving Exabytes' support worth RM30,000 (US$6,770) in Credit for their production use. These 20 startups will also be given RM20,000 (US$4,514) in cash in exchange for Exabytes to gain 5 percent equity shareholding in their business.
"I truly believe that with our Cockroach Startup programme, local startups would be able to benefit from the right technology support to grow their businesses," said Chan.
He said Malaysia's startup ecosystem has seen an increase of entrepreneurs with innovative products coming into the market.
"We see that there is a need to provide a platform to accelerate local startups which have a scalable business model but they lack of insights on how to utilise the strategic technology to work for them to achieve maximum success," said Chan.
The latest version of this article is at Computerworld Malaysia.
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