LaunchX, the university start-up accelerator programme to nurture Malaysia’s next generation of entrepreneurs, has successfully concluded its 2024 cohort on 26 August 2024, marking a significant milestone in the nation’s innovation landscape.
A nation-building initiative led by the Ministry of Higher Education, UTM, and Sunway Innovation Labs (iLabs Foundry), LaunchX is backed by Malaysia’s startup ecosystem, including Antler, Artem Venture, Bawatana, Ficus Capital, Gobi Partners, The Hive SEA, Ignite Asia, Impact Circle, Kejora Capital, MAVCAP, MBAN, pitchIN, Reactor School, Scale Up Malaysia, Sunway Corporate Venture Capital, Cradle Fund, MRANTI, Digital Penang, Iskandar Investment Berhad, SCENIC, and TEGAS Digital Village and Digital Innovation Hub, etc., — this initiative collectively aims to nurture entrepreneurial talent and foster the development of high-quality, innovation-driven startups from university students across Malaysia.
LaunchX 2024 featured 116 student start-ups and 274 entrepreneurs from 43 higher education institutions across 12 Malaysian states. Following a competitive selection process, 45 start-ups (40% acceptance rate) joined the 6-month programme. Of these, the top 16 (14%) advanced to the demo day, where they pitched for RM 50,000 in seed funding. The top 5 start-ups were:
- PasarKraf by The Quack Movement: The Quack Movement empowers low-income communities by creating opportunities to generate supplementary income.
- KuCharge: KuCHARGE offers innovative, eco-friendly electric vehicle charging solutions that enhance convenience, support sustainability, and drive the adoption of clean transportation with advanced, locally manufactured technology.
- VoluntiConnect: Volunti Connect is a tech company that aims to revolutionize social impact by utilizing AI-driven cause matchmaking, linking corporations, NGOs, and volunteers.
- Robotron World: Robotron World is a startup company that pioneers robotics innovation, developing innovative solutions to redefine industry norms.
- DatoBulat Tech Lab: DatoBulat Tech Lab offers an affordable and easy-to-learn Robot Sumo Education Kit, designed to engage and attract the younger generation to the STEM sector.
In Malaysia’s higher education sphere, entrepreneurship significantly boosts graduates’ job prospects while fostering economic progress and benefiting communities. Developing an entrepreneurial mindset in both students and graduates is a key objective, aligning with the goals of the Malaysia Education Blueprint (Higher Education) 2015-2025. This blueprint aims to create well-rounded, entrepreneurial-minded, and balanced graduates by embedding entrepreneurial principles and transforming the mindset from merely seeking jobs to creating them.
Additionally, the Higher Education Entrepreneurship Action Plan 2021-2025 further reinforces the entrepreneurship initiatives within higher education, striving to nurture graduate entrepreneurs adept at navigating international markets and contributing to the country’s economic growth.
The Ministry of Higher Education (KPT) underlines the crucial role of collaborative efforts among universities, industries, and the government in addressing challenges and bolstering entrepreneurship within higher education, serving the broader goal of national economic advancement.
The LaunchX initiative, spearheaded by Universiti Teknologi Malaysia alongside Sunway Innovation Labs of Sunway University and the broader Malaysian startup ecosystem, represents a dynamic collaboration poised to generate a greater number of entrepreneurial students and high-calibre startups with the potential for international success.
Additionally, LaunchX aligns with Malaysia’s aspirations to elevate Kuala Lumpur into the top 20 global startup ecosystems by 2030. This initiative is dedicated to cultivating young entrepreneurial talents and promoting an innovative culture, offering support to student entrepreneurs with groundbreaking ideas through workshops, mentoring, market access and funding opportunities.
“LaunchX has been a game-changer for our startup. It provided invaluable market insights, helping us align our vision with real-world demands. We learned the value of iterative prototyping, user feedback, and team dynamics. The programme refined our business model, pitching, and industry connections, while building the resilience and adaptability to overcome challenges,” said Mohamad Hazmi Hafizi, co-founder of DatoBulat Tech Lab, and a LaunchX 2024 participant.
Professor Dr. Abhimanyu Veerakumarasivam, Provost of Sunway University, highlighted how university entrepreneurship can empower individuals to become agents of change, fostering equity by creating solutions instead of perpetuating problems.
Entrepreneurship transforms lives, and LaunchX leads this change by cultivating a holistic ecosystem that supports student entrepreneurs. The programme empowers them to build impactful start-ups through skill development, mentorship, and strategic connections. Moving forward, LaunchX will continue to offer support through mentorship, industry networks, and access to markets and investors, ensuring these start-ups can overcome challenges and scale successfully.