PIKOM SUPPORTS GOVERNMENT’S AIM TO PRODUCE 5 UNICORNS BY 2025

PIKOM teams up with GreenPro and SEATech to drive unicorn-status home-grown technology start-ups through the ADAQ Sea Dragon programme.

PIKOM Venture Investment Chapter responded to the Government’s call to drive 5 unicorns by 2025. In driving this e ort, PIKOM is collaborating with GreenPro Capital Group and SEATech Ventures Corp to identify potential technology start-ups that would qualify for the ADAQ SEA Dragon programme. MOSTI recently announced the Start-up Development Roadmap with the target of creating 5,000 companies including unicorn startups by 2025. This initiative is aligned with the MyDigital Blueprint and the objectives of the 12th Malaysia Plan. In identifying eligible start-ups to participate in ADAQ, PIKOM, GreenPro and SEATech will run a series of programmes in the coming months.

PIKOM Chairman Dr Sean Seah said, “PIKOM has laid down a series of programmes to identify and grow Malaysian tech companies and produce Malaysian unicorns. We already have the right ecosystem in place involving funding, training and mentoring mechanisms for tech companies.”

Dr C K Lee, Chief Executive O cer of GreenPro expressed, “GreenPro is proud to partner with PIKOM and SEATech in realising the goal to produce ve unicorns by 2025. We believe with the proven methodology, coupled with mentoring, funding and market access, aspiring unicorns can be well placed to achieve their dreams.”

SEATech’s Chief Executive

O cer, Chin Chee Seong explained, “SEATech is one of the companies that is undergoing the ADAQ “Asia NASDAQ” methodology and we are already beginning to see early results. By working with PIKOM and GreenPro, more startups and companies can accelerate their path towards listing in the world’s largest capital market.”

PIKOM together with its partners will be hosting 5 ADAQ Sea Dragon pitching sessions between March and July 2022, in which only 15 tech companies will be shortlisted to participate in the nals at the World Congress on IT 2022 Malaysia scheduled for 13 to 15 September 2022. PIKOM hopes to present 5 to 10 aspiring Malaysian unicorns from the tech industry at the closing ceremony of WCIT 2022. Prior to the nals, shortlisted companies will be put through an intensive training programme to equip them for the nal pitch.

Back in 2018, PIKOM organised the inaugural SEA Dragon in which 28 companies out of 170 organisations were shortlisted. The entries were put through a stringent evaluation process and pitching to international investors. Carsome was one of the companies that pitched, was mentored, and recently recognised as a unicorn.

“The companies we identify will work on getting the much-needed funding to take them to the next level. We look forward to see these tech start-ups bloom to reach their full potential once they clinch the right investors,” said Dr Seah.

With investors actively investing in ASEAN, China and North Asian markets, they are constantly seeking to invest in companies with innovative and strategic ideas. Finalists of ADAQ SEA Dragon will have the opportunity to make direct pitches to more than 30 venture capitalists, investors and high-net worth individuals.

The ADAQ Sea Dragon is supported by Malaysia Digital Economy Corporation (MDEC), ATA Plus and SME Association of Malaysia.

Dr Sean Seah

“This is exciting for us and we have support from our members, SEATech and GreenPro, and our collaborator MDEC. Back in 2018, we actually presented about 20 companies, one of them is Carsome, the rst unicorn in Malaysia. Among the PIKOM members, we see a few potential unicorns,” explained Dr Seah.

He added that the aim was to shortlist 60 companies in ADAQ and to present them in WCIT 2022 in Penang.

“From these selections we hope that at the end of WCIT 2022 we can identify 5 potential unicorns,” said Dr Seah.

AIZAH AZREEN AHMAD, Chief Digital Business O cer, MDEC

In her address, Aizah commended the tenacity of PIKOM and its partners in their e orts to produce unicorns in Malaysia. She explained that the government needs the help and collaboration of the private sector to produce more unicorns in Malaysia. Aizah stresses that despite the impact of COVID-19 on the country, there is no room for excuses in the growth of unicorns. She adds that in fact, digitalisation has been accelerated during the pandemic. “Let’s think of more ways to produce unicorns,” she urges. She adds that this is the start of a very good collaboration, and that there are several exciting initiatives in the pipeline at MDEC.

RAYMOND SIVA, Chief Marketing O cer, MDEC

Raymond said that wherever possible, MDEC is set to enable the emergence of unicorns in the country. He added that in the upcoming Dubai Expo, 20 companies will be taken to the expo to exhibit, and also to learn what investors are looking for. “This is a very good collaboration,” he stressed.

Dr C K Lee

Dr Lee said that the term “unicorn” has been in many of his conversations over the last few years. He shared that back in 2018, he received commendations from investors in China for GreenPro’s achievement of market capital of USD1.2 billion, upon its listing in NASDAQ, thus creating a unicorn. “From GreenPro’s point of view, we must drive continuous value creation, sustain in the world market as well as drive innovation and be a company with con guration,” explains Dr Lee. He said that unicorn companies should move towards the direction of UNSDG.

Chin Chee Seong

Chin stresses that there is a need for strategic partners to produce unicorns and that it cannot be done single-handedly. He added that it is not an easy task as many aspects of the company’s operations must be taken into account. SEATech hopes to assist tech businesses to solve their challenges and nd the right strategic partners to grow their businesses. “We want Malaysian companies to be listed in NASDAQ,” he shares.