Malaysian Global Innovation & Creativity Centre (MaGIC) launched the MaGIC Amplify Accelerator aimed at increasing and intensifying the impact of already-accredited and non-accredited impact driven enterprises (IDEs) or social enterprises (SEs) in Malaysia.
Their main aim is to address pressing societal issues such as access to education, youth at risk, marginalised communities and advocating for environment care such as minimising wastage, promoting upcycling as well as environmental conservation.
“MaGIC has been a driving force of the impact driven enterprise sector in Malaysia since 2014 with it now well positioned to be a new economic driver for the nation.
“The Amplify Accelerator will help these IDEs scale-up and create change and we want to amplify their impact, equip them with the necessary credibility as well as provide them with access to resources and opportunities in order for them to push boundaries in addressing socio-economic disparities and help ensure inclusive economic growth for Malaysia,” said MaGIC chief executive officer, Ashran Datuk Ghazi.
“We have already created a wave of IDEs and know that our homegrown IDEs have the potential to make a lasting impact on society and the environment through innovative business via our previous accelerators such as the IDEA Accelerator, MaGIC Accelerator Programme Social Enterprise Track and the Global Accelerator Programme, an evolution of MAP.
“It is time that we create a platform for these social entrepreneurs that will allow them to take their social ventures to greater heights,” added Ashran.
The MaGIC Amplify Accelerator is a programme under the MaGIC Impact Driven Enterprise Accreditation (IDEA), a landmark initiative introduced in September 2017 under the Malaysia’s Social Inclusion & VIbrant Entrepreneurship (MasSIVE) movement as a national initiative to create systemic change and help the IDE sector level up, drive growth from within and be more people-centric.
It seeks to bridge the disconnect between IDEs with resources and opportunities in three ways including connecting IDEs with the public and private sectors through an online platform; giving IDEs access to social procurement opportunities; and helping IDEs establish their credibility through an accreditation programme.
To date, 63 IDEs have been accredited and listed under the IDEA platform, IDEA aimed that by the end of the year, 100 active IDEs will be in the sector, which will be self-sustaining, equitable and people-centric.
The programme is one of MaGIC’s initiatives to help cultivate Malaysia’s impact driven sector and by driving the impact driven sector, MaGIC wants to help balance economic growth with environmental protection and the betterment of the society, as well as support Malaysia in contributing to the United Nations’ Sustainable Development Goals (SDGs).
Other initiatives by MaGIC include MasSIVE, Buy for Impact and previously Amplify Awards which has resulted in more than 50,000 people being made aware of the IDE movement and these initiatives have also helped IDEs earn more than MYR10 million in revenue while creating hundreds of jobs for marginalised communities.
“We are excited to be providing the change makers in Malaysia with a chance to create an even larger impact through a growth-focused accelerator.
“Through Amplify Accelerator we hope to provide IDEs with a platform that will catapult their growth and maximise impact in helping the nation fulfill goals of enhancing inclusiveness towards an equitable society, pursuing green growth for sustainability, accelerating human capital development, and improving well-being for all which also contribute to the (SDGs),” said MaGIC Programme Director, Malaysia’s Social Inclusion & Vibrant Entrepreneurship (MasSIVE), Wan Dazriq.
Over the course of six weeks, up to 30 teams will be put through specially tailored coaching sessions, deep diving into core topics of growth hacking, business model optimisation, project & financial management, impact measurement and pitch refinement.
Selected participants will undergo a structured programme syllabus to accelerate the traction and growth of the social venture with three training days and two business execution days each week.
Participants will also be provided with opportunities for partnership with corporations for social procurement and impact driven initiatives as well as access to a mentor network including corporations, NGOs, government bodies, venture capitalists and IDEs.
