Sidec aims to nurture 300 startups and SMEs to grow Malaysia’s GDP, here’s the game plan

[This is a sponsored article with Sidec.]

What kicks off a business idea is often that exciting eureka moment. 

We’ve all been there—you’re sitting with friends, someone mentions a problem they’ve faced, and suddenly an idea sparks, followed by, “We should start a business!”

But that’s the easy part.

The real challenge comes after, when testing, refining, launching, and scaling your idea, all while finding the right team and overcoming continuous pivots. Then, you’ll have to secure funding and continuously manage your costs to build your company’s resilience to push through setbacks.

That’s where the Selangor Twin Accelerator Programme comes in. Launched by the Selangor Information Technology and Digital Economy Corporation (Sidec), the programme consists of Selangor Accelerator Programme 2024 (SAP24) and Selangor E-Commerce Accelerator Programme 2024 (ECX24). 

The Twin Accelerator Programme aims to help Selangor’s SMEs and startups grow, providing mentorship and overseas opportunities to turn your business idea into a million-dollar company.

550 applied, but only 100 made the cut

“We have received a remarkable number—over 550 applications for both SAP24 and ECX24 programmes, showcasing the strong interest and enthusiasm within the entrepreneurial community in Selangor,” said Yong Kai Ping, CEO of Sidec.

Sidec’s Head of SME Digitalisation Department, Salman Ahmad told Vulcan Post that the companies were chosen based on their innovation, market potential, scalability, and the strength of the founding team. 

“Additionally, we look for high-impact, high-value, and high-effort founders who demonstrate charisma and leadership qualities—traits that are essential for navigating rapid growth,” he added. “A key differentiator is the readiness of these teams to scale operations while aligning with global trends and local market dynamics.”

Scaling ecommerce companies

50 SMEs from industries like F&B, home living, fashion, wellness, and social impact have been shortlisted for ECX24, and it’s clear why entrepreneurs see value in this programme.

Over four months, they’ll dive into essential workshops and pitching courses that cover everything from AI in ecommerce to cross-border expansion and financial management.

The pitching courses are especially beneficial, as the entrepreneurs will learn to build strong pitch decks, engage with investors, and practise their delivery.

What makes ECX24 valuable is the mentorship SMEs get. Leaders from companies like Carsome, ZUS Coffee, Secret Recipe, and The Lego Group offer personalised feedback and one-on-one sessions. “Many participants stay connected with their mentors after the programme, forming valuable relationships that drive growth,” says Salman.

Take NORI from ECX23, for example—they refined their go-to-market strategy with mentor insights and saw a significant boost in customer acquisition.

The programme will wrap up with a pitching competition where the top 10 winners receive RM30,000 in Pos Malaysia credits. They’ll also get the chance to join ByteDance TikTok’s special programme in Shanghai, opening doors to global markets and cutting-edge digital trends, just like the previous cohort did in 2023.

Partners like TikTok Shop, AEON, Shopline, Microsoft, AWS, and NVIDIA will be offering essential resources in AI, cloud computing, and machine learning.

Accelerating tech startups

Meanwhile, a total of 50 startups focusing on AI, smart mobility, bio-based solutions, and net-zero innovations have been shortlisted for SAP24.

Since its launch in 2018, SAP has been Sidec’s flagship accelerator programme, supporting over 150 companies, with 34% securing funding and 10% reaching valuations over RM100 million, Sidec told us in 2023.

The programme offers mentoring, networking, workshops, and resources to help startups become investment-ready and expand.

Participants will get exciting perks like cloud services, CXO Club membership, and opportunities to showcase their company at Sidec’s annual Selangor Smart City and Digital Economy Convention. Since its initial rollout, SAP has nurtured 190 startup companies, including Nexmind AI, Seed Dream, Borong (formerly known as Dropee), Entomal, and many others.

This year, SAP24 introduced a specialised long-stay overseas trip for selected participants, tailored by vertical according to their business focus.

“The long-stay overseas mission in SAP24 provides startups with invaluable exposure to international markets, but it also comes with challenges such as navigating different regulatory environments and cultural differences,” Salma informed. 

Sidec will support these startups by connecting them with local partners who guide them in understanding the nuances of the markets they are entering. 

“The biggest benefit is the formation of long-term partnerships and collaborations, which foster innovation and enable startups to adapt and thrive in foreign markets,” said Salman.

As the programmes continue to expand their impact, partnerships play a crucial role in their success. This impact can even be backed by the experience of nine startups who were selected by Sidec for their most recent overseas pitching expedition in Tokyo.

AFFIN BANK is the main sponsor of the Twin Accelerator Program, with Invest Selangor Berhad (ISB) as co-organiser for SAP24.

Nurturing 300+ entrepreneurs over 5 years

Sidec aims to nurture over 300 entrepreneurs in the next five years, driving economic growth and contributing to Selangor’s GDP. 

As the startup ecosystem becomes more competitive, entrepreneurs will want to tackle major global challenges like sustainability, cybersecurity, and AI fraud to stand out.

Addressing these issues requires innovative solutions and a focus on long-term impact, and Sidec is on the lookout for entrepreneurs ready to brave these challenges and find solutions to offer in the market.

With ECX24 and SAP24 wrapping up later this year, they’re already on the hunt for SMEs and startups in Malaysia keen to join the Twin Accelerator Programme in 2025. 

Featured Image Credit: Sidec