These 3 M’sian businesses beat 590 others to win the Alliance Bank BizSmart® Challenge 2024

[This is a sponsored article with Alliance Bank Malaysia Berhad.]

What do Christy Ng, myBurgerLab, Amazin’ Graze, Salad Atelier, and BloomThis have in common?

Other than being popular Malaysian brands, they’re alumni of the BizSmart® Challenge by Alliance Bank Malaysia Berhad.

Alliance Bank launched the BizSmart® Challenge in 2013 to celebrate and recognise Malaysia’s top emerging enterprises. 

Now in its seventh edition, the bank introduced the “Accelerator Edition” in June 2024 to commemorate its 10-year milestone. It offers cash prizes, mentorship, business training, potential business funding from venture capitalists, and preferential financing opportunities.

This season, the panel of judges hailed from 1337 Ventures, 5X Capital, Credit Guarantee Corporation (CGC), and Cradle to evaluate alongside Kellee Kam (Group Chief Executive Officer, Alliance Bank) and Raymond Chui (Group Chief Business and Transaction Banking Officer).

30 shortlisted contestants were selected from a pool of 593 entries and participated in a four-day accelerator programme and business coaching to prepare for the intense business pitching rounds. These finalists had to deliver a five-minute business pitch and a 60-second elevator pitch to secure a spot in the Top 10.

The Top 10 finalists were awarded the “Golden Ticket” to advance to the next stage, and for the first time, three Wild Cards (non-finalists) were awarded “Golden Tickets” due to their impressive business potential. 

Fun fact: A concept introduced to the BizSmart® Challenge Accelerator in 2024, Wild Cards are businesses that impressed the judges with their high standards in delivering pitches during the 60-second elevator pitch round. 

Alliance Bank shared that the purpose of the Wild Card is to encourage businesses that showed potential but were not placed within the Top 10. It provides a good opportunity to uplift more homegrown businesses.

During the Grand Finale, the 13 finalists pitched their businesses in under three minutes for a chance at a share of RM550,000 in cash prizes, funding, and financing opportunities.

Finally, three came out on top as 2024’s winners. Here’s who they are and what they do.

Meet the 3 Malaysian businesses who impressed the judges

1. BioLoop

Winning a total of RM265,000 and the title of Champion in 2024’s BizSmart® Challenge Accelerator Edition is local biotechnology firm, BioLoop.

Founded in 2020 by Mah Jun Kit, BioLoop focuses on addressing global food security challenges and organic waste management. With a heavy focus on palm oil byproducts, the company converts waste into high-value protein and organic fertiliser. 

This is achieved using Black Soldier Fly larvae (BSFL), where palm oil waste is fed to the larvae. After the larvae mature, they’re harvested and processed into protein-rich feed for aquaculture and poultry.

The byproduct of the larvae (called frass) serves as organic fertilisers that are packed with essential nutrients for plant growth. Combined, BioLoop’s approach offers a sustainable solution for producing animal feed and fertilisers while also diverting palm oil waste from landfills or being dumped in the estates.

Since its establishment, BioLoop has upcycled over 10,000 metric tonnes of organic waste and they’ve diverted over 20,000 tonnes of greenhouse gases from the atmosphere, they shared. To put it into perspective, that’s more than 50 blue whales’ worth of organic waste! 

Aside from the cash prize, the firm was also awarded multiple accolades, such as the Cradle Partner Selection Award and CGC Category Award.

2. Gula Cakery

Coming in second place was Malaysian F&B group, Gula Cakery. The brand also won the CGC Category Award and brought home a total of RM105,000 for its dedication to quality and community.

Once a home baker, Nor Arieni Adriena has grown her first Kota Kemuning store into a business group with seven brands across more than 10 outlets—Gula Petite Cakery, Gula Creamery, Andra, Malaiqa, El Ocho, Arieni’s Roti Jala, and MN Coffee.

Despite expanding to other cuisines, Gula Cakery is probably best known for its cakes, the staple offering that propelled the brand forward.

The group is now in its tenth year of operations and remains a popular spot for neighbourhood crowds. Its latest outlet carrying the Gula Petite label recently opened in Sunway Pyramid’s newly renovated Oasis wing.

3. HiiVolt

The business that bagged the second runner-up title is HiiVolt, one of Malaysia’s first providers of extended warranties for hybrid vehicle batteries. 

“We understand the unique challenges faced by hybrid vehicle owners and dealerships, and have designed our services to offer unmatched protection and peace of mind,” the brand’s website states.

With its service centre accredited by MyHijau, Malaysia’s official green recognition scheme, the business is dedicated to offering consumers a cost-effective solution that reduces automotive waste and carbon footprint. 

Some of the company’s innovative solutions include eco-friendly battery regeneration and refurbishing services to further support the local green automotive industry.

Not part of the initial 10 finalists, HiiVolt is one of the three Wild Card participants. 

In total, HiiVolt received RM65,000, which includes the Cradle Partner Selection Award, CGC Category Award, and Investor’s Choice Award by 1337 Ventures.

Celebrating excellence and recognising outstanding SMEs 

The remaining 10 finalists did not walk away empty-handed as each of them received RM5,000 as part of the Entrepreneur Recognition Award from Alliance Bank. 

Other award categories included:

These awards underscore the Bizsmart® Challenge programme’s dedication to nurturing a diverse array of high-potential SMEs by providing them with the tools and opportunities needed to make meaningful strides in their respective industries. 

“With the invaluable support of our esteemed partners (CGC, Cradle, 1337 Ventures, and 5X Capital), we are committed to providing mentorship, industry insights, resources, and opportunities for SMEs to thrive,” said Mr. Kellee Kam, Group CEO of Alliance Bank.

“In our endeavour of becoming The Bank For Life, we remain focused on empowering the next generation of business leaders to make a meaningful impact in their industries and communities.”

To celebrate the journey and accomplishments of all participants, a special film of the Alliance Bank BizSmart® Challenge Accelerator Edition will be released for public viewing soon. 

This feature-length film covers the entire journey of 2024’s Challenge, sharing the stories and determination of participants in going through the six-month programme.

Featured Image Credit: Alliance Bank Malaysia Berhad