Kuala Lumpur: The Global Entrepreneurship Movement (GEM) has named the winners of the TENxCLUB, an initiative by the movement to recognise ten high-performing Malaysian start-ups that achieved at least RM10 million in revenue at the end of their first year since inception.In a statement Thursday, GEM said, the club membership was by invitation and by qualification.
The exclusive club offered valuable network and entrepreneurial support on an international scale, it said.
"The club aims to offer scalable start-ups access to tremendous resources and support network to become viable and grow quickly," it said.
Patron and Founder of GEM, Tan Sri Dr Mohd Irwan Serigar, said this year's winners reflected the outstanding and innovative abilities of the Malaysian businesses and entrepreneurs.
"Through the exclusive TENxCLUB, the winners will have an opportunity to connect with investors, strategic partners and more importanly, gain entry to create a stronger base of customers regionally and internationally," Mohd Irwan, who is also Ministry of Finance Secretary General, said.
GEM said this year's winners included Avana (an e-commerce startup); Qu Exchange (an application-based exchange that facilitates the sharing of products and services among small and medium enterprises); Gameka (a mobile game development company); IGL Coatings (an eco-friendly coating developer); Tripcarte Asia (a travel online platform); and, Hello Gold (online gold platform).
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"The winners will receive comprehensive mentoring support from experienced industry players, including a GEM-National ICT Association of Malaysia partnership which aimed to increase investment opportunities of up to RM100 million through its Venture Investment Chapter.
Meanwhile, GEM President, Dash Dhakshinamoorthy, said GEM has received 102 nominations from private incubators, accelerators, investors, venture caps, banks, equity funds, universities, communities and relevant public agencies.
"The nominations were audited by Messrs Ernst and Young and 16 finalists were then called for a final interview with the panel of judges before officially being selected as TENxCLUB members," he said. – Bernama
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