Sidec Twin Accelerator aims to develop startups and SMEs in Malaysia

(This is a sponsored article from Side.)

The beginning of a business idea is often that exciting moment of epiphany.

We’ve all been there—you’re sitting with friends, someone mentions a problem they’re facing, and suddenly an idea comes to you, followed by the thought, “We should start a company!”

But that’s the easy part.

The real challenge comes later, when testing, refining, launching, and scaling the idea while finding the right team and navigating constant change. Then you have to secure funding and continually manage costs to build resilience into your business to overcome setbacks.

This is where the Selangor Twin Accelerator Programme comes in. The programme, launched by Selangor Information Technology and Digital Economy Corporation (Sidec), consists of the Selangor Accelerator Programme 2024 (SAP24) and the Selangor E-Commerce Accelerator Programme 2024 (ECX24).

The Twin Accelerator programme aims to help small and medium-sized enterprises and start-ups in Selangor grow by providing mentoring and overseas opportunities to help turn a business idea into a million-dollar company.

550 people applied, but only 100 passed the eliminations

“We received an impressive number of applications – over 550 for the SAP24 and ECX24 programmes, which shows the great interest and enthusiasm among entrepreneurs in Selangor,” said Yong Kai Ping, CEO of Sidec.

Salman Ahmad, Head of SME Digitalization at Sidec, told Vulcan Post that the companies were selected based on their innovation, market potential, scalability and the strength of their founding team.

“In addition, we look for high-impact, high-value, high-effort founders who demonstrate charisma and leadership qualities—attributes necessary to navigate rapid growth,” he added. “A key differentiating factor is the willingness of these teams to scale operations while adapting to global trends and local market dynamics.”

Scaling e-commerce businesses

50 small and medium-sized enterprises (SMEs) from industries such as food service, interior design, fashion, wellness and social activities have been selected for the ECX24 program. It’s obvious why entrepreneurs see value in the program.

Over the course of four months, participants will be able to take part in essential workshops and courses covering everything from AI in e-commerce to cross-border expansion and financial management.

Pitching courses are especially useful because entrepreneurs learn how to prepare effective pitch decks, network with investors, and practice presenting them.

What makes ECX24 valuable is the mentoring that SMEs receive. Leaders from companies like Carsome, ZUS Coffee, Secret Recipe and The Lego Group offer personalized feedback and one-on-one sessions. “Many participants stay in touch with their mentors after the program ends, creating 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 significant growth in customer acquisition.

The program will culminate in a pitching competition where the top 10 winners will receive RM30,000 in Pos Malaysia credits. They will also have a chance to join the ByteDance TikTok special program in Shanghai, opening doors to global markets and cutting-edge digital trends, just like the previous batch in 2023.

Partners such as TikTok Shop, AEON, Shopline, Microsoft, AWS, and NVIDIA will offer essential resources in AI, cloud computing, and machine learning.

Accelerating the development of technology startups

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

Since its launch in 2018, SAP has been Sidec’s flagship accelerator program, supporting more than 150 companies, with 34% of them securing funding and 10% achieving valuations exceeding RM100 million, Sidec said in 2023.

The program offers mentoring, networking, workshops, and resources to help startups prepare for investment and grow.

Participants will receive exciting benefits such as 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 launch, SAP has supported 190 startups, including Nexmind AI, Seed Dream, Borong (formerly Dropee), Entomal, and many more.

This year, SAP24 introduced specialized, long-term trips abroad for selected participants, tailored to the business profile of individual industries.

“A long-term SAP24 assignment abroad provides startups with invaluable exposure to international markets, but it also comes with its own challenges, such as navigating different regulatory environments and cultural differences,” Salma explains.

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

“The biggest benefit is creating long-term partnerships and collaborations that foster innovation and enable startups to adapt and grow in foreign markets,” Salman said.

As programs continue to grow in impact, partnerships play a key role in their success. This impact can even be exemplified by the experience of the nine startups that Sidec selected for its recent overseas pitching trip in Tokyo.

AFFIN BANK is the main sponsor of the Twin Accelerator program and Invest Selangor Berhad (ISB) is a co-organizer of SAP24.

Supporting over 300 entrepreneurs for over 5 years

Sidec aims to support over 300 entrepreneurs over the next five years, which will stimulate economic growth and contribute to the GDP growth of Selangor.

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

To address these issues, innovative solutions and a focus on long-term outcomes are needed, and Sidec is looking for entrepreneurs who are ready to address these challenges and find solutions that it can bring to market.

Following the conclusion of ECX24 and SAP24 later this year, organisers are now looking for small and medium-sized enterprises and startups in Malaysia to join the Twin Accelerator programme in 2025.

• Learn more about Sidec Here.
• Read other articles about Sidec’s previous efforts Here.

Featured Image Source: Sidec