Calling out enterprising start-ups with an eye on the Asean market, the Malaysian government-funded MaGIC accelerator programme returns for a second cohort after a successful inaugural run with 30 home-grown and 20 overseas start-ups last year. About 30 per cent of them found investors during the four-month incubation that ended in November.

“The programme does not take equity from participants,” Michelle Tan, accelerator director of MAP, told a roadshow programme held in Asean on Saturday.

The accelerator is aimed at coaching start-ups with a marketable product to find their market niche, develop outcome-driven metrics, complete an Asean expansion plan and look for funding. The accelerator, modelled after Startup Chile, is an initiative under the Malaysian Global Innovation and Creativity Centre, a government agency launched in 2014 to build the start-up ecosystem in Malaysia and the region. The accelerator consists of weekly “platoon” sessions for peer-to-peer learning, weekly pitching opportunities, check-ins with account managers, business development opportunities with market partners and social outreach activities.

Participants will also gain access to big-name mentors such as Mark Chang, founder of Jobstreet; Anthony Tan, CEO and co-founder of GrabTaxi; Hans-Peter Ressel, managing director of Lazada Group; and Azran Osman Rani, CEO of iflix.

Regional investors appraising the start-ups on demo day include venture capital firms such as 500 Startups and Monk’s Hill.

The accelerator accepts one to three members from each start-up. Each member will receive a monthly stipend of 1,500 ringgit (Bt12,650), free accommodation, round-trip reimbursable flight allowance and a six-month visa while based in Cyberjaya, Malaysia throughout the four-month programme.

“Participants do not necessarily have to be Asean citizens. Applications are open to start-ups from all over the world focusing their market on Southeast Asia,” she said.

The overseas start-ups under the first track came from Thailand, Vietnam, the Philippines, Singapore, Cambodia, Indonesia, Uruguay, Czech Republic and the United States.

Kavin Mickey Asavant, CEO of matchmaking app Noonswoon, said he did not take up the offer for the first cohort. “I am interested in joining the programme again this time as I feel ready to take the product to Singapore and Taiwan” he said.

Home to over 600 million people, Southeast Asia is a burgeoning market for start-ups in the era of the Asean Economic Community.

One of the region’s most successful start-ups, GrabTaxi, was founded in Malaysia.