Digital Grants 2024 : Malaysian SMEs Should Know!
The digital age is upon us, and for Malaysian small and medium enterprises (SMEs), a strong online presence is no longer a luxury, it’s a necessity. Recognizing this, the Malaysian government introduced a range of digital grant programs in Budget 2024 to empower SMEs and micro-entrepreneurs to embrace digitalization.
Fuel Your Business Growth with these digital grant options
1. MSME Digital Grant MADANI (Government Initiative)
The MSME Digital Grant MADANI is a government initiative offering financial assistance of up to RM5,000 per eligible business. This grant can be used to upgrade various aspects of your business, including e-commerce solutions, sales & inventory management, digital accounting software, customer relationship management (CRM) systems, digital marketing & sales tools, and remote working solutions.
2. Geran Digital PMKS Madani (GDPM) grant
The Geran Digital PMKS Madani (GDPM) grant is a Malaysian government program that helps small businesses improve their digital operations. It includes 7 digital operations :
- Digital Marketing/Sales
- Digital Payment (Cashless)/Electronic Point of Sales (e-POS)
- HR Payroll System/Customer Relationship Management (“CRM”)
- Enterprise Resource Planning (“ERP”)/Accounting & Tax
- Digital Signature
- Cyber Security
- Internet of Things (“IoT”)/Intelligent System
Who can apply?
- Businesses that are at least 60% Malaysian-owned
- Registered with the Companies Commission of Malaysia
- Operating for at least 6 months
- Have a minimum annual turnover of RM50,000
5. CIP Sprint by Cradle Fund
Looking for funding to commercialize your innovative tech idea?
CIP Sprint is a conditional convertible grant that provides Malaysian tech startups with up to RM600,000 in funding. This grant can be used for various activities related to commercialization, including product development, market validation, and market expansion. Importantly, the grant amount is conditional, meaning repayment may be required under certain circumstances as outlined in the funding agreement.
- Grant amount: Up to RM600,000
- Requirement: Sdn Bhd companies under 7 years old, with Malaysian director
- Application Period: On-going
Highlight innovation, market potential, and have a clear commercialization plan are the points to successfully grab the funding!
5. CIP Spark by Cradle Fund
Looking for funding to develop your innovative tech idea in Malaysia? Look no further than the CIP Spark Grant by Cradle Fund! This pre-seed grant empowers early-stage startups with resources to launch their groundbreaking technologies.
The CIP Spark Grant provides Malaysian tech startups with up to RM150,000 for activities like product development, prototyping, market validation, and business model refinement. Unlike traditional grants, it’s a conditional grant, meaning repayment may be required under specific circumstances.
Who Can Apply?
Your venture can qualify for CIP Spark if you meet these criteria:
- Registered company or a team of at least two individuals
- Less than 5 years
- Accumulated revenue of no more than RM3 million
- Possess intellectual property (IP) rights for your technology
- Majority Malaysian employees if less than 51% Malaysian ownership
6. Productivity Grant by Malaysian Productivity Corporation (MPC)
The Productivity Grant goes beyond just financial assistance. While it offers funding for companies to implement innovative solutions, its true aim is to uncover groundbreaking products that can revolutionize customer experience and business operations.
Who can apply?
Focused on the critical sectors of Agro-food, Tourism, and Professional Services, the grant encourages Research & Development, Commercialization, and Innovation (R&D&C&I). By providing financial support, the program pushes companies to develop innovative solutions for existing industry challenges and unlock new growth opportunities within these key areas.
Application Period:
14 March – 14 April 2024
7. Digital Content Grant (DCG)
Geared towards creative and technical talents, the DCG supports development and production of digital content. This grant is ideal for individuals or companies working on animation, games, mobile applications, or other creative digital projects that aim to leverage international cooperation or boost Malaysian intellectual property.
8. Malaysia Digital Acceleration Grant (MDAG)
This grant targets existing companies with Malaysia Digital (MD) status that are in a growth phase. MDAG provides resources to accelerate expansion and become regional leaders. If your company is already established and uses digital technology in its core business, this grant can help you reach the next level.
Each grant program has specific eligibility criteria and application processes. These can often be found on the respective organization’s website. Don’t hesitate to reach out to the program administrators for any clarifications you may have.
Unlock Your Digital Potential
With the right digital grant propelling you forward, your Malaysian SME can conquer the digital world! Explore these grant options, identify the one that best aligns with your digitalization goals, and take the first step towards a thriving online presence. Remember, a strong digital foundation is crucial for long-term success in today’s competitive marketplace.