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Cradle Grant: CIP Sprint
CIP SPRINT is a grant of up to RM600,000 for a maximum duration of eighteen (18) months, covers the commercialisation of tech and covers SMEs. It is a funding in the form of a conditional grant to assist entrepreneurs to fund their technology based business venture.
Upon receiving the fund, the CIP SPRINT recipients are supported with business networking opportunities and other value-add services which will help nurture, develop and prepare them with business model development, market validation skill and market access.
CIP SPRINT is open to companies. CIP SPRINT accepts application from companies to cover for expenses such as product enhancement, market access, market expansion and others. CIP SPRINT is disbursed to recipients via advance payment and reimbursement basis. CIP SPRINT is a conditional grant, whereby one of the conditions, is that recipients are subject to pay back for the amount that has been disbursed, in the event of of termination and other terms as stated in the funding agreement.
CRITERIA
COMPANY (Apply as Sdn Bhd)
- The company must be a Sdn Bhd.
- The company must be less than seven (7) years at the point of the application.
- The accumulated revenue of the company must not be more than RM5 million.
- The company must be at least fifty-one percent (51%) Malaysian-owned (or a majority of the employees must be Malaysians if less than 51%).
- The company must have the necessary intellectual property rights to its products.
- No other company holds 25% or more shareholding in the company.
- At least 2 directors (at least one must be Malaysian).
- The company must have a minimum paid-up capital of RM10,000.
FREQUENTLY ASKED QUESTIONS
1. What type of grant is CIP Sprint
CIP Sprint is a Conditional Convertible Commercialisation Grant.
2. What is the funding utilisation for CIP Sprint
At least 60% is for commercialisation expenses & maximum of 40% for other expenses such as product development and/or enhancements.
3. Who can apply for CIP Sprint?
You can apply for CIP Sprint if you are a Sdn Bhd, which includes universities, research institute spin-offs and SMEs.
For companies, your company shall not be more than 7 years old and earned revenue must not exceed RM5 mil. For companies that have less than 51% of Malaysian owners, majority employees must be Malaysians and there shall be no other company that holds more than 25% of your company’s share. Your company should also own the IP rights, including university and research institute spin-offs.
4. What is the period of funding for CIP Sprint
Funding period is up to eighteen (18) months.
5. Do we need to own the IP?
Yes. The company must own the IP and / or have the rights to the IP.
6. How will the funds be disbursed?
The funds will be disbursed by way of advanced payment at the beginning of every milestone. Meeting milestone deliverables is a pre-requisite for subsequent advance payments. Any unutilized amount will be deducted from the next advance payment.
7. Would my product/ service need solid traction (quantity of listing/ users) before submitting the application?
Yes. As CIP Sprint is a commercialisation grant, any data on traction will be able to support and strengthen the application.
8. What are the documents needed to submit my application for CIP Sprint?
You will need to submit your pitch deck based on the template provided. There are other documents for the purpose of the verification of eligibility, however these will only be required once your application has been shortlisted.
9. Will my concept/ idea be leaked upon submitting my application?
No. Your concept/idea will be kept as private and confidential.
10. How do I apply?
You will need to register and apply online via our Grant Management System. The link can be found on Cradle’s website.
Want to know more about starting a Sdn Bhd? What’s the best way to start one, and what should you be mindful of? Register and find out in our upcoming webinar!
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