Interested to find out more on the entrepreneurial journey of our 15 ScaleUp Endeavor companies throughout the program? Here’s a write-up of why, how and what we did for our first cohort of the ScaleUp Endeavor program!
Endeavor Malaysia officially started its inaugural ScaleUp Endeavor program with 15 companies selected from over 100 applications in September 2019. With TIME dotCom, Prudential Malaysia, CIMB Bank, and Bain & Company as partners, the program is a new track that focuses on helping companies in the startup phase to move towards the scale-up phase of their business. The ScaleUp Endeavor program aims to accelerate the growth of startups by pairing growth stage entrepreneurs to help mentor & advise on earlier stage challenges.
At Endeavor Malaysia, most companies selected as Endeavor Entrepreneurs are mid & large SMEs in the scale-up phase. While the discourse has been about growing startups, studies have shown that the very best high-growth scaleups are proven to be disproportionately higher drivers of jobs, growth, innovation and sustainability. According to the World Economic Forum, 5% of companies surveyed across 10 countries generated 72% of new revenues generated and 67% of total jobs created.
However, over the years we’ve realised that there is a gap in supporting early-stage, high potential companies. Through screening and speaking to over 6000 companies, we concluded that many high-potential entrepreneurs find it difficult to move from start-up phase to scale-up phase and Endeavor currently does not play an active part in supporting them. Therefore, we felt a responsibility to step in and bridge the gap using our methodology and leveraging our expertise in scaleups, precisely the next stage of growth that these startups were striving to achieve.
The ScaleUp Endeavor started off by shortlisting over 100 applicants to 35, to the 15 final candidates through a Selection Day where candidates had to pitch about their company to our Endeavor mentors. As part of Endeavor’s mission in paying it forward, the ScaleUp Endeavor mentors consist of Endeavor Malaysia’s pool of industry experts and our Endeavor Entrepreneurs.
“ We were quite torn in between who to help because they were so many good candidates. Most of the companies we interviewed have high potential to scale but they are still at the starting point- which is where I believe the ScaleUp Endeavor Program will help them scale their businesses to the next level.” - See Wai Hun, CEO & Co-founder of Juris Technologies.
Here are the 15 high potential companies that participated for ScaleUp Endeavor program Cohort 1:
AdEasy, an online marketplace for offline ad space. It seeks to be the go-to online ecosystem for advertising.
CapBay, a multibank supply chain finance, and P2P financing platform enabling businesses of all sizes can obtain short-term financing while banks and investors can participate in high-quality financing deals.
Dropee, a one-stop B2B eProcurement Platform and Enterprise Solution for all types of businesses aiming to simplify communication channels and streamline operational processes so that businesses can do more with less resources
Food Market Hub, inventory management and purchasing solutions for restaurant and centre kitchen. It aims to make every F&B business sustainable and run effortlessly.
HealthMetrics, a cloud enterprise software that automates the management of employee healthcare & flexi-benefits.
KATSANA, a platform that connects thousands of sensors to the cloud that helps track and secure vehicles and allows for fleet management.
KLezCar, a car rental company that also provides vast expertise in event planning and management, providing comprehensive service to your travel needs.
Mossery, a high-quality, personalised stationery startup that seeks to inspire everyone in the world to create.
Oncode, a medical solution provider that offers services in molecular diagnostic tests, in-house diagnostic tests design & development, medical system & apps designs, and medical consultation.
PichaEats, the startup that provides refugees a chance to rebuild their life in Malaysia through serving and selling their national delicacies.
PTT Outdoor, e-commerce company that provides quality and affordable outdoor equipment to outdoor enthusiasts.
Supplycart, Malaysia’s premier B2B e-Procurement platform, digitizing procurement through a cloud-based procurement solution.
TRAPO, an automotive accessories brand that is known for its online-to-offline car mat solutions specifically tailored for each type of car.
Vase.ai, an on-demand market research platform that enables anyone to collect consumer insights as fast as 24 hours.
Throughout the 12 months program, these 15 high-potential companies:
Participated in ScaleUp In-House sessions aimed to help entrepreneurs understand the business challenges by speaking to managers across different functions in the companies. From the collection of insights, the Endeavor team discusses next steps with the entrepreneurs - prioritising and understanding each challenge raised by key employees.
Based on their business challenges and needs, entrepreneurs were assigned an experienced fixed mentor who will journey with them throughout the program.
Gained access and worked closely with a pool of local mentors and service partners to scale their business.
Attended webinars themed Managing Cash Flow,BCP & Crisis Management, B2B sales and recovery, Managing Through A Crisis, Reprioritising Sales Strategy, Financing Options Available For SMEs, Restructuring cost and cash flow and to help navigate entrepreneurs through this crisis
As this month marks the end of ScaleUp Endeavor Cohort 1, there will be a Virtual Closing Ceremony on 30 June 2020. Starting with a panel session titled “Sustainable Entrepreneurship: Scaling in Uncertain Environments,” Bain Partner & Endeavor Malaysia mentor, François van Raemdonck, will be speaking to Vivian Loh, COO of Mossery and Alvin Yuan, CEO of HealthMetrics on how they've managed survival and growth before, during, and after this crisis.
For more information, click here.
ScaleUp Endeavor is a local support for high-growth startups through a structured 12-month program. A special shoutout to our main partner TIME dotCom and our supporting partners: CIMB Bank, Prudential Assurance Malaysia and Bain & Company for supporting ScaleUp Endeavor. To find out more about the program, click here!