Standfirst: MDEC’s FOX initiative builds adaptable firms with strong elements
Gerardo Salandra and Georg Chmiel have many similarities, most notably their involvement in the Malaysian Digital Economy Corporation’s ( MDEC ) Founders Centre of Excellence ( FOX ), a multifaceted initiative designed to promote the development of high-potential Malaysian tech companies.
The national strategic initiative of Malaysia Digital ( MD), which aims to promote and grow domestic tech companies to become unicorns by 2025, is a part of the FOX program. The Squirrel program assists these organizations by fostering a robust support system and providing targeted resources, as well as strengthening their business basics and proper capabilities.
Both Georg and Gerardo are Malaysian-born foreigners who are launching international firms in a quick manner. Despite being offered relocations by other nations, they decided to stay because they believed Malaysia offers everything they need to develop their startups, even before the Squirrel program was introduced in March 2023.
Gerardo, from El Salvador, started his Business-to-Business Software as a Service ( B2B SaaS ) company in Hong Kong and then, deciding that being in Hong Kong was not going to help him achieve his dream of building a global company, picked Malaysia as his base.
I met some MDEC people at a conference and learned about their amazing service, the Malaysian Tech Entrepreneurs Pass ( MTEP), which allowed me to obtain a five-year work visa for myself. I mean, five times? Nothing gives you a five-year immigration. That is enough time for me to develop a business”, he said.  ,  ,  ,
In contrast to Gerardo, Georg was now well-versed in Malaysia when he assumed the position of Group Managing Director of iProperty in the middle of 2010. Georg is now aiming to build his subsequent home tech success as co-founder and executive president of Juwai IQI Holdings after successfully witnessing the price of iProperty to Australia’s REA Group, where he previously served as CFO.
Georg has seen a lot of government programs designed to promote business growth, but also he is impressed by the FOX program despite having over 25 years of experience in actual estate across Australia, Asia, and now Malaysia. ” To placed it clearly, this is like joining a top concierge service. Simply ask a topic and you get pointed in the right direction”, he says.
.jpg "Juwai IQI's senior leadership team together with MDEC representatives at the recent launch of Juwai IQI’s global headquarters")
Besides the concierge-like services that he feels is a striking feature of MDEC’s FOX program, Georg, who does a good bit of exploring, has noticed anything interesting about the effects of the programme.
When I say we were chosen to be a part of the program and explain how it works, he says, “people see us diversely.” The development of the FOX program, which aims to aid in the growth of its businesses, demonstrates Malaysia’s desire to contribute more to the world’s modern economy. ” This opportunities Malaysia as an impressive state, in the eye of outside shareholders. And that gains us”, he explains.  ,
That perception shift that Respond .’s testimonials demonstrate. Malaysia’s reputation is improved by Juwai IQI and Juwai IQ. However, MDEC’s work via the FOX program has assisted high-growth businesses to expand into global companies, and possibly unicorns. More businesses outside Malaysia may acquire Malaysia as their base to expand into global businesses as a result of the businesses ‘ decision to stay there after they achieve great success.
If the passionate comments from Georg and Gerardo is any indication, the FOX project, in this early stage, seems to be pressing all the right keys for its businesses.
It appears that the program thoroughly selects the businesses it needs to be assisting most. It continues to expand its reach, overcoming first failures with a lot of messages and information until it managed to grab Gerardo’s attention and convince him to sign up for the program.
Gerardo reflects,” As a leader, I understand the need for regular self-improvement and development. But as a business leader, the emails, messages, names, and discussions never seem to stop. When I return to the office after this meeting, I’ll be greeted with a stack of things demanding my interest. But, when is there time to focus on specific growth”?
With some very proper partnerships with international outfits, MDEC appears to have captured the attention of founders and their top leadership teams, making this a fact that the Squirrel program has integrated.  ,
One of these engagements, with Ernst &, Young Malaysia ( EY Malaysia ), even changed Gerardo’s perception of consultants. You have a tendency to think that professionals are pricey and unable to deal with business challenges, so I would never have paid for them.
However, Gerardo and his management staff have come to appreciate the value of consultants because of his work with EY and the EY 7 Motorists of Growth Framework dynamic research conducted. ” And today, we do pay for consultants” . ,  ,
Being connected to members who have effectively built B2B SaaS businesses like his was an even greater benefit of Gerardo’s subjection to his FOX program. This face it, not many people in Malaysia or the surrounding area may pertain to the difficulty of expanding a B2B company like me. Who may I call to make a enable request?
Gerardo has greatly benefitted from MDEC’s tie-up with Initiative via the Malay office in this regard. He was connected to the C-suite executive of a B2B SaaS business with a European address thanks to the Squirrel program. In order to pursue his goal of entering the Middle East market himself, he also had the opportunity to speak with the leader of a significant Middle Eastern company. Gerardo himself is currently pursuing joining Endeavor Malaysia despite having meetings that are ongoing and how valuable they were.
The Squirrel program strengthens Malaysia’s position to expand internationally and lead technical innovation by fostering strategic partnerships and constant outreach.
For more information on MDEC and its schemes, choose visit www. mdec.com. my