Frequently Asked Questions (FAQs)

For other inquiries, please contact us at kiic@khazanah.com.my

To watch a recording of the “Ask Me Anything” session, please click here

The Khazanah Impact Innovation Challenge “KIIC” is a platform for Khazanah to discover and support new business models that assists Khazanah to create strategic value based on the theme of the challenge.
The theme of KIIC 2021 is “Enhancing Ageing Services for Malaysians” where we are looking for proposals to support the growth and scaling-up of affordable services for the Malaysian ageing community; towards increasing their quality of life and enabling ageing-in place. KIIC is looking for solutions that will help reduce the burden and challenges of ageing. In general, these solutions must meet the following criteria:
  • Ageing-in-place models that enable Malaysians to age in their own homes or within their current community with access to social, health and care services;
  • Addresses the needs of the middle-income community – affordable prices and expanded coverage of support in Malaysia;
  • Innovative non-technological or technological-enabled solutions; and
  • Any other services that also address the problem (e.g. other ancillary services, financing services, services that reduce cost of healthcare for the aged, etc.).
The ability to live in one’s own home and community safely, independently, and comfortably, regardless of age, income, or ability level.
The KIIC is created and organised by Khazanah Nasional Berhad (“Organiser”), in partnership with the Malaysian Global Innovation and Creativity Centre (“MaGIC”) and supported by Endeavor.

About Khazanah Nasional Berhad
Khazanah Nasional Berhad (“Khazanah”) is the sovereign wealth fund of Malaysia entrusted with growing the nation’s long-term wealth via distinct commercial and strategic objectives. Khazanah’s commercial objective is to grow financial assets and diversify revenue sources for the nation, while its strategic objective is to hold strategic assets that bring long-term economic benefits. Khazanah is guided by its investment philosophy which emphasises attaining appropriate risk-adjusted financial returns, generating sustainable returns, and integrating ethical and responsible investing considerations. For more information on Khazanah, please visit www.khazanah.com.my

About MaGIC
Since its inception in 2014, the Malaysian Global Innovation and Creativity Centre, otherwise known as “MaGIC” has impacted more than 100,000 aspiring and seasoned entrepreneurs with an overall value creation of USD460mil. We empower technology startups and social innovators through creativity, innovation and technology adoption with aims to develop a vibrant and sustainable entrepreneurship ecosystem in Malaysia. As an agency under the Ministry of Science, Technology and Innovation (“MOSTI”), MaGIC facilitates, navigates and enables the ecosystem with the mission of strengthening Malaysia’s position as an emerging innovation nation. For more information, visit www.mymagic.my

About Endeavor
Established in 1997, Endeavor is leading the global high-impact entrepreneurship movement to drive economic growth and job creation by selecting, mentoring, and accelerating the best high-impact entrepreneurs around the world. To date, Endeavor has screened more than 60,000 individuals and selected more than 2,100 founders leading over 1,300 scale-up companies. With support from Endeavor’s worldwide mentor network, Endeavor Entrepreneurs have created over 4.1 million jobs, generate more than $26 billion in revenue each year, and inspire future generations to innovate and take risks, building strong entrepreneurship ecosystems in growth markets. Headquartered in New York City, Endeavor currently operates in 35+ growth markets throughout Africa, Asia, Europe, Latin America, the Middle East, and North America. Founded in 2013, Endeavor Malaysia has screened over 6,000 individuals and selected over 70 founders leading 45 scale-up companies, 21 of whom have reached international scale. Ongoing programmes include Endeavor Entrepreneur Track and ScaleUp Endeavor Track. For more information, visit https://www.endeavormalaysia.org/
The KIIC is accepting submissions between 4 May 2021 to 11.59 pm on 7 June 2021 Malaysian time (GMT+8) via the MaGIC application form here.
There is no cost to participate in the KIIC.
Malaysian-based business entities with the following criteria which can provide innovative and unique solutions for the challenge:
Description Accelerator Status Scale-up Status
Organisation Details Companies incorporated in Malaysia with solutions / ideas creating impact in Malaysia Companies incorporated in Malaysia with solutions / ideas creating impact in Malaysia
Size of organisation N/A Small and medium-sized companies as defined by SME Corporation Malaysia:
  • Small-sized company with annual revenue of RM300,000 – RM3 million; or
  • Medium-sized company with annual revenue of RM3 million – RM30 million.
Stage of company
  • At least 12 months track record, either financial or commercial;
  • Non-profit organisations (NPOs) are not eligible;
  • With Minimum Viable Product or market-tested/proven;
  • Prototype ready to be launched.
  • Established businesses with a minimum of 3-year track record and 1/3 operations in Malaysia;
  • Non-profit organisations (NPOs) are not eligible.
Others Not an employee of Khazanah, MaGIC or Endeavor. Not an employee of Khazanah, MaGIC or Endeavor.
Winner or winners of KIIC will have a chance for an award of up to RM300,000 each in project development grant and a potential follow-on investment by Khazanah.

Khazanah reserves the rights on the final grant amount, and disbursement schedule to the shortlisted winner(s) subject to the execution of the KIIC Grant Agreement by the winner(s).

Eligible participants may be invited to participate in MaGIC’s Social Impact Challenge Accelerator Programme (SICA) for further capacity building and funding opportunities.
MaGIC’s Social Impact Challenge Accelerator (SICA) is a customised accelerator programme that provides high potential innovators and startups access to capacity refinement, funding and network opportunities in scaling their impact-driven solutions to tackle a series of identified social and/or environmental challenges. SICA is a programme organised and managed by MaGIC. For more information on SICA, please contact socialimpact@mymagic.my.
KIIC is looking for proposals that will help reduce the burden of ageing and address its challenges.

Proposals submitted should address the following:
  • Solutions should attempt to improve the quality of life of the Malaysian senior community by reducing the burdens of ageing and make everyday life easier for the seniors and their families.
  • Solutions should address the middle-income community and attempt to enable more seniors to ‘age-in-place’. These services can be any of the following:
    • Facilities-based services: quality aged care homes or day-care centers;
    • Home-based services: quality in-home services;
    • Financing-based services: financing solutions for senior care;
    • Other technology-based solutions.
  • Solutions must be commercially viable and scalable
  • Solutions can be either technology-based solutions (i.e. apps, devices) or existing solutions reimagined (i.e. change in the function of a day care service).
  • the proposed solutions must deliver:
    • Measurable impact for Malaysians;
    • Sustainable business model;
    • Solutions that can be replicated across Malaysia.
All applications submitted must fit the objective of the challenge, must have proof of concept that can be applicable to both urban and sub-urban communities in Malaysia.
The submitted proposals will be reviewed by the Organiser to shortlist the top entries which will advance to the KIIC Pitch Day. The organiser may contact applicants during the “Review and Clarification” period for further information or clarification on the proposal.

Shortlisted submissions are selected based on:
  • Quality of application – complete submission of required information;
  • Relevance of the innovation (product or services) to address the requirements;
  • Commercial viability;
  • Feasibility; and
  • Measurable social impact.
Shortlisted finalists will be notified by the Organiser via e-mail and are required to reply within 3 working days. In the event they fail to do so, their spot will be given to the next best submission.
During the KIIC Pitch Day you will be evaluated based on the following (but not limited to):
  • Quality of presentation to panel judges – outlining relevant solutions / innovation (product or services);
  • Track record on proof of concept;
  • Commercial viability – business model, and financials (historic and projected);
  • Credentials of the management team;
  • Feasibility for scale-up in Malaysia; and
  • Measurable social impact.
Stages Dates
Application Opens 4 May 2021
“Ask Me Anything”
(virtual session)
10 May 2021 & 1 June 2021
Closing of Applications 7 June 2021
Review & Clarification Period 8 June 2021 – 21 June 2021
Pitch Day 12 July 2021 – 15 July 2021
Notification of Winners Announced after Pitch Day
The above dates are subject to further changes by the Organiser at its sole discretion.
Upon submitting an application, an applicant agrees to the following:
  • Be available for clarification calls (weekdays, 9 am – 6 pm) during “Review & Clarification” period by the Organiser;
  • Participate in sessions held by Organiser to refine proposals in preparation for the Pitch Day upon selection and notification, attend the KIIC Pitch Day on a pre-determined date; and
  • Read and accept all terms and conditions attached to your participation in KIIC including KIIC privacy policy which can be found at https://www.khazanah.com.my/kiic/privacy-policy.
The Organiser holds the right and discretion to disqualify and revoke any submitted and/or approved applications, at any point of time, if the information available confirm the following:
  • Misrepresentation of information during application;
  • Does not meet any of the specified criteria listed in item 6;
  • Involvement of fraud, bribery or money laundering activities;
  • Key team members have been convicted of or are involved in criminal and/or illegal activities. For the avoidance of doubt, “criminal and/or illegal activity” does not include any non-indictable offences or offences under road traffic legislation; and have any conflicts of interest arising from this engagement; or
  • Massive drift or significant changes from the intended objectives and outcome as represented during application.
The information you provide on your application will only be accessible by the following parties:
  • The Organiser of KIIC and its partners (management of your application and review of potential collaboration);
  • Panel of Organiser’s representatives and expert judges (to review and score your proposals).
Notwithstanding the above, if your submission is shortlisted, your project title, summary of ideas, team members and any related information may be announced in the public domain for the purpose of non-commercial promotion of KIIC and its related events.