FAQ – Khazanah Impact Innovation Challenge

For other inquiries, please contact us at [email protected]

KIIC is a business challenge aligned with Khazanah’s Dana Impak* value creation objectives, aiming to address pervasive problem statements and drive socio-economic resilience and growth potential for the country.

*Dana Impak or impact fund, is a key pillar under Khazanah’s Advancing Malaysia strategy to support investments which will increase the nation’s competitiveness and resilience in the evolving global environment, prioritising the creation of long-term socio-economic value for Malaysians
KIIC2023’s theme is “Tackling the Climate Challenge for Malaysia’s Food Security”.

KIIC 2023 intends to attract innovative agri-food start-ups and Micro, Small and Medium-sized Enterprises (“MSMEs”) that are actively tackling problems arising from the impact of climate change on the agri-food sector.

Additionally, KIIC 2023 will provide support to the selected participants to enhance their readiness and knowledge in securing and raising funds to take their businesses to the next level of growth.

Overall, the programme seeks to strengthen the profile of Malaysia-based agri-food start-ups and MSMEs, with the ultimate goal of creating socio-economic value for the country.
According to the United Nations, “Climate change refers to long-term shifts in temperatures and weather patterns”. Further, according to the Intergovernmental Panel on Climate Change* (“IPCC”), “climate change is a threat to human wellbeing and the health of the planet. We will miss the brief, rapidly closing window to secure a liveable future if there is any further delay in concerted global action”.

*IPCC is the United Nations body for assessing the science related to climate change

According to the 1996 World Food Summit, food security is defined as “all people, at all times, have physical and economic access to sufficient safe and nutritious food that meets their dietary needs and food preferences for an active and healthy life”.

Food security is multi-dimensional with four main pillars:
  1. Availability: Availability of sufficient quantities and appropriate quality of food through food production or imports
  2. Access: Access to adequate and appropriate foods for a nutritious diet
  3. Utilisation: Adequate diet, clean water, sanitation and health care to reach a state of nutritional well-being
  4. Stability: Having access to adequate food at all times
More definitions and concepts on food security can be obtained from the Food and Agriculture Organization website. An understanding of Malaysia’s global food security ranking and our weak points, can be obtained from the Global Food Security Index 2022.
KIIC 2023 is organised by Khazanah Nasional Berhad (“Organiser”) in partnership with its programme partner, Plug and Play APAC (“PNP”), outreach partners, Impact Circle and Cradle Fund’s MYStartup, and funding partners Gobi Partners, 500 Global and Agrobank.

About Khazanah Nasional Berhad
Khazanah Nasional Berhad (“Khazanah”) is the sovereign wealth fund of Malaysia entrusted to deliver sustainable value for Malaysians. In line with its long-term strategy of Advancing Malaysia, Khazanah aims to deliver its purpose by investing in catalytic sectors, creating value through active stewardship, increasing its global presence, as well as building capacity and vibrant communities for the benefit of Malaysians. For more information on Khazanah, visit www.khazanah.com.my

About Dana Impak
Dana Impak or impact fund, is an initiative by Khazanah and a key pillar under Khazanah’s Advancing Malaysia strategy to support investments that will increase the nation’s competitiveness and resilience in the evolving global environment, prioritising the creation of long-term societal value for Malaysians.

About Plug and Play
Plug and Play (“PNP”) is a global innovation platform. Headquartered in Silicon Valley, PNP have built accelerator programs, corporate innovation services and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, PNP programs have expanded worldwide to include a presence in over 50 locations globally, giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 80,000 startups and 550 official corporate partners, PNP have created the ultimate startup ecosystem in many industries. PNP provide active investments with 200 leading Silicon Valley VCs, and host more than 700 networking events per year. Companies in our community have raised over $9 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club and PayPal. For more information: visit www.plugandplayapac.com

About Impact Circle
Impact Circle (“IC”) is an independent agrifoodtech builder and multiplier for the food and agriculture sector in Southeast Asia. IC provide an integrated platform to support companies and startups build and co-create food and agricultural solutions to transform our existing food systems, improve food security and reduce our environmental impact for healthy living and sustain our planet earth. For more information, please visit www.myimpactcircle.org/

About Gobi Partners
Gobi Partners is the most interconnected Pan-Asian venture capital firm with US$1.6 billion in assets under management (AUM) across Asia. Headquartered in Kuala Lumpur and Hong Kong, Gobi has raised 16 funds to date, invested in over 380 startups and nurtured 10 unicorns. As a Participant of the United Nations Global Compact, the firm launched its second Sustainability Report in June 2023. For more information, please visit https://gobi.vc/

About 500 Global
500 Global is a multi-stage venture capital firm with US$2.5B in assets under management1 as of 31 March 2023 that invests in founders building fast-growing technology companies. 500 Global focuses on markets where technology, innovation, and capital can unlock long-term value and drive economic growth. 500 Global has backed over 5,000 founders representing more than 2,800 companies operating in 80+ countries. 500 Global has invested in 45+ companies valued at over $1 billion and 150+ companies valued at over $100 million (including private, public, and exited companies). 500 Global is among one of the leading early unicorn investors to be established in Southeast Asia having backed companies which have been valued at over $1B+ such as Grab, Bukalapak, Carousell, Carsome, FinAccel, and eFishery. 500 Global 180+ team members are located in over 25 countries and bring experience as entrepreneurs, investors, and operators from some of the world’s leading technology companies. For more information, please visit https://500.co/

1. Assets under management stated herein are rounded to the nearest $100M and are calculated in accordance with SEC Form ADV Part 1a Instruction 5.b. to include the current market value (or fair value) of all private fund assets and the contractual amount of any uncalled commitments to such private funds, together with the current market value of all other securities portfolios for which 500 Startups Management Company, L.L.C. or its affiliates provides ongoing discretionary investment management services, with market value determined using the same method used to report account values to clients or to calculate fees for investment advisory services. assets under management may increase or decrease significantly after 31 March 2023.

About Agrobank
AGROBANK is a leader in agriculture financing and values-based banking based (VBI)* in Malaysia. Established in 1969, Agrobank is actively involved in charting the growth and development of Malaysia’s agriculture industry by offering shariah-compliant products and solutions across various customer segments including micro, small, medium, and large retail, and business customers. Agrobank is a full-fledged Islamic bank since 1st July 2015.

As a market-driven, customer-centric DFI (Development Financial Institution) with a primary focus on strengthening the agriculture sector in Malaysia, Agrobank strikes an equal balance to its developmental and commercial roles to benefit the agriculture sector. Agrobank provides a comprehensive repertoire of financing solutions for the agriculture community; that includes upstream activities related to primary food and commodities-based agriculture activities to downstream activities such as processing, marketing, and distribution of agricultural products.

Agrobank also offers retail banking financing solutions to improve the well-being of the agriculture community. This is done through its network of 207 touchpoints which include 140 branches and 67 banking touchpoints. In 2019, Agrobank celebrated its golden jubilee Anniversary, as it marks 50 years of its proud establishment developing the agro-industry. For more information, please visit https://www.agrobank.com.my

About Cradle Fund Sdn Bhd
Cradle is Malaysia’s early-stage startup influencer, incorporated under the Ministry of Finance Malaysia in 2003, and administered under the Ministry of Science, Technology and Innovation (MOSTI). With over 1000 tech startups funded, Cradle has the highest commercialisation rate among government grants. Cradle now offers two new grants, CIP Spark and CIP Sprint, targeting technology startups for idea development and commercialisation. Cradle has been appointed as the focal point agency for Malaysia’s startup ecosystem, spearheading the Malaysia Startup Ecosystem Roadmap (SUPER), MYStartup programme, and administering the Angel Tax Incentive (ATIO). Cradle’s product offerings are not only restricted to monetary aid, but also include commercialisation support, coaching and various value-added services to cater to today’s entrepreneurs’ diversified needs. For more information on Cradle, please visit www.cradle.com.my

About MYStartup
Established in 2021, MYStartup is a national project initiated by the Ministry of Science, Technology, and Innovation (MOSTI) powered by Cradle. With the aim to be the ASEAN Centre of Entrepreneurship by 2030, MYStartup focuses its efforts on three main pillars that are crucial in building an inclusive and sustainable entrepreneurial ecosystem: founders, investors, and developers. MYStartup develops initiatives such as MYHackathon, MYStartup Accelerator/Pre-Accelerator, MYStartup Bootcamp and MYStartup Dev, which are all aimed to guide and provide a platform to accelerate and spur the growth of the ecosystem. With a goal to build an inclusive and sustainable startup ecosystem from the ground up, MYStartup is part of the Malaysian Startup Ecosystem Roadmap (SUPER) which has been mandated to ensure that initiatives by MYStartup benefit the startup ecosystem as a whole. This effort is also in tandem with MOSTI’s target of creating 5,000 startups and 10,000 coders by 2030. For more information on MYStartup, please visit www.mystartup.gov.my
The KIIC initiative is accepting submissions between 25 July 2023 to 11.59 pm on 4 September 2023 Malaysian time (GMT+8) via the Plug and Play application form here.

There is no registration cost to participate in the KIIC.

The information you will need to provide to participate in KIIC:
  1. Email address and contact information
  2. Designation / title with the company
  3. Registered company name
  4. Company website link
  5. Company social media links
  6. Address of company’s headquarter(s)
  7. Date of company incorporation
  8. Specific problem statement the company is addressing
  9. How does the company tackle / solve the climate challenge for Malaysia’s food security?
  10. The best fit for your solutions – Farming Solutions, Animal Feed Solutions, Regenerative Agriculture Solutions, Technology & Training Solutions or Others
  11. Does your solution involve gender diversity, MyGAP or other certification, or initiatives in East Malaysia?
  12. Which aspect does your company’s solution address – Climate Mitigation or Climate Adaptation?
  13. Which pillars of food security does your solution address – Availability, Access, Utilisation or Stability?
  14. Your company stage – are you a Startup or a Micro, Small and Medium Enterprise (MSME)?
  15. Funds Raised OR Share Capital as of 25 July 2023
  16. Annual Revenue in the last ended FY
  17. Latest audited financial statements (attachment)
  18. Current company profile as per SSM (attachment)
  19. How KIIC can add value to your growth journey
  20. Latest company overview deck (attachment)
  21. Link to your proposal video (if any)
Malaysian-based business entities with the following criteria which can provide innovative and unique solutions for the challenge defined in part 8:
Criteria Description
Organisation Details Companies registered and operating in Malaysia under the Companies Act 2016
Funding requirement Companies seeking growth funding
Stage of company A. Startups
  • Businesses which have found Product Market Fit (“PMF”), (i.e. long, sustained period of customer/user growth and low churn) AND
  • Companies with a minimum revenue of RM1,000,000
  • Companies with a revenue of up to RM20,000,000; OR
  • Companies with total employees of up to 75 only
Exclusions (Not Eligible)
  • Non-profit organisations (“NPOs”)
  • Employee or immediate family members of Khazanah, Plug and Play or Impact Circle
The ten (10) finalists of KIIC will receive an award of up to RM500,000 each in the form of grants. Khazanah and its partners reserve the rights on the final grant amount, and disbursement schedule to the shortlisted finalists subject to the execution of the KIIC Grant Agreement by the finalists.

Further, the KIIC Demo Day would provide a platform for finalist(s) to pitch for (i) potential equity investments from Khazanah and its funding partners; and/or (ii) debt funding from our debt financing partners. Note that funding will be provided on an opportunistic basis with the funding decisions made at the discretion of each funding party.
KIIC is looking for Malaysia-based entities with innovative and commercialised solutions which are economically viable and investable. We welcome participants to challenge the boundaries and thinking to tackle climate challenges to food security in Malaysia.

The list below serves as a non-exhaustive list of guiding focus areas that help accomplish the overall objectives.

Guiding focus areas for applications to be submitted:
  1. Farming Solutions
    1. Drought tolerance
    2. Smart irrigation, internet of things (“IOT”), and remote sensing
    3. Controlled Environment Agriculture Solutions (greenhouse & vertical farming)
  2. Animal Feed Solutions
    1. Alternative feed inputs
  3. Regenerative Agriculture Solutions
    1. Bio-fertilizer & soil enhancers (Algae, plant-based, insect-based, mycorrhizal fungi and etc.)
    2. Biochar
    3. Cover crop solutions
    4. Pests control solutions
    5. Other biological/chemical solutions
  4. Technology & Training Solutions
    1. Embedded agriculture education services
    2. Marketplace
    3. Supply chain
  5. Other Solutions
    1. Adaptive crop planting solutions
    2. Other climate mitigation and/or adaptation solutions for agrifood
Climate mitigation means avoiding and reducing emissions of heat-trapping greenhouse gases into the atmosphere to prevent the planet from warming to more extreme temperatures.

Climate adaptation means altering our behavior, systems, and-in some cases-ways of life to protect our families, our economies, and the environment in which we live from the impacts of climate change.
All applications submitted must fit the objective of the challenge and must have proof of concept that can be applicable in the Malaysia context.

The submitted applications will be reviewed by the Organiser to shortlist the top entries which will advance to the KIIC Demo Day. The organiser may contact applicants during the “Review and Clarification” period for further information or clarification on the applications.

Shortlisted submissions will be selected based on:
  • Quality of application – complete submission of required information;
  • Relevance of the innovation (product or services) to address the problem statement and relevance to the focus areas;
  • Commercial viability;
  • Feasibility; and
  • Measurable impact.
Shortlisted finalists will be notified by the Organiser via e-mail and are required to reply within 3 working days after 15 September. In the event they fail to do so, their spot will be given to the next best submission.
During the KIIC Demo Day you will be evaluated based on the following criterias (but not limited to):
  • Ability to address the problem statement and relevance to the focus areas
  • 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 impact (meaning, the impact/positive outcome of the proposed solution or product should be identifiable and/or trackable and participants should highlight this in their application).
Stages Dates
Application Opens 25 July 2023
Application Deadline 4 September 2023
Review & Clarification Period 19 September 2023 – 26 September 2023
Pitch Polishing and Review October 2023 – November 2023
Demo Day 6 November 2023
Notification of Finalists Announced after Demo Day
The above dates are subject to further changes by the Organiser at its sole discretion.
Upon submission, 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 applications in preparation for the Demo Day upon selection and notification, attend the KIIC Demo 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 or does not own or infringe third party’s intellectual property rights;
  • 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 for the management of your application and review of potential collaboration;
  • Panel of Organiser’s representatives and expert judges (to review and score your applications).
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.