Budding entrepreneurs requesting funds to develop information technology (IT) software, applications for e-services, consumer business and e-commerce, make-up the bulk of technology-related ideas submitted to Malaysia Venture Capital Management Bhd's (Mavcap) Cradle Investment Programme (Cradle).

The IT related ideas submitted are led by software (15%), e-services (14%), consumer business services (10%) and communications/networking (5%), Mavcap said in a statement in Kuala Lumpur yesterday.

"This mix is also mirrored in the latest batch of applicants who submitted ideas for funding and were recently approved by the Finance Ministry to receive the Cradle grant. This latest round of approval will see close to RM900,000 being disbursed to 18 successful applicants under batch four," Mavcap said.

To-date, Cradle had disbursed RM3.8 million to 74 successful applicants and aims to further disburse at least RM25 million to 500 qualified ideas applicants by year-end.

Cradle is Malaysia's first development fund which helps to convert raw ideas into commercial ventures. The RM100 million pre-seed funding programme provides conditional grants of up to RM50,000 for innovative and bright ideas submitted by individuals or companies, focusing on information and communications technology (ICT) and high-growth technology.

Mavcap's Chief Executive Officer Azwar Mahmud said that there is a positive shift among local entrepreneurs, with many now becoming more aggressive in creating their own products.

"In the long run, successful home-grown technologies, be it software or hardware, will help the country lessen its dependence on imported technologies, while increasing the export of our own unique technologies," he said.