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Petaling Jaya, Selangor DE, Malaysia, 2009/10/30 - LTT Global's association with Cradle Investment provides Mobile-preneurs a unique platform to fine tune business ideas, widen business skill and knowledge a necessary push to provide developers the benefits a total eco-system in the mobile space.
Cradle Fund Sdn. Bhd. (Cradle) and LTT Global Communications Sdn. Bhd. (LTT Global) today announced a partnership to encourage the development of Malaysian mobile content and application developers.
Through this, Cradle will offer funding of up to RM150,000 to aspiring local mobile content and application developers for each selected innovative technology idea with a high level of potential for commercialisation under its Cradle Investment Programme (CIP); whilst LTT Global will provide a variety of services that support the management, development, distribution and marketing of mobile content and applications to mobile consumers locally and globally.
Speaking at the launch of the partnership today, Cradle Chief Executive Officer Nazrin Hassan said, “The Cradle-LTT Global collaboration marks yet another milestone in Cradle‟s ongoing efforts to enrich the mobile application ecosystem by actively promoting idea development within the mobile content space and assist in the increasing commercialisation of these ideas. This will benefit both the industry and consumers – developers now have greater incentives to develop even more world class applications; and consumers stand to gain from a greater variety of innovative applications to add value to their daily mobile use.”
The Cradle-LTT Global collaboration provides local Mobilepreneurs with a unique platform to fine tune business ideas and to widen their business skills and knowledge of the industry; its unique needs and opportunities for collaboration; and cross marketing between different developers locally and around the region.
Cradle has received 232 mobile-related applications since its inception in 2003, of which 35 have been approved for funding. To date, Cradle has funded about 372 ideas via its Cradle Investment Programme, of which 48% of the completed ideas have been commercialised.
“This partnership with Cradle is a much needed catalyst for the creation and growth of a total eco-system for the development and commercialisation of ideas in the mobile content and application development space,” said Wemel Cumavoo, Chief Executive Officer of LTT Global. “This partnership is a way forward as we work with Cradle to help remove barriers to industry opportunities for local developers and to grow the market for content, applications and services in Malaysia.”
LTT Global is an initiator and pioneer of mobile learning applications both locally and globally. In 2004, the company introduced M-Learning (mobile learning), an innovative concept of learning that changes the way consumers utilise their mobile devices as learning tools. The company has over the years worked through several initiatives that are targeted at promoting the mobile content and application development industry locally.
In this collaboration, LTT Global will be required to look into its pool of developers within the local content development community and help shape and select ideas with high commercialisation potential. These ideas will then be funnelled to Cradle for development and funding. Upon successful product development, LTT Global will funnel the successful ideas through a mobile application and content developers community which comprises of content owners, mobile service providers, technologists, vendors and strategic partners, to support the commercialization of the funded ideas.
Ideas that can be funded under the Cradle-LTT Global collaboration include, but are not limited to mobile social networking; mobile enterprises customizing business processes; mobile learning and edutainment content; mobile-enabled traditional and online retail and commerce; mobile music and entertainment; mobile location-enabled services, as well as mobile news and information-on-demand.
About Cradle Investment Programme (CIP)
Cradle Investment Programme (CIP) is Malaysia‟s first developmental pre-seed funding programme managed by Cradle Fund Sdn Bhd under the auspices of the Ministry of Finance (MOF). A sum of RM100 million has been allocated by MOF for this programme.The programme, which enables budding innovators and aspiring innovative entrepreneurs to transform their raw technology-oriented ideas into commercially viable ventures, provides conditional grants of up to RM150,000 to teams of individuals and researches with innovative ideas in the ICT, non-ICT and high-growth technology industries. To date, the company has disbursed more than RM30 million under the programme.Applications for the pre-seed funding programme are submitted online via CIP‟s website.
About LTT Global Communications Sdn. Bhd.
LTT Global Communications (LTTG) is among the initiators and pioneers of mobile learning globally by participating, understanding, tracking, creating awareness using revolutionary mobile technology acclaimed for its speed, power and effectiveness to deliver education to the masses in an innovative way.
LTTG provides a broad range of consultancy services and aspires to be one of the leading innovators in the educational market, concentrating on delivering effective mobile learning services to government, private sectors and individuals. For more information, visit LTT Global's website.