Alliance Bank has brought back its BizSmart Challenge to once again empower aspiring entrepreneurs and help accelerate their business growth. Now in its seventh iteration – dubbed the Accelerator Edition – the bank has also updated the initiative to be more inclusive, allowing more small and medium-sized enterprises (SMEs) to participate for a chance to grow their businesses.

In a statement, Alliance Bank said that the eligibility criteria for the Challenge has now been expanded to include Malaysian-registered SMEs that have been operating between one to ten years with an annual sales turnover of RM500,000 to RM40 million. In the previous edition – which took place back in 2019/2020 – participating SMEs were required to have been in operations for one to five years, with an annual turnover of less than RM50 million.

As a participant, you’ll be competing with other entrepreneurs for an opportunity to pitch your business plans and ideas to a lineup of distinguished judges and investors. The top 10 businesses that manage to proceed to the final round of business pitching will then battle it out for a chance to win cash prizes of up to RM100,000, as well as gain access to mentorship, brand exposure, and business training worth up to RM2 million in total. This is in addition to preferential financing of up to RM20 million from Alliance Bank.

Finalists of the BizSmart Challenge will also be able to leverage on the resources, experience, and know-how of an extensive network of programme partners, including from 1337 Ventures, 5X Capital, Credit Guarantee Corporation Malaysia Bhd (CGC), as well as Cradle. Notably, this is the first time in the history of BizSmart Challenge where the finalists are able to pitch their ideas to 1337 Ventures and 5X Capital.

Another highlight of the Challenge this year is a three-day accelerator programme led by 1337 Ventures, where the finalists will get to learn how to develop their business plans and pitches in detail. There are also tailored business coaching sessions that cover topics such as SME and business challenges, the halal industry, and sustainability – led by Alliance Bank, 5X Capital, and selected alumni from previous Challenge seasons.

On top of that, Alliance Bank will be organising the BizSmart Business Conference 2024 as part of this year’s Challenge, set to take place on 16 July 2024 at W Hotel Kuala Lumpur. Themed “Business Beyond Tomorrow”, it will feature various panel sessions, fireside chats, and breakout sessions with speakers from HEXA Food, Montigo Malaysia by RPG Commerce, Mamee, and various other relevant parties.

“The launch of the BizSmart Challenge Accelerator Edition reaffirms our commitment to enable the growth journey of businesses through relevant and dynamic banking and non-banking solutions. We recognise that business owners face various challenges especially during the start-up phase, from securing funding to accessing relevant business coaching. Hence, we are partnering with experts in different fields who can address the diverse needs that they have,” said the group chief executive officer of Alliance Bank, Kellee Kam.

Kam further stressed that Alliance Bank – with its ambition to be The Bank For Life for its customers – hopes to help businesses succeed at every stage of their life cycle, offering them differentiated solutions to meet their unique needs as they grow.

Alliance Bank hosted its first BizSmart Challenge back in 2013, and then continued to do so annually until 2019/2020, after which the Challenge was temporarily paused during the Covid-19 years. With its return this year, this marks the 10^th anniversary of the Challenge. Interested businessowners who would like to participate in the latest BizSmart Challenge can send in their submissions from now until 15 July 2024, and shortlisted participants will be contacted in August. You can find out more about the Alliance Bank BizSmart Challenge Accelerator Edition on its official landing page here.

• TAGS:
• 1337 Ventures
• 5X Capital
• Alliance Bank
• Alliance Bank BizSmart Challenge
• BizSmart Business Conference
• Cradle
• Credit Guarantee Corporation Malaysia Bhd (CGC)
• Kellee Kam