THE applications for the Penang i4.0 Seed Fund Stream #4 are now open!
Early-stage technology start-ups can apply for the special seed programme from today (Feb 22) until March 22 this year.
Chief Minister Chow Kon Yeow said the Penang government has allocated RM1 million to support the Penang i4.0 Seed Fund Stream #4 this year.
“The Penang i4.0 Seed Fund initiative started in 2018 and it has benefitted 37 start-ups under the previous ‘streams’.
“The funding scope of the Penang i4.0 Seed Fund includes product enhancement, marketing and branding activities, as well as, technical, product or design hires, and intellectual property-related costs.
“Meanwhile, the focus sectors include the Internet of Things (IoT), advanced manufacturing, consumer digital, EdTech, health tech, clean tech, and other tech-based companies, with priorities being given to start-ups that support Penang’s electrical and electronics (E&E) ecosystem,” he told a virtual media conference via Zoom application today.
Chow also mentioned the eligibility criteria for the Penang i4.0 Seed Fund Stream #4 programme.
Among them are early-stage tech start-ups that have a working minimum viable product with positive early traction, company incorporated in Malaysia having at least 51% ownership by Malaysian citizens, operating for less than five years, and accumulated revenue of not exceeding RM1 million.
“Start-ups that fulfil the criteria can apply for funding of up to RM100,000. Non-financial support such as mentorship, capacity building programmes, and industry linkage opportunities are among the perks provided to the fund recipients,” he said.
Chow said Penang constantly placed itself at the forefront of innovation.
“Penang is well-positioned as an entrepreneurial state, underpinned by its vibrant ecosystem. The Penang i4.0 Seed Fund aptly attested the state’s persistent effort in nurturing and propelling its homegrown brands.
“We have seen commendable performance among the past recipients. They have received greater visibility and recognition by other investors beyond seed funding,” Chow said.
Chow also introduced the steering and evaluation committee members.
The evaluation committee is made up of industry captains and founders of successful start-ups. They are tasked to evaluate the submitted proposals and candidates; as well as provide recommendations to the steering committee members for the final approval.
The Chief Minister is the chairperson of the steering committee. Other members of the steering committee include State Financial Officer Datuk Dr Muhammad Farazi Johari, and Penang Chief Minister’s special investment adviser Datuk Seri Lee Kah Choon.
The members of the evaluation committee are InvestPenang chief executive officer Datuk Loo Lee Lian (chairperson), UST Global country head Amar Chhajer, Exabytes Network founder and chief executive officer Chan Kee Siak, eSolved MSC founder and chief executive officer Charles Tang, Pentamaster executive chairman Chuah Choon Bin, Forward School founder and chief executive officer Howie Chang, Inari chief executive officer Lau Kean Cheong, Aemulus chief executive officer Ng Sang Beng, Cytron Technologies chief technology officer Ober Choo, and BizCoach Solutions principal Radin Ikram.
Loo said shortlisted candidates who meet the eligibility criteria requirements would be invited to pitch their business proposals on a selected date.
“The Penang i4.0 Seed Fund evaluation committee will score the candidates based on technical merits of each proposal. The evaluation committee will evaluate the business proposals and provide its recommendations to the steering committee,” she said.
Applications for the Penang i4.0 Seed Fund Stream #4 can be made via the InvestPenang’s website at https://investpenang.gov.my/penang-i4-0-seed-fund/ or its other social media platforms (Facebook and LinkedIn).
Story by Christopher Tan
Pix by Law Suun Ting