EARLY-STAGE tech startups can now apply for the Penang i4.0 Seed Fund Stream #3 for funding up to RM100,000.
Chief Minister Chow Kon Yeow said the application for the seed fund can be made through the InvestPenang website at http://investpenang.gov.my/penang-i4-0-seed-fund/ and through other social media platforms until March 26 this year.
“The Penang government intends to build, attract and retain talents in this data-driven digital era, and we want to stimulate the tech start-up ecosystem with a fund allocation of RM1 million for the Penang i4.0 Seed Fund Stream #3 this year.
“The funding scope of the Penang i4.0 Seed Fund Stream #3 covers product enhancement, marketing and branding activities, and technical, product or design hires; with the focus on Internet of Things (IoT), hardware and software integration, digital consumer, advanced manufacturing and other tech-based activities.
“Apart from the financial support, non-financial support such as mentorship, capacity building programmes and potential linkage opportunities will also be provided to the recipients.
“The evaluation committee, comprising industry captains and successful startups, is responsible for evaluating the proposals and candidates; before providing the final approval recommendations to the members of the steering committee,” Chow told a press conference which was conducted virtually today.
The members of the evaluation committee are InvestPenang chief executive officer Datuk Loo Lee Lian (chairman), Exabytes Network founder Chan Kee Siak, BizCoach Solutions principal Radin Ikram, Cytron Technologies chief technology officer Ober Choo, eSolved MSC founder Charles Tang, Forward School founder Howie Chang, Aemulus chief executive officer Ng Sang Beng, Inari chief executive officer Lau Kean Cheong, Pentamaster executive chairman Chuah Choon Bin and UST Global country head Amar Chhajer.
Chow, Datuk Seri Lee Kah Choon (special investment advisor to the Penang Chief Minister) and Datuk Dr Mohamad Farazi Johari (State Financial Officer) are the members of the steering committee.
The eligibility criteria of the Penang i4.0 Seed Fund Stream #3 programme are as follows:
- Early-stage tech startups that have a working minimum viable product with positive early traction.
- Companies incorporated in Malaysia having at least 51% ownership by Malaysian.
- Operating for less than five years.
- Accumulated revenues of not exceeding RM1 million.
Chow said that the state had awarded a total fund of RM3 million and successfully propelled the growth of 27 startups under the Penang i4.0 Seed Fund Stream #1 and #2, back in 2018 and 2019 respectively.
“The state will remain committed and persistent in our efforts to nurture and promote local startups.
“The Penang government, via InvestPenang, has outlined a series of mentoring and coaching programmes known as G27, exclusively for the seed fund recipients.
“We are proud to house a number of the locally-based startups which have achieved renowned status in Southeast Asia.
“Companies such as Cytron, DeliverEat, Exabytes, InstanteStore and Piktochart have reassured the state’s prospects in the startup ecosystem.
“We hope that the seed fund and the non-financial support can be a stepping stone for more Penang-powered companies to excel,” he added.
Story by Christopher Tan
Pix by Muhamad Amir Irsyad Omar
Video by Law Suun Ting