In a recent virtual launch, Penang allocated RM1 million in i4.0 Seed Fund Stream #4 for early-stage technology start-ups. This serves as part of its continuous efforts in promoting innovations in the state.
Early Stage Tech Start-Up Company Can Apply For Funding of RM100,000
Penang i4.0 Seed Fund is Penang state’s ongoing initiative to empower the tech start-up ecosystem. Following the virtual launching ceremony officiated by the Right Honorable Mr. Chow Kon Yeow, Chief Minister of Penang, Penang i4.0 Seed Fund Stream #4 is officially open for application.
Penang i4.0 Seed Fund initiative started in 2018 and has launched three funding streams previously. Benefitted a total of 37 start-ups. In Stream #4, the State has allocated RM1 million to support the early-stage start-ups, bringing the total fund allocated up until now to RM5 million. Penang i4.0 Seed Fund strongly shows that the state is persistent in nurturing and propelling homegrown brands.
The application period for Penang i4.0 Seed Fund Steam #4 is starting today till 22 March 2022. Applications can be made by checking out InvestPenang’s website. InvestPenang is the State agency appointed for the fund’s management and administration.
Funding Scope, Focus Sectors, And Eligibility Criteria
The funding scope of i4.0 Seed Fund covers:
- Product enhancement
- Marketing and branding activities
- Technical, product, or design hires
- Intellectual property-related costs
With priorities given to Internet of Things (IoT), Advanced Manufacturing, Consumer Digital, EdTech, Health Tech, Clean Tech companies, and other tech-based activities.
The eligibility criteria of this program include:-
- Early-stage tech start-ups that have a working minimum viable product with positive early
- Company incorporated in Malaysia have at least 51% ownership by Malaysian.
- Operating for less than 5 years.
- Accumulated revenue not exceeding RM1 million.
Start-ups that fulfilled the above criteria can apply for funding up to RM100,000. Fund recipients will also receive non-financial support and perks such as mentorship, capacity-building programs, and industry linkage opportunities.
Steering And Evaluation Committee Of i4.0 Seed Fund Stream #4
The evaluation committee is made up of industry captains and founders of successful start-ups. They are tasked to evaluate the proposals and candidates while providing recommendations to the steering committee members for final approval.
Members of the steering committee are:
- Chairperson: Rt. Hon. Mr. Chow Kon Yeow (Chief Minister of Penang)
- Dato’ Dr Muhammad Farazi Johari (State Financial Officer)
- Dato’ Seri Lee Kah Choon (Special Investment Advisor to Chief Minister of Penang)
Members of the evaluation committee include:
- Chairperson: Dato’ Loo Lee Lian (CEO of InvestPenang)
- Amar Chhajer (Country Head of UST Global)
- Chan Kee Siak (Founder & CEO of Exabytes Network)
- Charles Tang (Founder & CEO of eSolved MSC)
- Chuah Choon Bin (Executive Chairman of Pentamaster)
- Howie Chang (Founder & CEO of Forward School)
- Lau Kean Cheong (CEO of Inari)
- Ng Sang Beng (CEO of Aemulus)
- Ober Choo (CTO of Cytron Technologies)
- Radin Ikram (Principal, BizCoach Solutions)
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