.jpg "Penang DAP chairman Chow Kon Yeow speaks during a press conference at Wisma DAP in George Town January 7, 2021. — Picture by Sayuti Zainudin")
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GEORGE TOWN, Feb 26 — The Penang government has allocated RM1 million for the third stream of the Penang Industry 4.0 (I4.0) Seed Fund to empower high potential technology start-ups.
Chief Minister Chow Kon Yeow said following the first two streams of fund rewards in 2018 and 2019, Penang has awarded funding worth RM3 million and propelled the growth of 27 start-ups.
He said that the third stream of I4.0 Seed Fund is intended to build, attract and retain talents in the data-driven digital era and stimulate the tech start-up ecosystem.
“The funding scope of I4.0 Seed Fund #3 covers product enhancement, marketing and branding activities, and technical, product or design hires with the focus on the Internet of Things (IoT), hardware and software integration, digital consumer, advanced manufacturing, and other tech-based activities,” he said at the launch of the I4.0 Seed Fund Stream #3 on Friday.
Chow said tech start-ups that meet the criteria stipulated may apply for funding up to RM100,000, with additional non-financial support such as mentorship, capacity-building programmes, and potential linkage opportunities.
Early-stage tech start-ups operating not more than five years need a working minimum viable product with positive early traction, incorporated in Malaysia, have at least 51 per cent Malaysian ownership, as well as an accumulated revenue of less than RM1 million to be eligibled to apply for the Seed fund.
“The I.40 Seed Fund programme is managed by InvestPenang and, as such, applications can be made through InvestPenang’s website and social media platforms during the one-month application period, starting from Friday (Feb 26) until March 26 this year,” Chow said.
The applications for I4.0 Seed Fund can be made through the InvestPenang’s website at https://investpenang.gov.my/penang-i4-0-seed-fund/.
Chow said the evaluation committee, chaired by InvestPenang chief executive officer Datuk Loo Lee Lian and comprised industry captains and successful start-ups, would evaluate the proposal and candidates, as well as provide final approval recommendations to members of the steering committee.
“We hope the capital awarded by the I4.0 Seed Fund, coupled with the ongoing non-financial support can be a stepping stone for more Penang-powered companies to excel,” he added. — Bernama