Penang increases funding allocated to nurture tech start-up ecosystem
22 Feb 2022
The state government is allocating another RM1 million under the Penang i4.0 Seed Fund, bringing the total to RM5 million to date, to empower the tech start-up ecosystem as well as nurture and propel homegrown brands.
Chief Minister Chow Kon Yeow said the Penang i4.0 Seed Fund initiative started in 2018 and, having launched three funding streams previously, has benefitted a total of 37 start-ups.
“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 in his speech at the virtual launch of Penang i4.0 Seed Fund Stream #4 here today.
To be eligible for this programme, the applicants must be early-stage tech start-ups that have a working minimum viable product with positive early traction, be companies incorporated in Malaysia having at least 51 per cent ownership by Malaysian citizens, have been operating for less than five years and have accumulated revenue of not exceeding RM1 million.
The funding scope covers product enhancement, marketing and branding activities, as well as technical, product or design hires and intellectual property-related costs.
Chow said the commendable performance among past recipients has led to greater visibility and recognition by other investors beyond seed funding.
“This has instilled confidence on the capabilities of homegrown start-ups, placing us on the right trajectory to come into our own and to realise the goal of having a Penang-powered unicorn,“ he added.
Applications for Penang i4.0 Seed Fund Steam #4 can be made from today until March 22 this year through the website of state agency InvestPenang and its social media platforms.