GEORGE TOWN – Penang has set aside an additional RM1 million to fund more technology start-ups with potential.
Chief Minister Chow Kon Yeow in a statement today said the initiative is part of the state’s plan to roll-out, attract and retain talents in the data-driven digital era and stimulate the technology start-up ecosystem.
He said the latest funding scheme is called the “i4.0 Seed Fund#3” – the third funding with an allocation of RM1 million.
The state had previously launched Stream #1 and Stream #2 in 2018 and 2019, respectively, with a funding of RM1 million each, and has successfully propelled the growth of 27 start-ups.
The funding scope of i4.0 Seed Fund #3 covers advanced manufacturing, branding activities, digital consumer, marketing, product enhancement, technicality, designs or products with focus on the Internet of Things, as well as hardware and software integration.
Start-ups that meet the criteria may apply for funding of up to RM100,000 each.
Chow said non-financial support, such as mentorship, capacity building programmes and potential linkage opportunities, will also be provided to fund recipients.
The i4.0 scheme 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 – from now to March 26.
Chow said today, the business and economic environment is fraught with uncertainties.
However, he added, amid the many challenges lie opportunities for the advancement and development of home-grown technology companies that are agile and innovative.
He said in line with the Penang 2030 vision to upgrade the economy and empower the people, the state government plans to nurture and promote local start-ups. – The Vibes, February 27, 2021
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