A TOTAL of 12 start-ups were selected by the Penang government as beneficiaries for the Penang i4.0 Seed Fund Stream #4, with each of them expected to receive funds ranging from RM50,000 to RM100,000.
RM1 million was allocated for the special seed programme, which will act as a medium for helping them attain commercialisation and propelling their growth.
Chief Minister Chow Kon Yeow, who was present to officiate the recognition ceremony at the Penang Skills Development Centre in Bayan Lepas today, congratulated the recipients and hoped they could all take a giant step towards making their start-ups a grand success.
“Fostering innovations among the people has always been one of the state government’s top priorities.
“With the technological innovations that spawn new industries, it is a palpable sign that tech adoption is no longer elusive, especially among the start-up ecosystem where we are seeing a rising number of establishments.
“The facilitation support for Penang’s start-up ecosystem has seen substantial growth in recent years, underpinned by the concerted efforts from all the stakeholders,” Chow said in his speech during the recognition ceremony.
Penang i4.0 Seed Fun was first initiated in 2018.
It is a special seed programme, courtesy of the Penang government to provide funding for qualified high-potential technology start-ups aiming to enhance the growth of Penang’s tech ecosystem.
In the first three rounds of fund rewards in 2018, 2019 and 2020 respectively, a combined total of 37 start-ups were awarded RM4 million funds collectively.
Also present during the event were state Entrepreneurial Development, Trade and Industry Committee chairman Datuk Abdul Halim Hussain, Chief Minister’s special investment adviser Datuk Seri Lee Kah Choon and InvestPenang chief executive officer Datuk Loo Lee Lian.
Story by Kevin Vimal
Pix by Darwina Mohd Daud
Video by Noor Siti Nabilah Noorazis