PETALING JAYA: Solarvest Holdings Bhd is expected to allocate up to RM1 million for its Solarvest Innovation Lab 2023 (SIL 2023) startup accelerator programme.
Its programme adviser, Gan Teck Hooi, said the majority of the allocation would be towards equity investment for the accelerator funding.
“The allocation is mainly for investment, and the amount to be invested depends on the potential of the business idea, which is subject to the approval of the board of directors,” he said in a press conference after launching the SIL 2023 here today.
SIL 2023 is a continuance and revitalisation of SIL 2021 initiated in October 2021, which was founded to spur innovation and entrepreneurship development in Malaysia with a key focus on green technology (greentech), financial technology (fintech), and renewable energy.
Under SIL 2023, Solarvest is collaborating with a larger group of strategic partners, including Malaysia Digital Economy Corporation (MDEC), Telekom Malaysia Bhd (TM), OCBC Bank (Malaysia) Bhd, Microsoft Malaysia Sdn Bhd, Pitch Platforms Sdn Bhd, Alta Group Malaysia, and Common Ground Works Sdn Bhd.
Solarvest said in a statement that the startup programme comprises two rounds of funding – seed funding and accelerator funding.
The seed funding round offers selected candidates RM10,000 to prove a business concept within six months, and candidates with viable business ideas may participate in the accelerator funding round to potentially receive a capital of RM100,000 to execute their ideas within 12 months.
“We are not very ambitious when it comes to revenue but at least they have to be self-sustaining after a year.
“We are hoping that the amount of investment we funded will allow the start-ups to at least carry on until they commercialise their business,” Gan said.
Separately, in a statement, Solarvest executive director and group CEO Davis Chong Chun Shiong said as an industry leader in the clean energy space, Solarvest aims to unearth revolutionary ideas in these key industries of greentech, fintech and renewable energy, which play a crucial role in the clean energy ecosystem.
“Hence, further pushing the innovation frontier and bridging the gap between new business concepts and marketable solutions,” he added. – Bernama