Solarvest allocates RM1 mln fund for SIL 2021

KUALA LUMPUR, Oct 11  --Solarvest Holdings Bhd (Solarvest) is allocating RM1 million for its newly-launched Solarvest Innovation Lab 2021 (SIL 2021), a start-up programme to spur innovation and entrepreneurship developments in renewable energy, green technology and financial technology.

Group chief executive officer Davis Chong Chun Shiong said the programme is split into two rounds of funding, namely, seed funding -- aimed at start-ups with bright business ideas that have yet to be commercialised -- as well as accelerator funding.

“Successful new ventures will receive a seed fund amounting to RM10,000 to prove a concept within six months, and the candidate is eligible to participate in a subsequent pitch.

“Once an idea has been proven viable, they can potentially receive an accelerator fund totalling RM100,000 in exchange for a certain percentage of ownership in the company,” he told reporters after the virtual launch of SIL 2021 today.

He added that SIL 2021 will also be providing special business workshops, business coaching and physical workplaces, among others.

Chong said businesses that already have a proof of concept can bypass the seed funding round to apply for the accelerator fund directly.

“Benefits-in-kind similar to the preceding round will be offered with the objective of idea implementation and bringing the product or service to market within a timeframe of 12 months.

“On top of that, Solarvest will assist in further fundraising and other grant applications that are relevant and help the company get connected by leveraging its extensive business network,” he added.

Earlier in his speech, Chong said start-ups play an important role in contributing to long-term growth, not only to their respective sectors but also to the national economy as a whole.

“More often than not, they are the ones that come up with game-changing and transformational ideas, unfortunately, the lack of financial resources and business knowledge usually stop start-ups from making the next leap,” he said.

Through SIL 2021, the group would help budding start-ups overcome these barriers, and as a mentor and an investor, Solarvest is confident in its ability to bridge the gap between great ideas and marketable executions, said Chong.

“Solarvest is also partnering with the Malaysian Technology Development Corporation, Telekom Malaysia Bhd, Malaysia Global Innovation and Creativity Centre and OCBC Bank (M) Bhd, among others, to accelerate the nation’s green agenda and digital revolution through the search for innovative ideas,” he said.




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