Petaling Jaya, 10 May 2024 – Regional clean energy expert, Solarvest Holdings Berhad (“Solarvest”) announces the return of its Solarvest Innovation Lab for 2024 (“SIL 2024”). The launch of the programme, officiated by YB Tuan Chang Lih Kang, Minister of Science, Technology and Innovation, saw the commitment from the government to supporting technology development in line with current economic developments.
Building on the momentum of past programs, SIL 2024 continues to fuel innovation in green technology (Greentech), financial technology (Fintech), and renewable energy (RE). The programme features two distinct funding opportunities to empower promising startups at various stages of development.
The Seed Grant, opens on 10 May 2024, provides RM 10,000 to fuel proof of concept. Selected candidates will receive tailored coaching and business training to validate your idea in a period of six months. Validated concepts can then participate in a subsequent pitch event alongside scale-ready startups.
SIL 2024 Accelerator Pitch is open for startups ready to scale. Here, startups compete with candidates who have already demonstrated strong concepts in the previous stage. Winners have the chance to secure a minimum capital of RM100,000 to execute their plans. The programme equips the winners with specialised workshops, extended coaching, and assistance in grant applications. Mentorship opportunities and industry insights further enhance the offerings, and guide participants from concept to commercialisation.
Cultivating the Next Generation of Sustainability Leaders
The Solarvest Innovation Lab (“SIL”) offers an unprecedented platform and a suite of resources for visionary entrepreneurs. Driven by a mission to cultivate, implement, and commercialise groundbreaking ideas, Solarvest empowers promising startups by providing them with the resources and necessary support to translate their ideas into tangible solutions that shape a sustainable future.
SIL 2024 leverages strategic partnerships with key industry players who have been instrumental in past programme successes, such as the Cradle Fund Sdn Bhd (“Cradle”), Malaysian Technology Development Corporation Sdn. Bhd. (“MTDC”), Malaysia Digital Economy Corporation (“MDEC”), Microsoft Malaysia Sdn. Bhd. (“Microsoft Malaysia”), Telekom Malaysia Berhad (“TM”), Common Ground Works Sdn. Bhd. (“Common Ground”), Taylor’s Education Group (“Taylor’s University”) and Pitch Platforms Sdn. Bhd. (“pitchIN”). These collaborations will strengthen the programme’s effectiveness and accelerate the growth trajectory of participating startups.
Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong (张俊雄) said, “The launch of SIL 2024 signifies a critical step in our commitment to fostering Malaysia’s innovation ecosystem. Since the commencement of SIL, we’ve successfully gathered over 100 participants that shows strong interest in technology innovations and cultivated a network of promising innovative startups with revolutionary ideas.”
“SIL 2024 builds upon its legacy of identifying and empowering these ventures with the potential to drive disruptive innovation in Greentech, Fintech, and RE. The programme aims to drive the discovery of significant advancements within these fields and provide entrepreneurs with the relevant resources in terms of financial support, mentoring and business networking to help them succeed. It has the potential to transform these industries, ushering in a new era of integrated solutions for a sustainable future.”
“Malaysia’s commitment to renewable energy through supportive government policies presents a golden opportunity for growth. SIL 2024 steps in by fostering the development of creative solutions that can accelerate the expansion of the country’s RE industry. This collaborative effort between the government, innovators, and the private sector is key to achieving Malaysia’s goal of zero carbon emissions by 2050.”
In SIL 2023, five startups received seed grant and several advanced further in the programme. SIL 2024 gears up to develop the next generation of impactful leaders, driving progress and redefine what is possible in their fields.
Application for the seed grant closes on 12 June 2024. For more information and to apply, head over to https://innovationlab.solarvest.my/.