Solarvest offers seed, accelerator fund for renewables, green tech, fintech
Solarvest Holdings Bhd has announced the establishment of Solarvest Innovation Lab 2021 (SIL 2021), a start-up programme aimed at fostering innovation and entrepreneurship in Malaysia, with a focus on renewable energy, green technology, and financial technology.
The firm stated in a statement that renewable energy adoption in Malaysia has increased over time, with a cumulative average growth rate of 50% between 2015 and 2019.
It is expected that the renewable energy industry would continue to grow in line with the government’s objective of making Malaysia carbon-neutral by 2050, according to the report.
Malaysia’s fintech industry, meanwhile, is on the cusp of a major breakthrough, with the much-anticipated issuance of digital banking licences in 2022, according to the report.
Davis Chong, the Group CEO of Solarvest, stated that as a proponent of new energy, innovation has always been one of the company’s key values.
He explained that through SIL 2021, the firm hopes to find like-minded start-ups with transformative ideas that may help the RE and fintech industries develop exponentially.
“We feel that start-ups can play a critical role in the growth of not only the renewable energy and fintech industries, but the economy as a whole, because they are often the ones that come up with innovative ideas.”
“Through SIL 2021, we are confident in our ability as a mentor and an investor to bridge the gap between great ideas and marketable executions.”
Solarvest said its partners include Malaysian Technology Development Corporation, Telekom Malaysia Berhad, Malaysia Global Innovation and Creativity Centre, OCBC Bank (Malaysia) Berhad, INTI International University and Colleges, Junior Chamber International Malaysia, and JCI Creative Young Entrepreneurs Award.
Chong said SIL 2021 is able to create an ecosystem where both Solarvest and the start-ups could form a symbiotic relationship.
The start-up programme is split into two rounds of funding namely, seed funding and accelerator funding. The seed funding round is aimed at start-ups with bright business ideas that are yet to be commercialised, Solarvest said.
Successful new ventures will receive a seed fund amounting to RM10,000 to prove a concept within six months. To bring them up to speed, SIL 2021 will also provide amongst others, special business workshops, business coaching, and physical workplaces, it said.
Once an idea has been proven viable, the candidate is eligible to participate in a subsequent pitch to potentially receive an accelerator fund of RM100,000 in exchange for a certain percentage of ownership in the company, Solarvest said.
Meanwhile, it 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 twelve 12 months, it added.
Solarvest will also assist in further fund raising and other grant applications that are relevant and help the company get connected by leveraging its extensive business network.All my best wishes to them.Shishir Gupta, Founder and CEO, StartupLanes
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