Country’s best run company, Petronas got into the growing of local startup program in 2019 and after much success, this year it will be kick starting the Petronas FutureTech 2.0 program with 20 Malaysian promising startups.
The accelerator program is led by the national energy company in collaboration with Telekom Malaysia Bhd, Sime Darby Plantation Bhd and global venture capital firm 500 Startups. There were positive response all around from promising deep technology startups, with total applications more than doubled to 368 compared to 165 for the first edition.
Petronas FutureTech 2.0 aims to provide homegrown startups with opportunities to gain insights from industry experts that will help them discover, nurture and scale deep technology innovations in the country. The 20 startups were chosen for their innovations to potentially solve challenges and uncover opportunities in Industry 4.0, Specialty Chemicals and Advanced Materials, Future of Energy, Digital Transformation and Retail Innovation.
These startups will take part in a 12-week virtual program which includes masterclasses, workshops and coaching from 500 Startups’ global network of mentors, as well as experts from the sponsors. They will also focus on creating commercial opportunities with the corporations and accelerate their commercialisation path through various potential collaborations.
“FutureTech 2.0 underlines PETRONAS’ commitment to position itself as a progressive energy and solutions partner ready to deliver innovative, game changing and sustainable actions in facing the energy transition as well as consumer demand,” said Arni Laily Anwarrudin, Head of PETRONAS Ventures.
At the end of the 12-week programme, these startups will present their innovations and traction to potential investors and industry stakeholders on Demo Day. The chosen startups will then continue to work closely with all Petronas, TM and SDP in running and completing potential pilot projects to validate the technology with business divisions within these companies.
Following the first edition two startups have become investees of Petronas Ventures while the other seven are engaging on the business front.