Solarvest Holdings Berhad is taking its beliefs into the next phase with the launch of a start up programme that is aimed to spur innovation and entrepreneurship in renewable energy.
The Solarvest Innovation Lab 2021 is a start-up programme that will be funded for aspiring like minded entrepreneurs, the programme will in particular emphasis on renewable energy, green technology and financial technology.
Malaysia’s clean energy adoption has seen a tremendous rise over the years, locking in a cumulative average growth rate of 50% between 2015 and 2019. Moving forward, the RE sector is projected to continue its upward trajectory with the Government’s goal of a carbon-neutral Malaysia by 2050. Meanwhile, the fintech industry is also on the verge of a big breakthrough with the heavily anticipated approval of digital banking licenses in 2022.
In line with that, Solarvest is partnering with the likes of 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, JCI Creative Young Entrepreneurs Award, and many other notable names to accelerate the nation’s green agenda and digital revolution through the search for bright and innovative ideas from budding start-ups.
Through SIL 2021, we are excited to unearth like-minded start-ups with transformational ideas that could potentially spark exponential growth to the RE and fintech industries.” said CEO Davis Chong
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. 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 be providing, amongst others, special business workshops, business coaching, and physical workplaces.
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. 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 months. On top of that, Solarvest will assist in further fund raising and other grant applications that are relevant and help the company get connected by leveraging its extensive business network.