Clean energy expert, Solarvest Holdings Berhad has today launched Solarvest Innovation Lab 2023 (SIL 2023), a continuance and revitalisation to the start-up programme that the Group initiated back in October 2021 (“SIL 2021”).
SIL was founded to spur innovation and entrepreneurship developments in Malaysia with a key focus on green technology (“greentech”), financial technology (“fintech”), and renewable energy. It aims to attract budding entrepreneurs with revolutionary ideas and to provide the right mentorship coaching, business network and financial support to accelerate the commercialization of these businesses.
Under SIL 2023, Solarvest is collaborating with a larger group of strategic partners to further enhance the effectiveness and success factors of start-ups. Joining the notable names of SIL 2021’s partners such as Malaysia Digital Economy Corporation (“MDEC”), Telekom Malaysia Berhad, and OCBC Bank (Malaysia) Berhad, the new corporate partners under SIL 2023 include Microsoft Malaysia Sdn Bhd (“Microsoft Malaysia”) as a strategic technology partner; Pitch Platforms Sdn Bhd (“pitchIN”), an equity crowdfunding platform; Alta Group Malaysia, a digital marketplace for alternative investments and Common Ground Works Sdn Bhd (“Common Ground”), a provider of coworking spaces in key locations nationwide.
Solarvest Executive Director and Group Chief Executive Officer Davis Chong Chun Shiong said, “The new corporate partners under SIL 2023 are market leaders in their respective fields and this will enhance the overall attractiveness, flexibility and diversity of the programme. Together, we aim to create an ecosystem that supports start-ups at every growth stage.”
“SIL 2023 will have a broader and more impactful reach among start-ups, providing a holistic approach to their technical and business needs, capital requirements, and networking opportunities in unlocking the commercial potential of their innovative concepts.”
“As an industry leader in the clean energy space, we aim to unearth revolutionary ideas in these key industries of greentech, fintech and renewable energy which play a crucial role in the clean energy ecosystem. Hence, further pushing the innovation frontier and bridging the gap between new business concepts and marketable solutions.”
The start-up programme is composed of two rounds of funding. The seed funding round offers selected candidates RM10,000 to prove a business concept within a six-month time frame. Subsequently, candidates with viable business ideas may participate in the accelerator funding round to potentially receive a capital of RM100,000 to execute their ideas within twelve months.
Under Solarvest’s SIL 2021, 6 candidates were selected under the seed funding round to be offered a grant of RM10,000 each. Meanwhile, the accelerator funding round garnered a positive response of over 50 submissions, of which 9 were shortlisted to pitch their ideas to a panel of judges which comprised of representatives from Solarvest and other corporate partners.
“In addition, as we are venturing into a vertical expansion across the clean energy ecosystem, Solarvest may integrate viable business ideas in the development of better solutions that will help increase energy yield and overall efficiencies,” Davis added.
