- Key focus on greentech, fintech and renewable energy
- Two rounds of funding from concept to execution, funding of up to US$22,590
Solarvest Holdings Bhd has launched the Solarvest Innovation Lab 2023 (SIL 2023), a continuance and revitalization of the startup programme that first ran in 2021. The programme is designed to provide coaching, business network and financial support to accelerate the commercialization of businesses in the green technology, financial technology, and renewable energy sectors.
Solarvest had previously shortlisted six startups to receive an initial grant of US$2,260 (RM10,000) from its first Innovation Lab cohort, covering ideas across flood mitigation, food waste, and blockchain technology for the tokenisation of RE assets and contracts.
“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,” said Davis Chong Chun Shiong, Executive Director and Group CEO of Solarvest.
Solarvest is collaborating with a larger group of strategic partners this time around to further enhance the effectiveness of the programme. In addition to returning partners from SIL 2021 such as Malaysia Digital Economy Corporation, Telekom Malaysia Bhd, and OCBC Bank (Malaysia) Bhd, the new corporate partners under SIL 2023 include Microsoft Malaysia as a strategic technology partner; Pitch Platforms, Alta Group Malaysia, and Common Ground Works.
The startup programme is composed of two rounds of funding. The seed grant 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 US$22,590 (RM100,000) to execute their ideas within twelve months.
“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. 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,” added Chong.
Application for the seed grant closes on 20th April 2023. For more information and to apply, head over to https://innovationlab.solarvest.my/