Georgetown, 13 June 2024 – Digital Penang, a Government-Linked Company (GLC) of the Penang State Government, is delighted to announce the launch of the StartupPenang500 Program 2024. Aligned with the vision of Penang2030, this strategic initiative aims to create 500 startups by 2030.
Program Overview
The StartupPenang500 program is designed to support ideation and early-stage technology startups and young founders in Penang, Malaysia. Spanning eight months, the program guides entrepreneurs through various stages of their startup journey. Key features include comprehensive guidance through hack workshops, masterclasses with founders, market traction mentoring and a matching market access grant. StartupPenang500 provides aspiring technology entrepreneurs with the essential tools, insights, and connections necessary to navigate and grow through the challenging phases of startup development taking ideas to market, fostering a culture of innovation and entrepreneurial spirit within the Penang ecosystem.
Program Participants & Solutions
The program will feature 20 dynamic startups from Penang, focusing on early-stage and ideation-stage ventures with ideas and solutions ranging from ESG and e-commerce solutions to health and medical technologies. These participants are selected through a competitive interview process, where they pitch their ideas to an independent panel of judges appointed by the program facilitator.
Program Collaborations
NEXEA, appointed as the program facilitator will be coordinating the program, from kickstarting the interview sessions until demo day scheduled in November. Besides that, the program also collaborates with MyStartup Malaysia as the ecosystem partner and Malaysian Business Angel Network (MBAN) as the funding partner and to organise the Pitch Island as the Demo Day.
Quote from YB Zairil Khir Johari, the Penang EXCO of Infrastructure, Transport and Digital
“This program is in line with the Penang2030 vision and serves as a testament to the Penang State Government’s commitment in creating a technology startup ecosystem that nurtures our next generation of founders. By fostering innovation, we are driving the digital economy forward and ensuring Penang remains a centre for technological advancement.”
Program Messages
The Penang State Government through Digital Penang is actively promoting a robust digital economy and technological advancement. Through various initiatives, Digital Penang aims to foster an ecosystem conducive to innovation and entrepreneurship by supporting startups with funding, infrastructure, and networking opportunities. Additionally, Digital Penang encourages collaborations between academia, industry, and government bodies to drive research and development. The StartupPenang500 program aligns with these objectives by providing a vibrant ecosystem to develop local early-stage startups and ideation startups.
