Application and Execution Process

Attend Program Application Briefings

Date

Time

Where

8 Feb

11 AM

Online 

Submit Application Online

Submission Period

22 Jan

22 Mar

Pitch to Independent Selection Panel

Pitching Dates

Mar 24

Apr 24

Only for qualified startups

Sign LoA and Execute

Execution Period: May – Oct 24 
Post Reporting: Nov 24
Follow Up Reporting: Dec 24

Requirements :

Fund Size and Approved Purpose

  • Registered company with SSM.
  • Revenue between RM350,000 to RM750,000 as at FYE2023
  • Penang-based startups only.
  • Minimum at least 1 year in operation.
  • Company stage of growth must be at seed level only.
  • Must have commercialised solution already in the market.
  • [Only For Category 2 & 3 Applicant] Must allocate a marketing budget of minimum RM15,000 (not including salaries and allowances) in addition to this grant for market development activities in the LOA period. 
  • Open to university-based startups.
  • Have never received funding from this grant before.
  • Registered with Digital Penang Database (Click Here)
  • Max of RM30,000 per startup.
  • Targeted branding exercise for customer acquisition.
  • Venture collaboration and partnership development.
  • New market segment or new market penetration.
  • Market expansion or customer acquisition.

Required Commitment

  • Achieve minimum 1.5X to 2X revenue by end of Follow Up Reporting Period.
  • [For Category 2 & 3 Applicant] Provide the detail utilisation plan for the minimum RM45,000 budget (RM15,000 from your own budget + RM30,000 from the grant) in helping your company achieve the minimum revenue development of at least 1.5X to 2.0X the nominated solution in this application.
  • Develop at least 1 partnerships via MoU or Agreement with a partner that lead to market expansion or entry.

Program Partner

UN Sustainable Development Goals:

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