Georgetown, 31 May 2024 – Digital Penang, a Government-Linked Company (GLC) of the Penang State Government, unveils the commencement of the Hardtech Inculerator Program. Driven by the vision of Penang2030, this strategic initiative aims to accelerate the commercialization of hardtech and deeptech technological solutions, particularly those transitioning from Technology Readiness Levels (TRL) 5 and 6 to TRL 8.
Program Overview
The Hardtech Inculerator Program, designed to bridge the commercialisation gap, ensuring that innovative solutions can reach the market more efficiently and effectively are structured into two main phases: Incubation and Acceleration. The Incubation phase focuses on preparing startups with essential business planning, proof-of-concept (POC) development, and market validation strategies. During the Acceleration phase, participants will receive mentorship and resources to deploy their POCs in actual market, engage in market validation activities and drive towards securing market traction for their hardware-based solutions. Additionally, startups will be prepared for investor engagement through workshops on fundraising strategies and pitch presentations.
Program Participants & Solutions
This year, the program features eight dynamic Penang-based startups and university research projects. The participating entities include Beyond Medicare Sdn Bhd, Bitranger Sdn Bhd, Nexada Technology Sdn Bhd, Wysetime Solutions Sdn Bhd, Zero Technologies Global, Redo Smart Enterprise, and research projects from Tunku Abdul Rahman University of Management and Technology, Automation Warehouse System and Smart Forklift System. These participants introduce groundbreaking solutions such as a hardware-based sensor for monitoring network communications, full HD wireless Augmented Reality (AR) spectacles, advanced video analytics for optimising urban traffic and retail experiences, and a SaaS IoT hub for various IoT devices and gateways.
Program Collaborations
Facilitated by 1337 Ventures, the program collaborates with Universiti Sains Malaysia (USM), Collaborative Microelectronic Design Excellence Centre (CEDEC), and local facilities partner Projet Technology Sdn Bhd. Additionally, the Malaysian Business Angel Network (MBAN) and Gobi Partners are onboard as venture capital and investment partners.
Quote from YAB Chow Kon Yeow, the Chief Minister of Penang
“This program is a testament to the Penang State Government’s dedication to transforming the state into the new economy, in line with the Penang2030 vision. This initiative underscores our commitment to building a robust technology-focused ecosystem through Digital Penang, that nurtures startup founders and encourages the triple-helix collaboration model between the government, industry, and academic institutions. Critically, this positions Penang at the forefront of new technology waves while ensuring a thriving future for our local talents in the emerging technology fields.”
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 Hardtech Incubator Program aligns with these objectives by providing a structured pathway for startups and university projects to commercialize their technologies, thereby contributing to Penang’s digital economy growth.
