Sunway iLabs offers US$477K to 10 startups
By Digital News Asia November 16, 2017
- Programme is formulated to be industry-driven and result-oriented
- Applications are open from now till Dec 31, 2017
SUNWAY University’s non-profit incubator, Sunway iLabs, has announced that it will be offering RM2 million (US$476,843) to up to 10 startups early next year through the iLabs Accelerator Programme. Applications are open from now till Dec 31, 2017. (RM1 = US$0.24)
Amongst other benefits, successful start-ups will receive RM50,000 in seed funding from Sunway University and Nexea Angels, and RM150,000 from Google’s technology platform and Chooi & Company’s legal services.
The Sunway iLabs Accelerator Programme is organised by Sunway University and Nexea Angels, and is supported by the combined resources of Sunway Group, Sunway Ventures, Google, Chooi & Company, and US Market Access Centre (USMAC).
Developed with deep insight from a team that has a collective experience of more than 100 years successfully building and exiting companies, the Sunway iLabs Accelerator programme is formulated to be industry-driven and result-oriented.
“Unlike other accelerator programmes, the iLabs Accelerator programme does not centre around classes but is built around a personalised experience to deliver a successful startup at the end of six months.
“Instead of sitting in classrooms, entrepreneurs receive customised one-on-one sessions and exclusive networking dinners with experienced entrepreneurs and advisors to share insights and personal experiences.
“The focused sessions are designed to get founding teams to rapidly produce a minimum viable product, receive market validation, and be investor ready at the end of the programme,” said Sunway iLabs director Matt van Leeuwen.
“What also differentiates us from the other accelerator programmes is that our startups will have access to Sunway Group’s immense resources across 12 business lines. This means that they will have a wide market as a potential test bed, as well as access to Sunway University’s labs, researchers, and potential interns.
We believe that we have a good shot at building successful start-ups by giving them access to three pivotal M’s: Money, Market and Mentors,” he added.
The iLabs Accelerator Progamme will be conducted in two phases. The first phase is open to up to 20 teams and will be a month-long Start-up Foundation Phase which will familiarise the entrepreneurs with the mentors.
During this phase, Sunway iLabs will download the necessary knowledge to build successful companies onto the entrepreneurs and identify the start-ups with imminent growth potential.
No equity exchange is required during this phase and founding teams are required to attend workshops and mentoring sessions with industry leaders and set-up key performance indicators.
At the end of the first month, Sunway iLabs will select up to 10 start-ups to be enrolled into a five-month Start-Up Validation Phase.
At this stage, Sunway iLabs will take 8% in equity in each company. In return, each team will receive RM50,000 cash for seed funding, and RM150,000 Google technology credits and legal resources.
They will also be granted access to mentors who have successfully built and exited businesses; and access to angel investors who will help with follow-on funding if start-ups are meeting their milestones.
During this time, the start-ups will be able to test their ideas with Sunway Group’s network and access Sunway University’s labs, researchers, and potential interns for support.
They will also have free access to the co-working space in the Sunway iLabs and cultivate relationships with Silicon Valley investors through USMAC.
The iLabs Accelerator programme is open to Malaysian and non-Malaysian dynamic founders of tech, non-tech, and university startups who are enthusiastic about growing their business to the next level. To submit a proposal, please visit https://innovationlabs.sunway.edu.my/accelerator/
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