• Reinforces importance of innovation to meet sustainability, business goals
• Powered by UpLink, the World Economic Forum’s open innovation platform

The MYCentre4IR ESG Innovation Challenge 2024 on 7 Nov saw five innovative startups winning US$22,344 (RM100,000) each in bridge funding to implement their proof-of-concept with their respective corporate partners.

The Challenge is a joint initiative by the Malaysia Centre for Fourth Industrial Revolution (MYCentre4IR) and Bursa Malaysia Bhd, seeking to find cutting-edge digital solutions aimed at enhancing the Environmental, Social, and Governance (ESG) efforts of five Malaysian Public Listed Companies, namely CJ Century Logistics Holdings Bhd, Globetronics Technology Bhd, Malayan Banking Bhd, REDtone Digital Bhd and Sunway Innovation Labs (representing Sunway Group).

Launched on 1 Aug, the Challenge attracted local and international participants, including from the United States, Sweden, Canada, India, Singapore and Namibia. 32 out of over 100 submissions came from Malaysia.

The Challenge was powered by UpLink0, the World Economic Forum’s open innovation platform, with access to a global community of 80,000 entrepreneurs, investors, experts and changemakers. UpLink’s technology-enabled approach surfaces early-stage entrepreneurs and builds an innovation ecosystem to drive positive systemic change for people and planet.

[The World Economic Forum's UpLink is an open innovation platform designed to connect entrepreneurs, experts, and investors with the goal of tackling the world’s most pressing challenges, including climate change, social inequality, and sustainable development.]

Adrian Marcellus, CEO of MyDIGITAL Corporation, said “We initiated this Challenge to discover new ideas and innovative digital solutions to facilitate and assist companies in their journey towards net-zero carbon emissions or to improve efficiency through process automation. It attracted over 100 submissions from entrepreneurs across 30 countries.”

He added, “The MYCentre4IR’s affiliation with the World Economic Forum provided us with access to UpLink that is known for attracting global digital innovators and our challenge is the first to be implemented via UpLink for the Southeast Asia region.”

Muhamad Umar Swift, CEO of Bursa Malaysia shared its role in this collaboration. “We are always looking to support innovative companies with potential to list on the Exchange, which could very well include any one of these startups. This is part of building a pipeline of diversified companies to grow within our capital market. Apart from recognising the potential of upcoming startups, hosting this Challenge reinforces the importance of deliberate efforts to embark on innovation, towards achieving a company’s sustainability and business goals, which is an increasingly common expectation of investors from PLCs these days.”

Winners of the MYCentre4IR ESG Innovation Challenge 2024

As part of the final round, 17 shortlisted startups presented their innovative solutions during the Demo Day held at Bursa Malaysia, to a panel of 11 judges comprising representatives from Bursa Malaysia, MyDIGITAL Corporation, Cradle Fund and each of the five participating PLCs. This culminated with the selection of five winners, with one winning solution corresponding to each of the five PLCs.

The RM100,000 in bridge funding for each winner will be co-disbursed in stages by MYCentre4IR and Cradle Fund for the implementation of the proof-of-concept pilot projects. The startups will work closely with their corporate partners, who will provide guidance and mentorship throughout the year-long implementation phase. The focus will be on achieving measurable process automation and ESG outcomes.

The five winners are:

• Greenetrix Sdn Bhd from Malaysia (Corporate Partner: CJ Century Logistics): Greenetrix provides comprehensive carbon footprint tracking and reporting software tailored for logistics companies. Their platform integrates IoT hardware and data analytics to streamline environmental impact assessments, offering features such as real-time vehicle and route analysis. By consolidating data, Greenetrix simplifies carbon calculations and compliance, empowering businesses to enhance sustainability and operational efficiency.
• Wiser Machines from the United States (Corporate Partner: Globetronics): Wiser Machines, an Atlanta-based startup from Georgia Tech’s CREATE-X programme, develops scalable industrial IoT solutions. Their innovative hardware connects to equipment in a plug-and-play fashion, tracking energy consumption and machine health. Paired with AI-driven software, it visualises performance data, provides carbon reports, and predicts machine failures for efficient operations.
• The Surpluss from The United Arab Emirates (Corporate Partner: Malayan Banking): The Surpluss is a climate technology company focused on enabling SMEs to adopt circular economy practices by optimising waste, by-products, and unused resources. Their platform intelligently maps and matches surplus materials with local businesses, facilitating collaborations that reduce greenhouse gas emissions and operational costs while creating new revenue opportunities for participating SMEs.
• Pacton Technologies Sdn Bhd from Malaysia (Corporate Partner: REDtone Digital): Pacton Technologies transforms aquaculture with FishSpeak, offering real-time data and predictive insights. By optimising water quality and feeding schedules, their solution improves farm management while a leasing model makes cutting-edge technology accessible to small and medium-scale farmers.