The Sunway Group has launched Sunway iLabs, a non-profit startup incubator that will host accelerator programmes to support the development of Malaysia’s startup ecosystem.
Sunway iLabs will see Sunway University, Sunway Group, and Sunway Ventures, the group’s corporate venture arm, collaborate and combine their strengths with stakeholders across academia, industry and government. Their aim is to foster entrepreneurship and stimulate market-driven innovations enabling entrepreneurs to scale their business faster.
At the Sunway iLabs, students from Sunway University will be able to apply their talent and technical expertise to growth-hack Sunway Group’s 12 business units.
Sunway Ventures was set up last year to drive Sunway’s future growth. It will fund viable startups that are complementary to the core business operations of the group.
Sunway iLabs will also work with the wider startup ecosystem in Malaysia and abroad through collaborations and strategic partnerships to enable entrepreneurs to scale their business.
Sunway iLabs has already established links with government bodies such as the Malaysian government agency responsible for overseeing MSC Malaysia implementation, MDeC; Agensi Inovasi Malaysia (AIM)-owned national technology commercialisation platform in collaboration with SME Corporation Malaysia, Platcom Ventures; Malaysian Global Innovation and Creativity Centre (MaGIC), Cradle Fund Sdn Bhd (Cradle) and its official trade association
and governing body for Angel Investors and Angel Clubs in Malaysia, Malaysian Angel Business Network.
Sunway Group chairman and CEO Tan Sri Jeffrey Cheah, said, “iLabs marks the first joint initiative undertaken by Sunway Ventures and Sunway University. It will drive Sunway’s growth for the decades ahead and identify sunrise industries for us to invest in. It is a novel project that is aligned with the Government’s stated goal of making Malaysia the startup hub of the region.”