GEORGE TOWN: Penang is set to become an “entrepreneur city” similar to San Francisco in the United States with RM1.67 million disbursed through the Penang i4.0 Seed Fund.

Sixteen companies received the allocation from the fund which is a programme to provide funding for qualified high potential early stage technology startups.

Chief Minister Chow Kon Yeow said the programme was initiated by the state government through investPenang and said he hopes the recipient companies would maximise the funds.

He said all these companies are involved in a series of business activities which includes, health assistance, software, e-commerce, drive-thru services and back-end support devices.

“I hope this funding will be used as a catalyst for their growth,” he said during an event attended by representatives from the 16 companies.

Datuk Loo Lee Lian, chief executive officer of investPenang said each start-up must provide information on how the funds would be used.

She stressed that the recipient companies must also set up base in Penang for eight years upon receiving the allocation.

“We are not giving them free money,” she said, adding that the state intends to encourage the establishment of more start-ups in Penang.

Source: The Sun Daily

Photo Credit: InvestPenang