Written on 1 March, 2018 by investPenang
The Penang State Government yesterday unveiled the organization structure of the recently announced i4.0 Seed Fund which consists of a steering committee and an evaluation committee.
The seed fund with an allocation of US$1 million is meant to provide funding for new inventions and to encourage innovation so as to help generate awareness and increase participation in the Industry 4.0 (i4) revolution and digital economy. Penang was recently cited by British Broadcasting Corporation (BBC) as Asia’s next Silicon Valley – the latter being a household name as birthplace of the many start-ups which have grown into major industry players. This initiative by the Penang State Government is therefore a major leap in propelling the state towards its bright future.
The steering committee of the Penang i4.0 Seed Fund, chaired by the Chief Minister of Penang YAB Tuan Lim Guan Eng, is tasked with approving the policy and framework of the fund. They are also responsible with the appointment of the evaluation committee members, and approval of the final fund recipients based on the recommendation by the said evaluation committee.
The other members in the steering committee are YB Tuan Chow Kon Yeow (State Executive Councillor), Dato’ Seri Lee Kah Choon (Special Advisor to Chief Minister of Penang) and Dato’ Sarul Bahiyah (State Financial Officer).
The evaluation committee on the other hand, is responsible to evaluate the proposals and candidates before making the necessary recommendation to the steering committee for final approval. The committee members will also advise the state on strategies and policies encompassing the planning, implementation, direction and improvement of the seed fund. The committee comprises of the following members:
The members of the evaluation committee are selected by the steering committee based on their proven capabilities and shared passion in the development of the start-up ecosystem.
The Chief Minister of Penang YAB Tuan Lim Guan Eng also announced during the press conference that an official launching of the Penang i4.0 Seed Fund will be held on 10 March, 2018 at @CAT Wisma Yeap Chor Ee.
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Photo source: Buletin Mutiara