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RM50mil from Selangor Government

February 26, 2010

Friday February 26, 2010

Selangor initiates RM50mil technopreneur scheme

RM50m will be invested in selected firms in initial phase

SHAH ALAM: The Selangor government has initiated an incubation programme with an initial investment of RM50mil to boost the development of technopreneurs in the state.

Mentri Besar Tan Sri Abdul Khalid Ibrahim said the first technopreneur campus set up in i-City would accelerate the transformation of Selangor into a knowledge-based economy.

“i-City and Selangor State Development Corp will jointly manage the incubation programme for which RM50mil will be invested in selected companies in the initial phase,” he said yesterday at a joint press conference by the state government and I-Bhd, the developer of i-City.

»i-City and Selangor State Development Corp will jointly manage the incubation programme« TAN SRI ABDUL KHALID IBRAHIM

Khalid said the allocation would be jointly funded by the state government and several parties that were yet to be finalised.

The state government is also in the final stages of discussion with Plug and Play Tech Centre, based in the Silicon Valley, the United States to provide the investment and incubation expertise as well as to be a bridge for these technopreneurs to enter the US market.

Under the programme, i-City would also be working with Multimedia Development Corp to provide the technopreneurs with the necessary skills training and networking opportunities.

“Between 10 and 15 companies would be identified to be nurtured and grown in the first half of this year,” Khalid said, adding that the initial selection would focus on companies in the development of solutions for digital cities, mobile content, and products and services for the property and construction related sectors.

I-Bhd chief executive officer Eu Hong Chew said: “We are finalising the investment criteria and we will probably announce the selection process next month.”

According to Khalid, there would be an opportunity to “incubate” 20 to 30 individuals desiring to be technopreneurs in the second half year.

Shah Alam City Council is also setting up an investment centre in i-City.

The first of several technopreneur campuses throughout Selangor, the flagship i-City campus is based on three main pillars: state-sponsored incubation programme, a conducive environment for the young, and easy accessibility with good security.

Khalid said the state was looking to accelerate the construction of a direct access to i-City from the Federal Highway in view of the expected increase in traffic with the setting up of the technopreneur campus.

“The state is looking at ways and means to expedite the building of a flyover that is expected to cost about RM50mil,” he added.

The Star online

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