Wed. May 29th, 2024




28 FEBRUARY 2018


Good afternoon.

The Penang State Government recently established a USD 1 million i4.0 Seed Fund to provide funding for new inventions and encourage innovation so as to help create awareness and increase participation in the Industry 4.0 (i4) revolution and digital economy.

It is of critical importance that Penang be actively engaged in the i4 revolution that is now sweeping the world. Only then can we realise the potential of Penang as envisioned by the British Broadcasting Corporation (BBC) as the next Silicon Valley of Asia.

BBC’s report on tech startups (22 Jan 2018) already cited Penang as the regional hardware hub and Asia’s Silicon Valley. BBC quoted that “Penang is Asia’s Silicon Valley” by mentioning that Penang is punching well above its weight in the tech world through hardware manufacturing. Equating Penang to the way Silicon Valley developed, local engineers are striking out on their own, creating a growing ecosystem for tech start-ups. Examples of successful “Powered in Penang” startups include Vitrox, Aemulus (both are now public listed companies), Exabytes, Piktochart and Cytron.

I am hereby pleased to announce the organisation structure of the Penang i4.0 Seed Fund comprising of the Steering Committee and the Evaluation Committee. The Steering Committee comprises of the following members:

1. YAB Tuan Lim Guan Eng, Chief Minister of Penang (Chair)

2. YB Tuan Chow Kon Yeow, State Executive Councillor

3. Dato’ Seri Lee Kah Choon, Special Investment Advisor to Chief Minister of Penang

4. Dato’ Sarul Bahiyah, State Finance Officer

The Steering Committee shall approve the policy and framework of the Fund, appoint the Evaluation Committee members, and approve the final fund recipients based on recommendation by Evaluation Committee.

Based on their proven capabilities and shared passion in the development of the startup ecosystem, the Evaluation Committee members comprises of the following members:

  1. Dato’ Loo Lee Lian (Chief Executive Officer of investPenang) (Chair)

  2. YB Yap Soo Huey (ADUN Pulau Tikus)

  3. Mr Howie Chang (Program Director @CAT Penang)

  4. Mr Cheok Lay Leng (General Manager, Penang Hill Corporation)

  5. Mr Tang Ching Siang (General Manager, PDC Telco)

  6. Mr Chu Jenn Weng / Mr Yeoh Shih Hoong (President and CEO, Vitrox)

  7. Dr Hari Narayanan (Former Managing Director, Motorola)

  8. Mr Heng Fook Main (Managing Director, CeedTech)

  9. Mr Chan Kee Siak (Founder and CEO, Exabytes)

  10. Ms Goh Ai Ching (Co-Founder and CEO, Piktochart)

  11. Mr Ober Choo (Co-Founder and Technical Director, Cytron)

  12. Mr Charles Tang (Founder and CEO, Retaily Analytics)

  13. Mr Radin Ikram (Managing Director, Pearl Maternity Hospital)

The Evaluation Committee is tasked to evaluate the proposals and candidates, and provide recommendations for final approval. The Evaluation Committee shall offer advice to the State on strategies and policies covering planning, implementation, direction, and improvement of the Fund.

An official launching of the Penang i4.0 Seed Fund will be held on 10th March, 12.00pm at @CAT Wisma Yeap Chor Ee.

This i4 Seed Fund will be managed and administered by investPenang via @CAT Penang. We also invite companies to provide feedback to us on the emerging needs of integration and synergies that potential startups can provide to enhance the ecosystem in Penang.

Thank you.