Sunway iLabs — a partnership between Sunway University, Sunway Ventures, and Sunway Group which plays a dual-function of being an incubator for students and a corporate accelerator — has announced that it will be investing RM2 million (US$480,000) in up to 10 startups through its accelerator programme early next year.
Amongst other benefits, successful startups will receive RM 50,000 (US$12,000) in seed funding from Sunway University and Nexea Angels, , and RM 150,000 (US$36,000) from Google’s technology platform and Chooi & Company‘s legal services.
The Sunway iLabs Accelerator Programme is organised by Sunway University and Nexea Angels, and is supported by the combined resources of Sunway Group, Sunway Ventures, Google, Chooi & Company, and US Market Access Center (USMAC).
“Unlike other accelerator programmes, the iLabs Accelerator programme does not centre around classes but is built around a personalised experience to deliver a successful startup at the end of six months. Instead of sitting in classrooms, entrepreneurs receive customised one-on-one sessions and exclusive networking dinners with experienced entrepreneurs and advisors to share insights and personal experiences,” said Matt van Leeuwen, Director, Sunway iLabs.
“The focused sessions are designed to get founding teams to rapidly produce a minimum viable product, receive market validation, and be investor ready at the end of the programme,” he shared.
These startups will also get access to Sunway Group’s resources across 12 business lines, he said. “This means that they will have a wide market as a potential test bed, as well as access to Sunway University’s labs, researchers, and potential interns. We believe that we have a good shot at building successful startups by giving them access to three pivotal M’s: money, market and mentors.”
The iLabs Accelerator Progamme will be conducted in two phases. The first phase is open to up to 20 teams and will be a month-long Start-up Foundation Phase, which will familiarise the entrepreneurs with the mentors.
During this phase, Sunway iLabs will download the necessary knowledge to build successful companies onto the entrepreneurs and identify the startups with imminent growth potential. No equity exchange is required during this phase and founding teams are required to attend workshops and mentoring sessions with industry leaders and
set-up key performance indicators.
At the end of the first month, Sunway iLabs will select up to 10 startups to be enrolled into a 5-month Start-Up Validation Phase.
At this stage, Sunway iLabs will take 8 per cent in equity in each company. In return, each team will receive RM 50,000 cash for seed funding, and RM 150,000 Google technology credits and legal resources. They will also be granted access to mentors who have successfully built and exited businesses; and access to angel investors who will help with follow-on funding if startups are meeting their milestones.
During this time, the startups will be able to test their ideas with Sunway Group’s network and access Sunway University’s labs, researchers, and potential interns for support. They will also have free access to the co-working space in Sunway iLabs and cultivate relationships with Silicon Valley investors through USMAC.
The iLabs Accelerator programme is open to Malaysian and non-Malaysian founders of tech, non-tech, and university startups who are enthusiastic about growing their business to the next level.
Applications are open now till December 31, 2017.
To submit your proposal, click here.