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Digital Penang, a government-linked firm owned by the Penang State Government, has launched a Hardtech Inculerator Programme 2024 (HIP24).
According to a February 20 press launch, HIP24 goals to bridge the hole between hardware-based expertise and deeptech growth and commercialisation with the purpose of enhancing the digital economic system in Penang.
Deeptech and hardtech are phrases used interchangeably to check with applied sciences created based mostly on scientific breakthroughs and engineering improvements. You can study extra about deeptech in our explainer article.
Lim Chong Seng, Digital Penang’s director of ecosystem growth, shared that this programme underscores Digital Penang’s efforts to nurture the next worth chain ecosystem that leverage the prevailing mature manufacturing ecosystem and its provide chain in Penang.
“This mature manufacturing ecosystem provides a good foundation for hardtech and deeptech companies to outsource production, obtain accessible materials, and export logistics,” he stated.
This manner, these hardtech and deeptech corporations can proceed to work on creating their mental properties and discover worthwhile means to commercialise their options with out investing in excessive capex and constructing manufacturing capabilities from scratch.
Incubate, then speed up
HIP24 is predicated on the profitable pilot of Digital Penang’s Hardtech Accelerator programme in 2023.
A serious distinction, although, is the truth that HIP24 makes use of an “inculerator” programme, referring to a hybrid mannequin that seamlessly integrates the strengths of each an incubator and accelerator.
“The incubation phase in the early part of the programme is a key phase because it prepares the companies to be market-ready,” Chong Seng stated.
Meanwhile, the accelerator part will see the deployment of strategic plans and motion objects for the corporate to realize market traction. This places them in a greater place to safe funding curiosity for additional market growth.
Throughout this course of, HIP24 will supply curated one-on-one enterprise mentoring with consultants and market validation.
Chong Seng stated, “This developmental mentoring needs to include not only product readiness but also market validation, business model, solution services delivery model, and other aspects of building the management team to be more business-oriented.”
Compared to the 2023 programme, HIP24 additionally hopes to construct a stronger hyperlink to post-programme funding and entry to business commercialisation through partnerships.
Nine months of growth
Unlike digital-based expertise startups resembling cellular or web-based purposes, hardtech and deeptech corporations are inclined to require an extended interval of developmental mentoring.
As such, HIP24 is about to be a complete nine-month programme designed to supply a structured path for hardtech and deeptech startups in commercialising their prototypes.
Phases of the programme (a few of that are overlapping) embody:
| Phase | Duration (2024) |
|---|---|
| Phase 1: Selection Committee | March 18 to March 29 |
| Phase 2: Market Readiness | April 1 to May 31 |
| Phase 3: Venture Mentoring | June 1 to August 31 |
| Phase 4: TRL 7 Development | August 1 to October 31 |
| Phase 5: Market Validation | August 1 to October 31 |
| Phase 6: Market Traction | November 1 to November 31 |
Now welcoming candidates
“Digital Penang’s ecosystem development goals are focused on quality instead of quantity,” Chong Seng stated.
As such, HIP24 goals to absorb 10 corporations with essentially the most potential and market-driven prototypes which might be able to be commercialised.
“Digital Penang’s hardtech programme focuses on developing sustainable ventures that can derive real revenue,” Chong Seng stated in regards to the purpose of HIP24.
Other objectives embody the profitable deployment of collaborating startups’ options at a expertise readiness degree (TRL) of seven, in addition to subsequent market traction metrics of securing expertise collaboration, preliminary buyer adoption, and if attainable, expertise licensing.
TRL 7 refers back to the level the place a startup has a system mannequin or prototype demonstration that’s verified in an operational surroundings.
Participants could have the chance to pitch their startups to buyers, additional amplifying their potential for development and success.
Interested events can check with Digital Penang’s HIP24 web site. The utility window for HIP24 is open now till March 15, 2024.
Open to Penang-based corporations, the programme is just for hardtech entrepreneurs who’re severe about establishing an actual enterprise available in the market or increasing it exterior the nation.
“Your commitment to go through the entire nine-months of programme activities is not negotiable,” the web site states. “You will be required to enter into a commitment agreement with Digital Penang.”
The full checklist of standards might be discovered on the HIP24 web page.
HIP24 is a collaborative effort and the results of Digital Penang’s partnership with Malaysian Business Angel Network (MBAN) Penang Chapter, Project Technology, Collaborative Microelectronic Design Excellence Center (CEDEC), and MYStartup.
The inculerator additionally aligns with the MyDigital initiative led by the Malaysian Communications and Multimedia Commission (MCMC) because it contributes to creating business clusters and driving entrepreneurial exercise.
Furthermore, HIP24 is in step with the National Entrepreneurship Policy (NEP) 2030 in accelerating financial development via innovation-driven enterprises.
While hardtech and deeptech startups may not sound as thrilling as consumer-facing options or software program developments, they’re pivotal in advancing not simply our society, however the world.
- Learn extra about Digital Penang’s Hardtech Inculerator Programme 2024 right here.
- Read different articles we’ve written about Malaysian startups right here.
Featured Image Credit: Digital Penang
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