Cyberview Sdn Bhd will no longer be providing cash grants to the shortlisted start-ups under its Cyberview Living Lab Accelerator Programme.
Cyberview technology hub development division acting head Siti Shafinaz Mohd Salim said the decision will stop giving out cash grants because it is never enough.
“At the same time, we do not want to cultivate the culture of giving out cash grants to the shortlisted entrepreneurs. Instead, we will provide in-kind resources worth about RM100,000,” she told reporters at Cyberview Living Lab Accelerator Demo Day in Cyberjaya yesterday.
The in-kind resources will include programmes and sessions with mentors and industry experts who will highlight areas like operation management, marketing, legal, the dos and don’ts of doing a business, as well as to enhance the start-ups’ business plans.
She added that Cyberview and partner, Finnext Capital, have taken a new approach with the five recent shortlisted start-ups when it comes to monetary support.
“We are actually making them work differently where they would get potential contracts, as we are working closely with the Cyber Innovation Council. In fact, Beebotic has signed a RM4 million contract recently,” she said, adding that Cyberview wants to avoid the grant mindset and encourage the start-ups to work hard with their own ability for the actual business.
To be part of the Cyberview Living Lab Accelerator Programme, start-ups are required to send in their applications and five will be shortlisted to be part of the programme.
Siti Shafinaz said initially there would be about 120 applications and the start-ups are required to pitch to Cyberview and Finnext Capital.
“It will take about a month to select the top five. We are mainly looking for those who are on the edge of commercialising or have commercialised their products or services.
It also has to be essentially what Cyberview and Cyberjaya is looking for” — which are smart city solutions.
“We are focusing on three areas — financial technology, the Internet of Things, and robo-tics and artificial intelligence,” she said, adding that the start-ups must have solutions that are unique.
The programme is to accelerate the start-ups commercialisation aspects as it brings validation and viability that can be adapted immediately in Cyberjaya.