The State government recently announced that as part of its plans to accelerate the transformation of Selangor into a knowledge-economy a number of technopreneur campuses will be set up throughout the state with i-City being the first and flagship campus. One of the programme under this technopreneur campus initiative is a State-sponsored Incubator.
Plug and PlayTech Centre Silicon Valley will also consider investing in the technopreneur companies under this incubator programme as well as be a bridge for them to the US market and US venture capital funds. There are also opportunities for Malaysians to form joint ventures with the tech companies in the Plug and PlayTech Centre Silicon Valley campus to localize the products and services for the regional market.
In the initial phase, the Selangor state through its agencies would be investing RM 50.0 million in a number of technopreneur companies under this i-City PnP Incubator programme.
i-City PnP Incubator would also be working with MDeC and a number of Malaysian technopreneur associations to ensure that the incubation programme meets the local technopreneur needs.
i-City PnP Incubator would initially occupy a 2,000 sq ft floor space in the i-City Cybercentre Suite 1 complex and would be relocated to a dedicated building when this is completed in 2 years time. I-City PnP Incubator has also established a business services group to provide the necessary administrative, secretarial and legal services to the technopreneur companies. A mentor panel comprising experienced business leaders to coach and guide these technopreneurs are also in place.
In the first half of 2010, 10 to 15 companies will be identified to be nurtured and grow. The initial selection focuses on companies in the development of solutions for digital cities, mobile contents or products and services for the property and construction related sectors.
Moving into the second half of 2010, there will be an opportunity to incubate 20 to 30 potential individuals desiring to be technopreneurs. i-City PnP Incubator role for this phase would be to link these individuals with the relevant resources to enable them to move beyond the concept stage to developing the prototypes.
It is envisaged that it would take about 2 to 3 years for each technopreneur company to move from the initial concept stage to the growth stage and hence by the end of the next year, i-City PnP Incubator would be hosting about 50 incubatees every year.
In announcing this i-City PnP Incubator programme on 25th Feb 2010, the Menteri Besar of Selangor said the State has conferred the International Park status on i-City so that it can have entertainment and cosmopolitan lifestyle outlets as well as to operate 24 hours. At the same time, the State will also accelerate the construction of the direct access from the Federal Highway into the site. Both of these are part of the various plans to ensure the success of i-City PnP Incubator programme.
Meantime, I-Berhad, the developer of i-City, wishes to inform that its sector classification on the Main Market of Bursa Malaysia Securities Berhad has been re-classified to “Properties” sector from “Consumer Products” sector previously effective 1 March 2010 to reflect the change in its core business to property development and management.
The Stock Number and Stock Short Name of I-Berhad’s shares would remain unchanged.
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