‘Start-ups enable businesses to tap new technologies’

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PETALING JAYA: Finance ministry secretary-general Mohd Irwan Serigar Abdullah says businesses need to think ahead by engaging with young entrepreneurs.

Speaking at the Sunway iLabs launch at Menara Sunway today, Serigar said gaining fresh ideas, especially from start-ups, will enable businesses to open up to new technologies and stay unique.

“Such creations like iLabs, or innovation labs, will help youngsters create new products and bring it to the market without spending millions of ringgit building brick and mortar stores, hence saving them money.”

The fact that Sunway’s iLabs is set up as a non-profit entity also demonstrated Sunway’s commitment to national interests, he said.

“This is very important, particularly in our nation’s drive towards becoming a top-20 country as outlined in the TN50,” he said, referring to the Transformasi Nasional 2050 initiative for the future of Malaysia, from 2020 to 2050.

Sunway group chairman Jeffrey Cheah said iLabs would bring together the collective talents, financial muscle and deep experience of Sunway University, Sunway Group and Sunway Ventures to foster entrepreneurship.

He said it would also create market-driven innovations and drive competitiveness in the digital space for decades ahead.

“It is a novel project that is aligned with the government’s stated goal of making Malaysia the start-up hub of the region.”

The innovation labs will function as a start-up incubator and run accelerator programmes within the country.

Sunway iLabs has already established links with government bodies such as MdeC, MaGIC, Agensi Inovasi Malaysia and the official trade association, Malaysian Angel Business Network.

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