From a co-op community platform for young families seeking affordable baby products, to a mobile app that will point you to the best currency exchange rates anywhere in the world; Malaysia’s latest FinTech and IoT offerings developed under the 4th Cyberview Living Lab Accelerator Programme are proof that there is a solution to any problem when people are given the right platform and support they need for innovation.
These products were among the solutions put forth by five FinTech and IoT startups to a group of venture capitalists, corporate partners, and investors today in a Demo Day. The startups which are participating in the accelerator programme demonstrated the workings of their innovations and pitched their business models in a push to propel their ideas towards commercialisation.
“Our fourth Living Lab Accelerator Programme kicked off in November last year. Working primarily out of our collaborative workspace CoInnov8, these startups were given access to a whole host of resources that they would need to innovate and commercialise their products successfully,” said Dato’ Faris Yahaya, Managing Director of Cyberview Sdn Bhd.
“This is a large part of what Cyberview is doing to drive Cyberjaya’s positioning as a Living Lab for tech and smart city solutions. In the next step of our Living Lab programme, these startups will now be given the opportunity to pilot and validate their ideas right here in Cyberjaya. This is a unique proposition of our Living Lab initiative because these startups will be able to test and tweak their ideas based on a real life setting. Only then can they identify the actual pain points to their creations and address them directly,” added Dato’ Faris.
The selected startups were provided with resources, facilities, and other assistance valued at RM50, 000.00 for each startup to be investment ready. These resources included high quality mentorship in marketing, legal, IT and fundraising as well as leveraging on network of investors, mentors and entrepreneurs. More crucial perhaps to the startups was the guidance they further received from the City Innovation Council (CIC); a body led by Cyberview and comprising Malaysia Digital Economy Corporation (MDEC), Malaysian Global Innovation & Creativity Centre (MaGIC), Malaysian Communications and Multimedia Commission (MCMC), Setia Haruman, and Sepang Municipal Council.
According to Dato’ Faris, “The role of the CIC is to essentially guide the smooth implementation of Cyberjaya Smart City Projects, including the solutions developed in our 4th Living Lab Accelerator Programme. By identifying emerging challenges and strategic opportunities for the city, the CIC ensures that solutions created are aimed at solving real problems for people.”
The 4th Cyberview Living Lab Accelerator Programme is organised with Finnext Capital appointed as programme manager. Finnext Capital is an innovation enabler consulting firm which provides professional advisory to both corporations and startups.
“These startups all have the aim of disrupting conventional approaches to how things are done and they recognise certain gaps in the market. Their ideas orbit around solutions that feed into a smart city’s needs, and so the Cyberview Living Lab Accelerator is a perfect platform for them to grow their ideas into game-changing enterprises,” said Wilson Beh of Finnext Capital Sdn Bhd.
According to Beh, “Throughout the programme, startups went through major checkpoints every week - sharing, roadmapping, deep diving, and attending external sessions to help propel their companies to the next level. Engagements with selected mentors enabled them to further understand the needs of their businesses and enhance their value propositions.”
“We are extremely thrilled to work very closely with Cyberview in running this Cyberview Living Lab Accelerator programme. It’s definitely a space that benefits the startup ecosystem greatly here in Malaysia and one which is in line with Cyberview’s aspiration of transforming Cyberjaya into a Global Tech Hub,” added Beh.
The five startups participating in the 4th Cyberview Living Lab Accelerator Programme are fintech players Billplz, CurrenSeek, Otomate Me, and PrimeKeeper as well as IoT solutions provider TrackerHero.