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MY’s Petronas launches anew tech accelerator program for home-grown startups

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Kuala Lumpur, Malaysia – Petronas in Malaysia has launched the second edition of its technology accelerator program called ‘Petronas FutureTech 2.0’, an event that aims to encourage local innovations and to scale up technology startups in the country.

For this year’s ‘Petronas FutureTech 2.0’, Petronas continues its partnership with global venture capital firm 500 Startups. The program is expected to bring in greater prospects for participating startups as Petronas, through its corporate venture capital arm, Petronas Ventures has teamed up with Government-linked companies (GLCs) – telco Telekom Malaysia and conglomerate company Sime Darby Plantation. 

The collaboration aims to unlock synergies from cross-industries expertise and maximize the value impact of the program to local startups. Through this, GLCs will be able to uncover potentially game-changing technologies, accelerate new ideas that can help transform local industries, and enable the participating teams to have greater market access for growth.

Arni Laily Anwarrudin, the head at Petronas Ventures, shared that following the success of the first FutureTech program in 2019, they foresee bigger prospects towards nation-building, and collaborating with major corporations is the right way to further nurture the ecosystem for Malaysian startups.

“It also creates a positive socio-economic impact to the community through education and skill investment, as well as fostering tech-driven innovations that support the United Nations’ Sustainable Development Goals,” said Anwarrudin.

Meanwhile, Telekom Malaysia’s Chief Strategy Officer Tengku Muneer Tengku Muzani, commented that they are excited and thrilled to join hands with Petronas and Sime Darby Plantation to help nurture the startup ecosystem in Malaysia. 

“In line with our drive towards a Digital Malaysia, we hope to explore common ground with the FutureTech 2.0 corporate partners and startups in accelerating digital innovation by leveraging on each other’s strengths,” said Muzani.

Sime Darby Plantation’s Chief Strategy and Innovation Officer Dr. Shariman Alwani said that they are looking forward to identifying innovative startups with technology capabilities and game-changing solutions to help them overcome various challenges and pain points. 

“We are excited to be part of FutureTech 2.0. To be able to give a voice to our local innovative startups and help unlock their potential in collaboration with like-minded partners such as Petronas and Telekom Malaysia is truly a valuable opportunity,” said Alwani.

Furthermore, the focus themes for this year’s FutureTech program are Industry 4.0, Specialty Chemicals and Advance Materials, Future of Energy, and Digital Transformation, as well as Retail Innovation.

Shortlisted startups in FutureTech 2.0 will undergo an intensive 12-week virtual program from September, which includes masterclasses, workshops, and coaching from 500 Startups’ mentors as well as C-suite and experts from Petronas, Telekom Malaysia, and Sime Darby Plantation. These startups will have the opportunity to accelerate their business solutions via a proof of concept (POC) and get access to insights and resources from the GLCs.

For interested startups, the applications for FutureTech 2.0 will be available until 27 July 2021.

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