By Sherilyn Pang
SHAH ALAM, Oct 30 — RM100 million preliminary fund has been allocated for the Selangor Innovation Fund which will be used to support strategic efforts for the expansion of startups in the state.
The Selangor Menteri Besar Dato’ Seri Amirudin Shari said the initiative will identify tech companies with the potential to receive venture capital investment.
“The initiative will support the state’s third economic stimulus package, which will target startup companies with the potential to bring in the latest technologies.
“This effort is aimed at spearheading the state’s transformation towards becoming a Smart State by 2025 and generate a new growth engine for the economy of the state of Selangor,” said Amirudin while tabling the Belanjawan Selangor 2021 (2021 Selangor Budget) at the Selangor Legislative Assembly here today.
He said the move is expected to complement the initiative undertaken by Selangor Information Technology and e-Commerce Council (Sitec) that trains entrepreneurs under the Brand 100 programme.
The programme has so far nurtured and birthed close to 500 startups in the state.
The Selangor government had today announced a budget of RM2.32 billion for 2021 with an estimated revenue amounting to RM2.2 billion.
