Selangor announces RM100m innovation fund in Budget 2021 to support start-ups

Selangor Mentri Besar Datuk Seri Amirudin Shari speaks during a press conference at the Selangor state secretariat building in Shah Alam October 21, 2020. — Picture by Yusof Mat Isa
Selangor Mentri Besar Datuk Seri Amirudin Shari speaks during a press conference at the Selangor state secretariat building in Shah Alam October 21, 2020. — Picture by Yusof Mat Isa

KUALA LUMPUR, Oct 30 — As a means to spur the growth of start-up companies in the state, the Selangor state government will channel RM100 million into an innovation fund, said Mentri Besar Datuk Seri Amirudin Shari today.

Dubbed the Selangor Innovation Fund, Amirudin explained that the fund will come under its Budget 2021 and provide capital to tech start-ups in the state.

This is to further augment entrepreneurship efforts by the government under the Selangor Information Technology and E-Commerce Council (SITEC) as well as to support the state’s third economic stimulus plan to mitigate the economic impact of Covid-19.

“The Selangor Innovation Fund will identify potential technology start-up companies in Selangor to be given venture capital investment. This initiative has the potential to support the third economic stimulus package where the target group is technology start-up companies that can bring in the latest technology to drive the transformation of the Smart State 2025 and generate the engine of economic growth in Selangor.

“To implement this, the Selangor Innovation Fund, the state government and its subsidiaries will allocate a preliminary fund amounting to RM 100 million. This move is expected to complement the entrepreneur training initiative by SITEC under the Brand 100 program which has produced almost 500 start-ups to date,’’ he said in his budget speech today.

The Selangor state government today announced a budget of RM2.32 billion for 2021, with a slightly lower estimated deficit of RM123 million.

Amiruddin also stated that the state is expected to receive revenue amounting to RM2.2 billion for next year.

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