In order to help Korean businesses successfully enter Malaysia, The Invention Lab (CEO Kim Jin-young), an early-stage investment institution and TIPS operator, said on December 1, 2024, that it has inked a Memorandum of Understanding (MOU) with Sunway iLabs in Malaysia.
To build a sustainable startup innovation ecosystem in Malaysia, Sunway iLabs was founded in May 2017, it is the innovation lab of Sunway Group and Sunway University.
It facilitates the expansion of startups by connecting vital resources including talent, market access, and funding.
With the goal of exploring collaborative prospects across multiple sectors, this agreement represents the first step in the development of a strategic partnership between the two companies.
The following are the agreement’s principal contents: ▲ Establishing a collaborative innovation fund for the execution of investments in the deep tech and climate tech sectors. ▲Co-organizing and running open innovation initiatives with a focus on Malaysia. ▲ Linking domestic TIPS-selected businesses to Sunway iLabs or cooperatively run open innovation initiatives.
“The partnership with Sunway iLabs is an important first step for entering Malaysia, a hub in Southeast Asia that will celebrate its 65th anniversary of diplomatic relations next year,”
said Min Su Kim, director of The Invention Lab. He continued, “Through this strategic partnership, we will develop sustainable business models that enable domestic startups to successfully enter Malaysia.”
