Selangor announces RM100m innovation fund in Budget 2021 to support start-ups
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.jpg "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")
in the state, the Selangor state government will channel RM100 million into an innovation fund, stated Mentri Besar Datuk Seri Amirudin Shari today.Dubbed the Selangor Development Fund, Amirudin described that the fund will come under its Spending plan 2021 and provide capital to tech start-ups in the state.This is to more enhance entrepreneurship efforts by the federal government under the Selangor Info Innovation and E-Commerce Council (SITEC) as well as to support the state’s third financial stimulus strategy to mitigate the financial impact of Covid-19.
“The Selangor Development Fund will determine prospective technology start-up companies in Selangor to be offered endeavor capital financial investment. This effort has the possible to support the 3rd economic stimulus package where the target group is technology start-up business that can generate the most current innovation to drive the improvement of the Smart State 2025 and create the engine of financial growth in Selangor.
“To execute this, the Selangor Innovation Fund, the state federal government and its subsidiaries will assign a preliminary fund amounting to RM 100 million. This move is expected to match the entrepreneur training initiative by SITEC under the Brand 100 program which has actually produced nearly 500 start-ups to date,” he said in his spending plan speech today.The Selangor state federal government today announced a budget plan of RM2.32 billion for 2021, with a slightly lower approximated deficit of RM123 million.Amiruddin also mentioned that the state is anticipated to receive profits amounting to RM2.2 billion for next year.