Sunway Group launches iLabs initiative to drive innovation
Innovation is the key impetus to success and the Sunway Group aims to integrate it not just as a one-off but as a long term venture not just for the group but for the country as well with the launch of their Sunway iLabs start-up incubator. The Sunway iLabs is a not-for-profit group that will see the strengths of Sunway University, the Sunway Group and Sunway Ventures working together to stimulate innovation and foster entrepreneurship in the digital space for years to come. Sunway iLabs has also formed strong ties with Malaysian government agencies that include MDeC, the Malaysian Global Innovation and Creativity Centre (MaGIC), Cradle Fund Sdn Bhd (Cradle) and the Malaysian Angel Business Network, among the many that aim to pool their strengths together to support the venture.
At the Sunway iLabs, students from Sunway University will be able to put the knowledge that they have acquired to practical use to drive innovation and to resolve actual business challenges across the Sunway Group’s diverse array of industries that include construction, retail, leisure and much more. The official launch of iLabs saw representatives from the Sunway Group sign three Memorandums of Understanding (MoU) with Grab Malaysia, Young Outliers and MaGIC for closer ties, knowledge sharing and to drive innovation. Grab Malaysia was represented by its Country Head, Sean Goh; MaGIC by CEO, Ashran Dato’ Ghazi; Young Outliers by Co-Founder and CEO, Steve Hsia; Sunway Ventures CEO, Evan Cheah; and Sunway University and Sunway Education Group was represented by CEO, Dr Lee Weng Keng. “The fact that Sunway’s iLabs is set-up as a non-profit entity demonstrates Sunway’s generosity and commitment to the national interest, particularly our drive towards being a top 20 country as outlined in the TN50. MaGIC is pleased to have Sunway iLabs as a partner,” commented Tan Sri Mohd Irwan Serigar Abdullah.
“iLabs marks the first joint initiative undertaken by Sunway Ventures and Sunway University. It will drive Sunway’s growth for the decades ahead and identify sunrise industries for us to invest in. It is a novel project that is aligned with the Government’s stated goal of making Malaysia the start-up hub of the region. This non-for-profit iLabs will bring together the collective talents, financial muscle and deep experience of Sunway University, Sunway Group, and Sunway Ventures into a single collaborative space to foster entrepreneurship and stimulate market-driven innovations,” said Tan Sri Jeffrey Cheah.
Tan Sri Mohd Irwan Serigar Abdullah, Secretary General of Ministry of Finance and Chairman of Malaysian Global Innovation and Creativity Centre (MaGIC) officiating the launch of the Sunway Innovation Labs. Looking on are Tan Sri Jeffrey Cheah AO, Dr Elizabeth Lee, Matt van Leeuwen, Dr Lee Weng Keng, Professor Graeme Wilkinson and Evan Cheah.