KUALA LUMPUR, Nov. 1 – Technology Park Malaysia Corporation Sdn Bhd (TPM) has today signed a Memorandum of Understanding (MoU) with Seoul Business Agency (SBA) that manages South Korea’s Digital Media City, to collaborate in developing the soft landing/co-incubation programmes for vitalizing the industry clusters of ICT, biotechnology and life sciences, advanced engineering and green technology.

The TPM-SBA collaborative effort is set to spur greater cooperation in mutually creating win-win smart partnerships between South Korean and Malaysian startups and enterprises. It would also enable both TPM and SBA incubatees to jointly explore new business and investments opportunities in the global arena.

The MoU was signed between SBA’s  Chief Executive Officer, Mr. Joo Hyung Chul and TPM President/ CEO, Dato’ Ir. Mohd Azman Hj.Shahidin, following the former’s visit to Technology Park Malaysia whose delegation also included SBA director Mr. Lee Jin Soo and its assistant manager, Mr. Ma Ryun Kyoung. TPM Chairman, Dato’ Ahmad Fauzi Zahari witnessed the event.

The host of activities for the collaboration between both parties included the following:

  1. Developing co-incubation program for incubates/SMEs from both sides;
  2. Handholding activities for access to market, funding, technology and experts;
  3. The specialization assistance and the use of shared facilities on pro bono basis during business exploration;
  4. Access to partnership and networking;
  5. Business advisory related to local business situation and requirements; and
  6. Any other areas of collaboration as mutually agreed by both Parties in due course.

According to Dato’ Ahmad Fauzi, the co-incubation concept provides an enviable platform for incubation centres, technology parks or universities locally and internationally to share their resources in contributing towards the development of a startup.

He said by applying the co-incubation concept, incubation centres will be able to operate more effectively at a much lesser costs, while utilising readily-available resources.

“Implementation of such concept and initiatives will greatly benefit entrepreneurs and/or a start-up in the APEC/ASEAN region. It ultimately will benefit incubators as well.

  • “This is based on the assumptions that the incubators in the region are receptive to the idea of inter-operability with other incubators; similar resources are being offered and standardized practices are being implemented or adopted by incubators in the participating region, to ensure that start-ups are given the same opportunities in each country,” explained Fauzi.

In efforts to expand its internationalization, TPM has to date established co-incubation programmes with Hong Kong, Indonesia, Singapore, The Philippines, Thailand, Vietnam and South Korea.

Technology Park Malaysia Sdn Bhd, an agency of MOSTI, has an integrated infrastructure, facilities and support services to assist technopreneurs and entrepreneurs who are keen to commercialize their ideas in the four industry clusters, namely, ICT, Engineering, Biotechnology and Green Technology.

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