According to a recent report, Malaysia’s largest coworking space has launched its first Penang venue.
The company’s latest venture into the Northern region of Malaysia aims to propel the growth of Malaysian Small and Medium Enterprises (SMEs) in Penang by providing the community with access to a global business network and powerful infrastructure.
The company argues that the market is at the right climate to begin introducing their coworking lifestyle that is built on community and synergy.
The company’s Penang venue was developed in a joint venture with a property developer and is aimed at providing a collaborative space for the business community to congregate, foster productivity, share resources, and meet goals.
It was noted that the past few years have seen Malaysia’s tech and start-up ecosystem thrive rapidly, paving the way for Penang to become the next most innovative and start-up-friendly city.
The Chief Minister of Penang noted that in an effort to solidify Penang as a Malaysian nexus for innovation and creativity, the region has established the Industry 4.0 (I4) Seed Fund and Penang STEM. These initiatives aim to spur the tech start-up ecosystem, creating the platform for talent to drive and support the digital economy, as well as the 4th Industrial Revolution.
According to an earlier report, the Industry 4.0 (I4) Seed Fund and Penang STEM were set up in January 2018, the US$1 million (RM3.9 million) fund is specifically for tech start-ups in the state.
The Chief Minister noted that today the incentive fund is to further accelerate the state’s tech start-up ecosystem. This fund is to help realise the state’s potential to build, attract and retain talents to spur the tech start-ups to realise Penang’s potential as one of the Silicon Valleys of Asia.
The fund aims to embrace tech start-ups and I4, including sectors such as big data analytics, artificial intelligence, robotics, financial technology, machine learning, cloud computing, and the Internet of Things.
The state has over 300 multinational companies and 3,000 local supporting companies in the state’s established electronics and electrical (E&E) ecosystem.
It was noted that from 2008 to June 2017, one-third of E&E investments are in Penang and this is supported by the fact that Penang holds eight per cent contribution of global back end semiconductor output.
It was noted that this is why the state established @CAT Penang in 2015 to further develop the tech start-up, creative, analytics and technology ecosystem in the state. A total of RM75 million has also been spent since 2008 to promote STEM education, including RM6 million to give coding classes to 120,000 primary and secondary students.
The company’s Penang venue houses a café, event space, boardrooms, several smaller meeting rooms, quiet lounges, call booths, and offers more than 50 private offices, and 60 hot and fixed desks.
The workspace is built to accommodate a multitude of businesses and is situated amongst established retail stores which comprise the boutique shopping mall.
The island venue is also strongly committed to fostering a diverse and dynamic community for its members through its local partnerships and weekly events.
What makes the company stands out from other coworking spaces is its business and social network that functions as a support system for all its members.
The company curates partnerships in order to secure exclusive benefits for its members. These initiatives aim to strengthen and connect the company community, as well as to add local value to the membership.