Bringing Asia Pacific start-ups to new levels of success
From unlocking investments to forging connections within the regional start-up community, PETRONAS Venture’s accelerator programme is designed to propel young enterprises forward.
Following a 16-week immersion programme, FutureTech 3.0 culminated in Demo Day, where selected start-ups got to pitch their solutions to a panel of potential investors and partners. Photos: PETRONAS Ventures
This audio is generated by an AI tool.
Brought to you by
What do a biowaste treatment plant, an electric vehicle (EV) charging station and energy management platform, and a renewable energy company specialising in gas production from waste have in common?
They’re all trailblazing start-ups united in their mission to shape a more sustainable future, with accelerator programme PETRONAS FutureTech 3.0 playing an instrumental role in their growth journey.
Organised by PETRONAS Ventures, the corporate venture capital arm of PETRONAS, FutureTech is a launchpad for budding enterprises across the energy, industry and digital innovation sectors. Its third edition, held earlier this year, was open to Asia Pacific start-ups outside of Malaysia for the first time. Over 16 weeks, participants received personalised mentorship as they attended master classes on essential business skills and coaching sessions, and networked with other start-ups, industry collaborators and investors.
The programme culminated in Demo Day on Oct 31, where 25 selected start-ups showcased their business solutions to a panel of potential investors and partners. Five start-ups – Entomal Biotech, Wildfire Energy, SunGreenH2, Kazam and Beep Technologies – earned a place in a week-long regional immersion programme curated by PETRONAS Ventures and Singapore-based incubator StartupX.
“The programme not only gave us insights into what consumers in local markets need, but also connected us with a mentor who provided advice to help us tailor our products to meet the demands of our target market,” said Mr Akshay Shekhar, co-founder and CEO of Kazam, an agnostic EV charging software platform.
A GATEWAY TO REGIONAL GROWTH
Already an emerging star in India’s EV tech sector, Kazam has set its sights on expanding into Southeast Asia, but faced the question of whether it could deliver products that meet the needs and preferences of consumers in the region.
FutureTech, with its vast network of industry partners across Southeast Asia, provided Kazam with the perfect opportunity to build a strong foundation for its expansion plans, noted Mr Shekhar. “Most accelerator programmes offer guest lectures and cloud service credits, but FutureTech paved the way for corporate collaborations and growth opportunities,” he said.
Through the programme, Kazam is now exploring proof-of-concept (POC) opportunities to manage EV charge-points for one of FutureTech’s corporate partners. “It would normally have taken years for a start-up to navigate bureaucracy and win contracts,” he added.
Likewise, Australian start-up Wildfire Energy found FutureTech to be an ideal portal to Southeast Asia’s renewable energy market. Having developed a novel gasification process to convert biomass and waste feedstock into a synthetic gas to generate electricity, the company is currently looking to build its first commercial project in Brisbane.
Mr Jamie Roodenrys, general manager for strategic partnerships at Wildfire Energy, said: “PETRONAS and its corporate sponsors have a nuanced understanding of the Asia Pacific business environment, and we were keen to engage with them and learn how we might fit into the process.”
With the help of FutureTech, Wildfire Energy was able to bring its technology to a different audience and signed four memorandums of understanding with new partners during the programme. It has also identified projects across Asia Pacific and Europe to explore with potential manufacturing partners, adding to its pipeline of projects to be delivered between 2025 and 2027.
The regional exposure offered by FutureTech also opened doors for Malaysia’s homegrown start-ups – such as biowaste treatment facility Entomal Biotech, which is pioneering technologies using black soldier fly larvae to turn biowaste into organic by-products. “Participating in FutureTech 3.0 broadened our horizons beyond national confines, which helped to enhance our appeal to international investors and accelerate our growth trajectory,” said Ms Yanni Ching, Entomal Biotech’s co-founder and chief commercial officer.
For example, the company has started discussions with PETRONAS Chemicals Group for a potential collaboration to extract the frass produced by black soldier flies, which can be used as insect protein and fertiliser. Additionally, it is exploring opportunities to implement its food waste solution at Suria KLCC and various PETRONAS assets.
PROVIDING INVALUABLE LEARNING OPPORTUNITIES
As the youngest start-up among the three, Entomal Biotech found the coaching and guidance received during the programme most helpful. In particular, the investor “speed dating” sessions – where companies had to pitch to top investors in the regions within three minutes – helped the Entomal team in honing its investor relationship management skills.
The bi-weekly presentations by various experts, investors and fellow start-up founders also provided a wealth of knowledge on myriad critical issues start-ups face. Mr Roodenrys said: “The strategic, forward-thinking ideas and the lessons from those who had gone before us were immensely beneficial.”
Programmes like FutureTech are catalysts that can help fast-track a start-up’s growth, and companies should not let the chance to participate slip by. “Many entrepreneurs often overlook the value of applying to competitions and grants, which could open doors for sales contracts, POCs and even funding,” said Mr Shekhar, adding that Kazam has achieved “more than expected” from the programme.
Echoing this sentiment, Ms Ching urged aspiring start-ups to seize opportunities like FutureTech to collaborate and innovate for sustainable growth, noting that doing so has been pivotal for laying a strong foundation for Entomal. “Winning the PETRONAS Future Tech 3.0 award positions us to accelerate our growth and contribute meaningfully to environmental sustainability and food security,” she said.
As a progressive energy company, PETRONAS registers interest in future-focused technology and innovation to support its business growth and advance the industry. The PETRONAS FutureTech accelerator programme demonstrates the company’s commitment to nurturing a vibrant start-up ecosystem and empowering regional potential.
Stay tuned for the next intake of the PETRONAS FutureTech accelerator programme and give your start-up journey a boost.
