PETRONAS FutureTech: Revving up opportunities for young companies in the start-up race

In the high-pressure world of start-ups, founders are constantly on a sprint to acquire capital, develop their products, make the right connections and grow their businesses, all before the clock – and their funding – runs out. 

However, the journey can be arduous and strewn with roadblocks. This is where accelerator programmes like PETRONAS FutureTech can offer a boost, quickly taking emerging ventures from nascent ideas to potential revenue-generating partnerships.

PETRONAS Ventures, the corporate venture capital arm of PETRONAS, is committed to nurturing the tech-driven start-up ecosystem in Malaysia and Asia-Pacific. Through its FutureTech platform, now in its third iteration, budding enterprises receive well-rounded support from PETRONAS Ventures and its corporate partners. This comprehensive support includes mentorship, workshops, industry immersion and networking opportunities over a 16-week period.

BREAKING THROUGH TO THE NEXT LEVEL

PETRONAS Ventures was set up to invest in companies with game-changing technologies and innovative business models. Its role has since expanded to nurturing entrepreneurs with breakthrough technologies, with the goal of helping them scale their enterprises to global markets. 

This year, 25 start-ups were shortlisted from a competitive pool of applicants from Malaysia, Singapore, Indonesia, India and Australia. They were assessed for their potential in future-forward fields like sustainability, energy and mobility, chemicals and materials, as well as frontier technology. 

Through FutureTech, start-ups refine their technologies as well as co-create and test their solutions with industry enablers. At the same time, they gain insights into market trends and sales channels, while access to proprietary assets and a scalable customer base gives them an edge over the competition.

“For Malaysian companies, FutureTech is a brilliant way to validate your technology and to understand if you have created something good,” said Mr Sethu Raaj, CEO of Midwest Composites, one of this year’s participants. “For international start-ups, it’s the perfect gateway into Malaysia to see how the various organisations here work and how you can leverage their expertise to grow.” 

Midwest Composites is a Malaysia-based start-up specialising in the production of engineered advanced composites and bio-composites using natural fibres.

To date, three ventures from the past two cohorts have received investments from PETRONAS Ventures, with over 20 companies collaborating with PETRONAS to develop their commercial capabilities.

TAKING CONCEPTS INTO THE REAL WORLD

Fostering collaboration and innovation among multi-industry corporations and start-up technology companies is an impactful component of the accelerator programme. 

With corporate partners partially pre-screened to assess their compatibility with the start-ups, the focus can be turned to connecting them with the relevant solutions developed by the young enterprises. For early-stage start-ups, this presents a valuable opportunity to deploy their technologies while gaining customer traction and validation. 

Mr Greg Perkins, CEO of Wildfire Energy, said that participating in FutureTech enabled his team members to engage in high-level discussions about proof of concept and feasibility, as well as pilot projects with corporate partners. 

“It can be challenging for platform technology companies like ours to identify the most compelling use case and customers. To have done this very quickly during the incubation phase of FutureTech was a fantastic outcome,” he said.  

The Australian outfit has patented a moving injection horizontal gasification technology designed to process solid waste residuals into energy products.

Despite already securing a business deal with one of FutureTech’s corporate partners prior to the programme, co-founder and CEO of Kazam EV Tech, Mr Akshay Shekhar, said FutureTech has positioned his start-up on the global stage and boosted its brand credibility. 

“FutureTech offers a great opportunity to enter the Southeast Asian markets, and to work with established companies like PETRONAS and Gentari. Having access to the right point of contact in targeted organisations is the acceleration that founders look for and this is a key differentiator of the programme,” he added.

Based in India, Kazam EV Tech offers an agnostic electric vehicle charging and energy management software platform.

SHAPING AND SUSTAINING CONNECTIONS 

The broader reach of FutureTech now includes regional strategic partnerships, offering participants access to the wealth of entrepreneurial experience and invaluable mentorship from a larger pool of accomplished C-suite executives. The programme boasts a robust network of mentors who contribute their expertise in areas like pitch development, market validation and intellectual property development.

“As we aim to enhance the commercialisation of the local tech sector, it’s essential for FutureTech to broaden its scope to larger markets and draw upon the knowledge and expertise from global corporate innovators and investors,” said Ms Arni Laily Anwarrudin, head of PETRONAS Ventures.

A key highlight of the programme is Demo Day, where the start-ups pitch their solutions to PETRONAS’ senior leaders, corporate partners, potential investors and collaborators. Scheduled to take place in the last quarter of the year, the event marks the culmination of the FutureTech programme.

To sustain the momentum kickstarted by the programme, the FutureTech team continues to facilitate conversations among the start-ups, PETRONAS business units and corporate partners for six months after the programme concludes. 

“We hope that the support provided better prepares the start-ups to tackle global business challenges using local innovations,” said Ms Arni. “I highly encourage growth-driven enterprises to apply for the next edition of FutureTech.”

Learn more about how FutureTech is accelerating the tech-driven start-up ecosystem in Malaysia and beyond.