Please read the following Karuna Khoshee Venture Capital Sdn Bhd (25 Startups) Terms and Conditions carefully before registering for the programme. All users of this web page consent that accessing and taking information from this website will be done according to the Terms and Conditions. By using this site you agree to review this section periodically, as the section may suffer modification. The programme is conceived in such a manner that all its actions will be governed by Malaysian Laws.
digital penang incubator blockchain programme
25 Startups is an incubator prepared by Karuna Khoshee Venture Capital Sdn Bhd. To get accepted into the Digital Penang Incubator Blockchain Programme, the interested start-ups need to apply for admission. The Application process is summarized as below: –
Apply: Fill out an application form to provide essential information on business or conceptual ideas.
Interview: Typically, interviews are short and designed so the interviewers can learn about the start-up’s experience quickly. It can be a discussion and a presentation of business proposals or activities.
Approval: Successful application will be notified and will be offered the incubator membership. An initial annual membership fee of RM500 would be put into effect.
25 Startups Obligations
In order to help the development of the start-up’s project and thereby facilitate its implementation and potential for success, 25 Startups to help the start-up during the duration of the incubator blockchain programme with:
Company Set Up;
Investment, Financial & Grant Assistance;
Corporate & Compliances;
Employment of Karuna Software Suite
Reskilling and Upskilling;
Market Access and Intelligence;
In pursuing the object of this agreement, the start-up agrees to:
Participate and attend the incubator digital programme with a minimum of 1 team member
Participate in the activities proposed by 25 Startups in accordance with the schedule delivered
Provide feedback at the end of the programme
Provide information about fundraising, business development for up to 3 years after the programme
Authorize 25 Startups and its Affiliates to use the start-up’s name and trademarks in promotional materials related to the programme
Agree to participate in the (i) only for lawful purposes and in conformity with any and all applicable laws and (ii) without knowingly violating any Intellectual Property Rights (including without limitation, copyright, trademark, patent, trade secret)., publicity, privacy, confidentiality, contractual or other rights of any third party.
Incubator Blockchain Programme means Digital Penang Incubator Blockchain programme
25 Startups means Karuna Khoshee Venture Capital Sdn Bhd
You or ‘the applicant’ means the person or persons applying for the incubator blockchain programme
You or ‘the participant’ means the person or persons who have been confirmed and accepted into the incubator blockchain programme
By submitting your application, you agree to these terms and conditions.
Applications must comply with these terms and conditions to be valid and accepted.
Individuals or teams must:
be based in Malaysia, OR
a Malaysian Citizen holding a valid pass in Malaysia, AND
at least 18 years of age at the time of application
Applicants must complete and submit the application form available on the website portal.
Applications that do not comply with these terms and conditions are invalid and will not be accepted.
An evaluation panel consisting of Karuna Khoshee Venture Capital Sdn Bhd (25 Startups) management members that will assess all applications against the evaluation criteria determined by 25 Startups at its sole discretion.
Shortlisted applicants will be emailed to confirm their participation.
Applicants must confirm their participation in the programme by the stated deadline.
25 Startups will not disclose any details regarding the evaluation assessment of applications except where required to do so by law.
The Incubatees shall pay a membership fee of RM500 yearly excluding all applicable taxes to the Incubator to be eligible for the Incubator’s pitch sessions, investor matching, startup programs and networking sessions and to update the Incubatees’ information on the Incubator’s startup portal for investors and obtain advice and assistance on seed funding, grants and financial assistance (“Membership Fee”).
For total successful investment through the Incubator, the Incubator shall be given 10% of the investment amount with the option to convert 5% of the investment amount to shares and the remaining in cash for management and administrative fees.
The Incubatees shall be jointly and severally liable for the payment of above costs to the Incubator.
Discounted rates will be provided to the Incubatees for the accelerator programme of the Incubator subject to the Incubator’s discretion.
Participants should be prepared to commit their time accordingly to the programme schedule.
25 Startups reserves the right to disqualify any application that is:
deemed to contain information that is incorrect, misleading or fraudulent; or
defamatory, abusive, insulting, threatening, obscene, inflammatory, offensive or otherwise contain content which, in 25 Startups’s opinion, is inappropriate or objectionable
the exit clauses
Start-ups could exit the Digital Penang Incubator Blockchain on the following
Acquisition by Investor – dilution of Incubator Equity at Company Evaluation Value;
Equity by Investor – option of dilution of Incubator Equity at Company Evaluation Value;
Acquisition by Natural Growth – dilution of Incubator Equity at Company Evaluation Value; and
No progress in 6 months – before the exit, the start-ups would be counselled.
You will retain any intellectual property rights in your application.
You retain sole and exclusive ownership of Intellectual Property Rights acquired prior to the programme or that you may develop or acquire thereafter.
You grant 25 Startups a perpetual, irrevocable, worldwide, royalty and payment free, transferable, sub-licensable right to exercise all of the intellectual property rights in your application for the purpose of assessing your application and conducting the application process.
You warrant that you have the right to grant the licences described above and do not infringe the intellectual property rights of any other person.
You hereby indemnify 25 Startups against any third-party liabilities, claims, costs, expenses (including legal costs), loss or damage incurred by 25 Startups as a result of your breaching the above clauses.
25 Startups may disclose your personal information to companies and agencies connected with the programme, for the purposes of carrying out the incubator blockchain programme.
limitation of liability
Except for any liability that cannot be excluded by law, 25 Startups (including its officers, employees and agents) will not be liable for any loss or damage whatsoever that is suffered or sustained (including but not limited to indirect or consequential loss) or for any death, illness, personal injury or property damage suffered or sustained (even caused by negligence), as a result of, or in any way connected with, this application process.
To the extent permitted by law, you agree to release, fully indemnify and keep fully indemnified, 25 Startups (including its officers, employees and agents) from and against all liability, cost, loss, damage, expense, claim or other rights of action arising out of, or in connection with, the application process.
25 Startups accepts no responsibility for any problems or technical malfunction of any communication network or for any late, lost, incomplete, incorrectly submitted, delayed, illegible, corrupted or misdirected applications, claims or correspondence whether due to error, omission, alteration, tampering, deletion, theft, destruction, transmission interruption, communications failure or otherwise. 25 Startups has no control over telephone communications, networks or lines and accepts no responsibility for any problems associated with them, whether due to traffic congestion, technical malfunction or otherwise.
All Goods purchased are subject to a one-time payment. Payment can be made through various payment methods we have available, such as Visa, MasterCard or online payment methods.
Payments cards (credit cards or debit cards) are subject to validation checks and authorization by Your card issuer. If we do not receive the required authorization, we will not be liable for any delay or non-delivery of Your Order.
You are responsible for obtaining your own independent legal and financial advice regarding these terms and conditions.
All times listed in these terms and conditions are in Malaysian Timing (GMT +8).
25 Startups reserves the right to amend these conditions at any time. If any changes are made, 25 Startups will notify the public via its website.
These terms and conditions will be construed according to the laws of Malaysia and applicants submit to the exclusive jurisdiction of the courts of that State.
Including” is not a word of limitation.
A reference to a person includes an individual, a firm, a body corporate, a partnership and an unincorporated association.
Failure by 25 Startups to enforce any of its rights at any stage does not constitute a waiver of those rights.
If a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding meaning.
A word importing the singular includes the plural (and vice versa).
If any of these terms are held to be invalid, unenforceable or illegal for any reason, the remaining terms shall nevertheless continue in full force.
Nothing in these terms and conditions is to be interpreted against 25 Startups solely on the grounds that 25 Startups put forward these terms and conditions or any part of them.