KUALA LUMPUR (Aug 1): The Alliance Bank's SME Innovation Challenge is offering a quota of 60 participants for Malaysian start-ups to attend its structured coaching and chief executive officer (CEO) Chatroom session.

In a statement today, Alliance Bank said the quota for this year is three times more than the past and shortlisted young businesses will also get a chance to win cash and media package prizes worth RM1 million.

"Although our prizes are exciting, those who have attended the programme in the past say that it is the opportunity to grow through learning from other entrepreneurs and industry experts that they appreciate," Alliance Bank Malaysia Bhd CEO Joel Kornreich said.

"This is why we decided to provide coaching and technical advice to more young entrepreneurs this year than in the last three years combined," he added.

The competition's chairman judge Tan Sri Liew Kee Sin, on the other hand, said the new format of the programme, where more Malaysian start-ups will get to undergo structured learning, glean insights from seasoned players as well as build valuable contacts with each other before the final twenty is selected, is something not to be missed.

"Alliance Bank's SME Innovation Challenge is a great platform for young entrepreneurs to leverage on and I look forward to meeting the 60 bright young business owners who will be invited to join the coaching sessions this year," he said.

The first prize, the EcoWorld Entrepreneur Award of RM250,000 cash prize will be sponsored by Eco World Development Group Bhd, while the cash prize for the first and second runner-up prizes of RM200,000 and RM150,000 will be provided by the Alliance Bank.

In addition to the top three prizes, the Challenge will also offer category prizes totalling RM400,000: the Manulife Sustainability Award, the Visa Retail Award and the HyppTV Viewer's Choice Award.

Furthermore, Manulife Insurance Bhd will also be offering insurance coverage of RM180,000 for five years to the grand prize winner, first and second runner-ups, as well as the Manulife Sustainability Award winner.

Malaysian businesses that have been in operation for three years and below are invited to apply at www.BizSmart.com.my from now until Sept 5 this year.