Spurring innovation further

(Standing from left) Black Pegasus Bhd director Calvin Teoh, Sin Chew Media Corporation Bhd executive director Eugene Wong, Media Chinese International Ltd Group chief executive officer Francis Tiong, Medini Iskandar Malaysia Sdn Bhd chief financial officer Norsharizal Mashahrin and senior executive vice-president Mohamad Zamani Razali witnessing the signing ceremony conducted by Yong (left) and Tee.

MALAYSIAN co-working space provider CO3 Social Office Sdn Bhd (CO3) is collaborating with master planner and developer Medini Iskandar Malaysia Sdn Bhd (MIM) to create “The World’s Most Liveable Work Space” at CO3’s next location in Medini City.

Medini City is the 900ha smart and sustainable central business district (CBD) of Iskandar Puteri, Johor.

CO3 Campus@Medini 9, which is anticipated to provide more than 200,000sq ft of co-working space, will be able to accommodate up to 4,000 members to build a self-sufficient community.

The signing of the term sheet for the Joint Venture and Shareholders Agreement (JVSA) marked the first stage of collaboration between CO3 and MIM.

Following the JVSA, a market feasibility study will be carried out and a definitive agreement is expected to be signed in June.

The inking of the collaboration was witnessed by more than 600 guests at the “Beliveable Launch Event”, which also saw the introduction of the CO3 Liveability Model, which forms the foundation of creating “The World’s Most Liveable Work Space”.

“Co-working spaces are becoming popular and we are excited to partner with CO3 on this. Their innovative approach appeals to many as the conducive environment they provide drives productivity, facilitates collaborations and builds communities.

“We believe our tie-up will generate a lot of interest,” MIM chief executive officer and managing director Dr James Tee said.

“CO3 believes that Medini City is a great starting point for CO3 Campus, as its role as the CBD of Iskandar Puteri and strategic location will attract a unique mix of local and international startups, SMEs and MNCs,” CO3 co-founder and chief executive officer Yong Chen Hui added.

The Liveability Model integrates various elements that allow members of the CO3 community to gain access to Special Purpose Spaces (SPS) such as a Creative Zone featuring Editing Hubs, Tech Hubs, a Mini Recording Studio, and even a Virtual Reality Hub, which offers hardware such as state-of-the-art computers and VR development kits.

Other SPS include a Designer Resource Centre, Magazine Library, and CO3’s upcoming venture, Lens Library, which aims to democratise the photography industry.

CO3 is also working with various strategic partners to incorporate more lifestyle elements such as dining, haircare, beauty, entertainment or even diving, as well as Summer Camp.

CO3 also announced the reddotX programme, a RM100mil fund with the goal of incubating 1,000 “reddots” (entrepreneurs and startups) in the next three years.

CO3 is set on becoming the next US$2bil “unicorn” by 2022, co-founded by Sin Chew Media Corporation Bhd.

MIM’s shareholders include Khazanah Nasional Bhd, Mitsui & Co Ltd and UWI Holding Ltd.

Meanwhile, CO3 has also teamed up with Japanese open innovation community EDGEof, co-founded by well-known Japanese serial entrepreneur Taizo Son.

CO3 and EDGEof announced an exchange programme partnership, which aims to provide greater exposure and learning opportunities to the CO3 community.

The exchange programme will allow CO3 members to access the EDGEof ecosystem, creating opportunities to work with some of the biggest names, investors and govern-ments in fields extending to technology, creative, fintech, town planning and more.

CO3 members will also get access to the EDGEof headquarters based in Shibuya, Tokyo, where emphasis is placed on providing a space to facilitate collaboration and development of ideas, with features such as a Media Lab and Creative Studios.

Likewise, CO3 will act as a platform for the EDGEof community to create brand-new ideas and collaboration with others within the booming entrepreneurial landscape in Malaysia and South-East Asia.

The EDGEof community will also be connected to investors, corporations, and public institutions in the CO3 ecosystem in Malaysia and beyond through this collaboration.

In line with the tie-up, EDGEof co-chief executive officer Alex Odajima paid a visit to the CO3 Social Office Puchong, sharing the stage with Yong to speak to CO3 members on open innovation as well as the role of startups and entrepreneurs in innovating the future.