Key people behind AirAsia to launch Tune Labs, an initiative to grow more startups in the region

When it comes to Malaysia’s business environment, one company certainly warrants attention. AirAsia is one of the country’s biggest success stories, with a turbulent history spanning almost 20 years. Now key people behind the company and its parent, Tune Group, have decided to give back to the enterprise ecosystem in Malaysia and Southeast Asia. They include co-founder Tony Fernandes, chairman Kamarudin Meranun, and AirAsia X’s Lim Kian Onn.

As reported by Digital News Asia, the three entrepreneurs will collaborate in the creation of Tune Labs, an incubator/accelerator aimed at discovering, mentoring, and funding new startups all over Southeast Asia. Between them, they will invest US$1.4 million into this new endeavor.

Incubation option

Tune Labs will work with startups in both incubator and accelerator capacities. Startups may seek to take part in the incubator program, which will run three times a year, and present their early, unproven ideas to the founders and work together to whip them into shape. Or, if they have a concrete idea on its way to the market, they can choose the accelerator route and receive funding and networking opportunities to speed up their progress.

Tune Labs will have a stake in the startups the scheme supports, with the amount to be determined per each startup. The company will be looking for innovative ideas and plans in the fields of travel, retail, and payments; all relevant to AirAsia’s and TuneGroup’s activities. AirAsia and Tune Group might be called upon to contribute funding to the new company. According to Fernandes, it doesn’t seem like monetization is a major concern for Tune Labs in these early days.