Monash Business launches Innovation Impact Lab
Kuala Lumpur, 13 November 2025 – The Monash University Malaysia School of Business, in collaboration with Alliance Bank Malaysia Berhad (“Alliance Bank”) and Cradle Fund Sdn Bhd (“Cradle”), has launched the Innovation Impact Lab — Malaysia’s first cross-sector platform uniting academia, government, and a financial institution to accelerate SME innovation in the low-carbon and circular economy.
Unveiled at the Cradle LIVE! Startup ASEAN Summit 2025, this Lab is a School of Business-led initiative designed to move Malaysian SMEs toward sustainable, tech-driven growth while strengthening the nation’s innovation ecosystem.
Anchored under Alliance Bank’s Sustainability Impact Programme, the Lab brings together the unique strengths of each partner:
- Monash School of Business drives the initiative through its research expertise, talent development, and design thinking capabilities to support solution development, testing, and knowledge-sharing.
- Alliance Bank integrates its BizSmart® Challenge, mentorship support, and sustainability-focused financing to help SMEs scale responsibly.
- Cradle expands access to grants, market networks, and its established startup ecosystem.
Together, these elements create a holistic environment where SMEs can validate problem statements, prototype scalable solutions, explore design thinking improvements, and access pathways to commercialisation.
Professor Emeritus Dato' Dr Adeeba Kamarulzaman, President and Pro Vice-Chancellor of Monash University Malaysia, stated: "The Innovation Impact Lab reflects Monash’s commitment to translating research and innovation into practical solutions that benefit society. Together with Alliance Bank and Cradle, we are creating a collaborative platform that brings together academia, industry, and government to address real-world sustainability and technology challenges of our region.”
Through this partnership, Monash will contribute research expertise, student talent, and knowledge-sharing to support SMEs and startups in testing, validating, and scaling their solutions. The Lab will also help build a stronger innovation ecosystem through capacity building and the documentation of success stories to guide practice and policy. This initiative truly exemplifies how triple helix collaboration can accelerate sustainable progress"
Alliance Bank Group Chief Executive Officer Kellee Kam added:
“The Innovation Impact Lab is a testament to what’s possible when diverse sectors unite with a shared purpose. Our goal is to support and equip SMEs to lead in a future shaped by sustainability, technology, and collaboration. We believe that when businesses are empowered to innovate responsibly, they become engines of long-term value for the economy and society.”
He added: “At Alliance Bank, we are committed to being The Bank For Life, a partner that grows with our customers and helps them navigate change. This Lab reflects that commitment, offering SMEs a space to test ideas, build solutions, and access the support they need to scale. We’re proud to work alongside Cradle and Monash to help Malaysian businesses thrive in the low-carbon economy.”
Cradle Group Chief Executive Officer Norman Matthieu Vanhaecke noted:
“Cradle is proud to support impact-driven startups that are shaping the future of business and society. The Innovation Impact Lab demonstrates that innovation is not just for startups—it’s a mindset that must permeate every layer of business, including SMEs. Through collaborations like this between Alliance Bank and Monash, we’re connecting research with real-world solutions, building an ecosystem where innovation is practical, sustainable, inclusive, and truly transformative.”
The next milestone will be a stakeholder roundtable hosted at Monash, bringing together technology innovators, circular economy solution providers, corporates, government agencies, and researchers to identify priority areas for Malaysian SMEs. The Lab will also develop sectoral playbooks and ESG-focused white papers to guide SMEs on practical pathways for growth and impact.
With ESG awareness among Malaysian SMEs rising sharply—from 14% to 80% in two years—this Lab arrives at a pivotal time. It provides a strategic platform to help businesses test, refine, and scale commercially viable solutions that advance sustainability and circularity.
The Monash School of Business is proud to initiate this effort, reinforcing its role as a catalyst for innovation, impact, and cross-sector collaboration in Malaysia.