Tune launches incubator arm

Founder of AirAsia Tan Sri Tony Fernandes, co-founder of Tune Group  Datuk Kamarudin Meranun, and co-founder of ECM Libra Financial Group Bhd, Lim Kian Onn, have launched Tune Labs, a start-up incubator and accelerator programme aimed at identifying, mentoring and funding entrepreneurs across Asia.According to The Star, funding for the incubator amounting to RM5million would be provided by the trio, with more funding to come if the need arises.It is looking for entrepreneurs in the industries of travel, e-commerce, mobile and fintech, though specialities may go beyond this, according to TuneLabs' site.Tune Labs follows in the trend of major companies creating incubator start-ups to foster innovation. The likes of Unilever, Diageo, Mondelez and previously PepsiCo have moved in this direction.