Malaysia sets new scheme to fund innovative products
US$7.3 million fund to pair inventors with government agencies.
Malaysia has set up a new scheme to fund local innovators and pair them with government agencies.
The Ministry of Science, Technology and Innovation (MOSTI) has set up the RM30 million (US$7.3 million) Malaysia Social Innovation Fund.
Each product will be given a maximum of RM500,000 (US$121,712). The product must be of benefit to local communities, and its inventor has to partner with an agency under the Ministry.
“MOSTI has many agencies and government-owned companies that can help creators or researchers produce their products in a more innovative and competitive ways to be commercialised,” said Deputy Minister Datuk Dr Abu Bakar Mohamad Diah.
Malaysia has given a boost to innovation in the private sector in its 2016 Budget. It provided US$8.2 million for its startup programme, US$47 million for a technology accelerator fund and further direct incentives for businesses that innovate.
Image from Datuk Dr Abu Bakar Mohamad Diah's Facebook page.