Malaysia sets new scheme to fund innovative products
By GovInsider
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 more innovative and competitive ways to be commercialized,” 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.