Mosti launches innovation challenge with 5 new funds

The Science, Technology and Innovation Ministry (Mosti) has introduced five new multimillion research and development (R&D) funds to help start-ups and small and medium enterprises (SMEs) to commercialise their products and services.

The five new fund schemes — the Strategic Research Fund (SRF), Technology Development Fund 1 (TeD 1), TeD 2, Bridging Fund (BGF) and Applied Innovation Fund (AIF) — are offered under the Program Dana Pemacu Teknologi Strategik, also known as PEMACU.

These funds are allocated through the Malaysia Grand Challenge (MGC) which Mosti launched today, an initiative to boost the use of disruptive, high technology in the country.

Mosti Minister Khairy Jamaluddin Abu Bakar (picture) said the funds will strengthen the R&D and commercialisation and innovation ecosystem in the country to achieve a target of 3.5% of GDP for R&D (GERD) by 2030.

Malaysia’s GERD currently stands at 1.08%.

“The MGC will benefit the development of innovation, creativity and the rate of commercialisation of local products through the use of sustainable technology and thus reducing the country’s reliance on external technology and innovation,” Khairy said at the launch in Putrajaya today.

The SRF provides up to RM15 million to SMEs and multinational companies for a matching period of 36 months for products with technology readiness level (TRL) 3 to 9.

The TeD 1 offers a quantum of RM1 million in 24 months for TRL 2 to 4; TeD 2 (RM3 million within 36 months for TRL 4 to 7); BGF (RM4 million in 36 months for TRL 7 to 9); and AIF (RM500,000 in 12 to 18 months for TRL 2 to 4).

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