Tech enabled startups are agents of innovation in the country, says MOSTI

E-Nation, a flagship annual conference organised by the Malaysian Global Innovation & Creativity Centre (MaGIC) identified agility as key to successful businesses in the phase of disruption, and how companies are embracing innovative ways of doing business to adapt to the new normal.

Additionally, the conference witnessed the true transformative powers of AI technology and digitalisation. The other highlight included is the key strategies businesses need to deploy to overcome the Covid-19 storm like embracing change, enabling technology, and empowering societies.

Siti Hamisah Binti Tapsir, the Secretary General of the Ministry of Science, Technology, and Innovation (MOSTI) in her closing remarks said that the world is currently experiencing a technological tsunami of epic proportions and Malaysia must not be left behind. 

“Malaysia aspires to be a high income and hi-tech nation and our vision must be met with not only a strong technology adoption but also adaptation by deploying local innovation, talent, and digital readiness. Malaysia needs a holistic plan for innovation to accelerate the path to recovery,” she emphasised.

The National Science Council endorsed the national policy on science technology and innovation, destined 2021 to 2030. The framework will provide a systematic approach to transform Malaysia into a knowledge-intensive economy, and generate shared economic prosperity across the diverse ecosystem in the country, manage public health pandemic and economic volatilities and be globally competitive by 2030. 

“We welcome all startups, entrepreneurs, and solution providers to collaborate with us, as we embark on this innovation journey. Through the Malaysian Government’s RM35 billion PENJANA- Economic Recovery plan, we are focused on unleashing science, technology and innovationto drive three main cause, empowering the people, propelling businesses and stimulating the economy,” she said.

She also added that RM1.2 billion Dana PENJANA Nasional fund aims to improve our economy through business digitalisation. Additionally, RM600 million has been set aside to boost the development of startups and the local venture capital ecosystem.

“In my opinion, tech-enabled startups are agents of innovation in the country. And we have allocated RM350 million in financial aid to help them navigate the disruptions caused by Covid-19,” she expressed.

MOSTI’s flagship initiative, the National Technology, and Innovation Sandbox (NTIS) is a RM100 million funded programme that aims to improve the development and accessibility of advanced technologies that are pivotal to the country’s progress.

To date, NTIS has received over 1, 200 applications from key sectors such as healthcare, agriculture, financial services, manufacturing, education, smart cities, and many more. MOSTI is also supporting social businesses that embark on innovative journeys to drive the country’s social-economic progress.

Through the Social Impact Matching (SIM) grant, a 10 million budget grant, MOSTI is helping social innovators to sustain their initiatives and programmes via a one-to-one grant matching mechanism for successful crowdfunding initiatives. 

SIM grant prioritises initiatives across five impact areas such as community livelihood, food security, health and social wellbeing, environmental protection, and heritage preservation.

“I’m proud to have MaGIC by our side as we endeavour to accelerate Malaysia’s startup and innovation agenda,” she concluded.

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