The Ministry of Science, Technology and Innovation (MOSTI) has launched the Malaysia Grand Challenge (MGC) to invite the community to work together to overcome problems and improve the lives of the community, economic system and environment nationally and globally.
MGC will introduce various incentives and collaborative measures through the use of disruptive technology in an effort to prioritise science, technology and innovation, thus making Malaysia a high-tech country.
This move is in line with the country’s efforts to realise the Vision of Common Prosperity 2030 (SPV 2030) and achieve the Sustainable Development Goals (SDGs) as outlined by the United Nations (UN).
MGC was introduced to promote the country’s Research, Development, Commercialisation and Innovation (R,D,C & I) activities. Starting this year, MOSTI will offer research and development fund financing under the Program Dana Pemacu Teknologi Strategik (PEMACU) which is extended to applicants from startups and small and medium enterprises (SMEs) through agencies under the Ministry .
MGC is expected to benefit the development of innovation, creativity and commercialisation rate of local products through the use of sustainable technology, thereby reducing the country’s dependence on technology as well as external innovation.
There are five (5) R&D Financing Fund schemes under the PEMACU programme, namely:
a) Strategic Research Fund (SRF);
b) Technology Development Fund 1 (TeD1);
c) Technology Development Fund 2 (Ted2);
d) Bridging Fund (BGF);
e) Applied Innovation Fund (AIF).
“This research and development financing fund will strengthen the domestic R,D,C & I ecosystem to achieve the target of 3.5 percent Gross Domestic Expenditure for Research and Development (GERD) to Gross Domestic Product (GDP) by 2030,” Science, Technology and Innovation Minister, Khairy Jamaluddin said.
The funding also supports the efforts of the 3 High-Tech Nation Councils in formulating the current and future direction of the country’s development covering issues such as health, environment, food, access to technology and security.