Malaysia Digital Economy Corporation is looking to assist companies who are on their journey in adopting modern technology to scale their business, the 4IR Catalyst Grant is launched to help local-based technology companies with funding.
The aim for 4ICG is to catalyse the use and development of 4IR technology into key business verticals as outlined in the national 4th IR policy. The grant will be used solely for the purpose of co-creation, problem-solving and commercialisation of 4th IR solutions.
Successful local applicants will be awarded up to 50 per cent of the total project cost, subject to a ceiling limit of RM2 million whichever is lower. Chosen foreign owned companies will be awarded up to 30 per cent of the total project cost, subject to a ceiling limit of RM2 million, whichever is lower.
For those who receive the grants, MDEC will onboard them into the GAIN programme which offers these companies market access, business matching, funding facilitation and mentoring opportunities. They also stand to benefit from revenue and export increase, upskilling and increased chances in receiving investments.
“We introduced the 4ICG to increase productivity, product quality, improve quality of life and preserve ecological integrity of 10 key economic sectors and six supporting sectors of the Malaysian economy as outlined in the National Fourth Industrial Revolution Policy,” said Gopi Ganesalingam, Chief Digital Industry Officer, MDEC.
Key sectors identified for the grant applicants are wholesale and retail trade, transportation and logistics, tourism, finance and insurance, healthcare, agriculture, and education. Supporting sectors include construction, real estate, mining and quarrying, information and communication services, arts, entertainment, and administrative and support services.
The grant is looking to target up to 20 applicants with duration of funding for a project period of up to one year. Closing call for submissions is in November, with the evaluation and approval process to take place by December.