MOSTI Focuses On Governance, Investment To Strengthen Innovation

KUALA LUMPUR, Aug 13 (Bernama) -- Good governance, progressive policies, robust funding and investment, technological readiness and skilled human capital are essential to strengthening the national commercialisation ecosystem for competitive success on the international stage.

In this context, the Ministry of Science, Technology and Innovation (MOSTI) will remain committed to fostering innovation from inception through to market realisation, said Deputy Minister Datuk Mohammad Yusof Apdal.

"From funding research and development (R&D) and validating products or technologies to facilitating the commercialisation process, MOSTI provides comprehensive support to our innovators," he said during the closing ceremony of the Malaysian Commercialisation Year Summit 2024 (MCY Summit 2024) today.

He noted that since 2021, MOSTI has intensified efforts to bring R&D commercialisation to the global market through the 'MCY Goes Global' initiative under the MCY 3.0 phase.

"To address the challenges posed by the pandemic, we have made necessary adjustments to ensure this national agenda continues unabated.

"By implementing these initiatives in stages, we are strengthening the national commercialisation ecosystem as we prepare for more ambitious missions and visions," he said.

As part of MCY 3.0, he said MOSTI will continue to organise due diligence sessions to assess the technological readiness of R&D products and services, determining the necessary support to expedite commercialisation.

"To date, 1,285 products, technologies, or services have undergone the due diligence process," he added.

The MCY initiative has successfully led to the commercialisation of 553 products, technologies and services, generating revenue of over RM729.9 million in local and global markets from 2016 to 2023.

The event, organised by MOSTI, also witnessed the signing of four memorandums of understanding, two memorandums of agreement and one cooperation agreement between the Malaysian Research Accelerator for Technology and Innovation (MRANTI) and the Moscow Engineering Physics Institute (MEPhi).

In addition, six awards were presented to innovators, including the New Innovator Award, Commercialisation Achievement Award, Research and Business Joint Venture Award, Research Entrepreneur Award, Social Entrepreneur Award, and the Overall Award.

-- BERNAMA