Neoteric Engineering Is Grand Champion In SME Bank's Sandbox Swiss Innovation Challenge 2024
KUALA LUMPUR, Oct 1 (Bernama) -- Neoteric Engineering Sdn Bhd is the grand champion in SME Bank Bhd’s Sandbox Swiss Innovation Challenge (SSSIC) 2024 open category and won RM30,000.
The industrial engineering company will represent Malaysia with two of its representatives pitching their award-winning innovation project in Switzerland on Oct 21, 2024.
Neoteric Engineering is revolutionising farming and agribusiness with its data-driven precision plantation initiative by integrating advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), and satellite data to transform agricultural practices for greater efficiency and sustainability.
The first runner-up in the open category was ProFeather while Materials in Works Sdn Bhd was the second runner-up, picking up RM20,000 and RM15,000, respectively.
In the tertiary category, Sunshine (FarmE) comprising students from Asia Pacific University of Technology and Innovation won first place and RM20,000, Smartlink Innovation (Ecowatch) from Tunku Abdul Rahman University was the runner-up, with RM15,000, and REMORA from the University of Southampton came in third, winning RM10,000.
The SSSIC 2024 attracted 439 submissions, 68 teams were shortlisted with only 19 finalists, comprising 10 from the open category and 9 from the tertiary category.
This year’s challenge placed a strong focus on innovation, sustainability, and social impact, as many of the submissions were aligned with the principles of sustainable development goals.
Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick said the collaboration between SME Bank and its partners fosters innovation and sustainability within the local entrepreneurial ecosystem and supports the government's Sustainable Development Agenda (SGD) 2030.
“The SSSIC 2024 is a prime example of the government creating pockets of opportunities, through its agencies, to continue empowering our homegrown entrepreneurs locally and beyond,” he said.
Meanwhile, SME Bank acting group president and chief executive officer Datuk Dr Mohammad Hardee Ibrahim said SSSIC 2024 is a partnership between SME Bank and the Swiss Innovation Challenge (SIC), a prestigious programme owned by the School of Business of the University of Applied Sciences and Arts Northwestern Switzerland (FHNW) that fosters innovation across ASEAN and European countries.
He said the collaboration has enabled the group and their strategic partners to provide a unique platform for entrepreneurs and SMEs to showcase their innovative business ideas.
“Through this challenge, we seek to inspire new solutions, drive sustainable business models, and make a meaningful and lasting impact in society,” he said.
The SSSIC 2024 is equipped with practical knowledge and skill enhancement through experienced coaches and entrepreneurs and is supported by Universiti Malaysia Kelantan, Putra Business School, DRB-HICOM University of Automotive Malaysia and the Swiss Malaysian Chamber of Commerce.
-- BERNAMA