NTIS Allocates RM80.84 Mln To Foster Innovative Solutions
SHAH ALAM, Oct 24 (Bernama) -- The National Technology and Innovation Sandbox (NTIS) allocated RM80.84 million in 100 project funding to foster the development of innovative solutions from July 2020 to December 2023.
Deputy Science, Technology, and Innovation (MOSTI) Minister Datuk Mohammad Yusof Apdal said through NTIS, the ministry has set up regulatory sandboxes allowing innovators to test and develop solutions in real-world conditions, bypassing some traditional regulatory barriers while ensuring safety and effectiveness.
He said as NTIS marks its third anniversary, 49 companies have successfully completed their projects, with 28 applications reaching commercialisation, generating a total of RM87.28 million in sales.
“Additionally, four companies have penetrated the export market with export values totalling approximately RM957,000, where these achievements are complemented by numerous success stories.
“Innovators from various sectors have not only commercialised ground-breaking solutions but have also made significant impact in areas like smart cities, transportation, healthcare and agriculture,” he said.
He said this during his speech at the NTIS three-year celebration and Property Technology (PropTech) Sandbox launch here today.
Since July 15, 2020, NTIS led by MOSTI has enabled researchers, innovators, start-ups, and high-tech entrepreneurs to test its products, services, business models and delivery mechanisms in a live environment.
NTIS also serves as a platform to facilitate regulatory issues faced by researchers and entrepreneurs, and it also helps to reduce barriers to market entry through certain processes.
Meanwhile, Mohammad Yusof said the launch of NTIS partnership with SP Setia today, has pushed the boundaries of innovation within the property technology sector, particularly in SP Setia’s core areas of interest.
“Through this sandbox, we are advancing the integration of smart home technologies, innovative building materials, and energy-efficient solutions, all with the goal of enhancing the quality of living environments.
“These innovations are not only shaping the future of residential development but also aligning with S P Setia’s commitment to sustainability and improving the living standards of Malaysians,” he added.
-- BERNAMA