MYSTI FUNDS LAUNCHED TO BOOST LOCAL TECHNOLOGY DEVELOPMENT

PUTRAJAYA, Dec 11 (Bernama) -- The Dana Mudahcara MySTI (DMM) offers up to RM500,000 to finance product production costs, while the Dana Uji Beli (DUB) programme under the Initiative for the Use of Local R&D Products and Services (MySTI) provides up to RM100,000 per product.

Speaking at the launch ceremony for DMM and DUB here today, Deputy Science, Technology and Innovation Minister Datuk Mohammad Yusof Apdal said DMM was offered to local startups and small and medium enterprises (SMEs) that may lack access to conventional financing.

He explained that DUB was specifically targeted at government ministries and agencies to trial products and services bearing the MySTI logo for a maximum period of six months.

"During this six-month period, the specifications of MySTI products and services can be tailored to meet actual user requirements.

"When it fits perfectly, why choose anything else? Support our local technology products through your respective procurement budgets," he said.

Mohammad Yusof added that through DMM, the government aimed to ensure at least 50 MySTI products from startups and SMEs were procured by government entities.

"This fund (DMM) is intended to help these companies establish a performance track record in government procurement and provide opportunities for them to compete with larger companies," he said.

He highlighted that MOSTI (Ministry of Science, Technology and Innovation) and MTDC (Malaysian Technology Development Corporation), as MySTI technology consultants, would facilitate negotiations between the government and technology providers.

The launch of these two funds, he said, underscored the importance of translating the innovative ideas of local talents into socio-economic benefits and advancements for the nation.

"Today, we witness MOSTI and MTDC spearheading Malaysia's mission to achieve developed nation status as a technology producer by 2030," he said.

Expressing confidence in MTDC’s 32 years of experience managing commercialisation funds, he assured that recipients of the funds would benefit not only financially but also from value-added services.

He emphasised MTDC’s proven ability to empower local companies to succeed globally, supported by comprehensive guidance, advisory services, and a robust innovation ecosystem.

-- BERNAMA