MDEC launches global technology grant to nurture global champions
The Malaysia Digital Economy Malaysia (MDEC) has announced the Global Technology Grant (GTG), an initiative aimed at nurturing global champions, driving investments, and catalysing a digital innovation ecosystem.
In a statement, it said the objective of GTG is to support the scaling-up of Malaysian technology companies into the global arena by way of empowering innovation, development, and commercialisation of disruptive or innovative products and services.
The grant works by supporting research and development (R&D), scaling up of provision of R&D services, development of new technologies, establishment of centres of excellence, and the creation of new market-driven products or services for the global market, it said.
The GTG also serves to support high-impact ecosystem development initiatives, including the development of ecosystem players that ultimately contribute to the growth of the digital economy, it added.
This includes new job creations, expansion of export and investments, and talent development.
“In order to compete in an increasingly globalised market, technology companies in Malaysia need innovation, ideas and globally-relevant products. One way to do so is to create an ecosystem that supports R&D and innovation,” said Gopi Ganesalingam (pic), vice president, tech ecosystems and globalisation at MDEC.
“The GTG aims to nurture global champions out of local innovators by allowing them to develop and commercialise innovative and commercially driven products or services.”
This will have a snowball effect that ultimately leads to export revenue increases, the upskilling of local founders and talents, and a rise in digital investments, he claimed.
The grant offers two types of incentives. Type 1, which is directed at technology companies, and type 2, for technology accelerators.
For type 1, the GTG aims at helping local scale-up tech companies who are ready to enter their first global market or expand their existing global market presence via technology innovation and commercialisation of market-driven products or services.
The purpose, ultimately, is to drive a potential Malaysian unicorn in the making.
Type 1 of the grant covers up to 50% of total project costs or up to RM2 million (US$480,000), whichever is lower, for locally owned companies.
As for foreign-owned companies, the grant covers up to 30% of total project costs or up to RM2 million.