The Khazanah Impact Innovation Challenge seeks to scale-up solutions for Malaysia’s ageing community
By Digital News Asia May 4, 2021
- KIIC winners to receive US$72K grant, potential follow-on investment by Khazanah
- Seeks tech and non-tech solutions for affordable healthcare, ageing community support
THE KHAZANAH Impact Innovation Challenge (KIIC) is calling for impactful business proposals and game-changing models to participate in the growth and scaling-up of affordable services that support the Malaysian ageing community to “age in place”.
The business competition, themed “Enhancing Ageing Services for Malaysian”, seeks to address current gaps in the industry and prepares the country as it heads towards Ageing Nation status by 2045, in which 15% of the Malaysian population will be aged 65 years old and above.
KIIC is an initiative by Khazanah Nasional Bhd and an expansion of Khazanah’s strategic investments mandate, including identifying new sectors to spur economic growth and boost the country’s competitiveness to deliver long-term sustainable wealth for Malaysians.
Shahril Ridzuan, managing director of Khazanah said: “We see KIIC as a fresh platform for us to identify new strategic investments that can deliver impactful economic potential for the country, in addition to playing a role to help address the needs of the growing ageing population in Malaysia.”
KIIC is organised in partnership with the Malaysian Global Innovation and Creativity Centre (MaGIC), with support by global entrepreneur support community Endeavor. The challenge seeks innovative non-technological or technology-enabled solutions that provide affordable care and support for the ageing community.
The winner or winners of KIIC stand a chance to receive an award of up to a US$72,800 (RM300,000) each in project development grant and a potential follow-on investment by Khazanah.
“We are pleased to collaborate and partner with Khazanah Nasional in bringing together public and private entities as well as the community in creating innovative solutions for our nation’s needs. Through KIIC, MaGIC is able to support and bring to market the desired solutions and achieve sustainable impact with the shared success defined by social improvements,” said Amiruddin Abdul Shukor, acting CEO of MaGIC.
The competition is open to eligible Malaysians. All KIIC applications will be assessed and successful applicants will be selected to participate in either the accelerator programme by MaGIC or the scale-up programme by Khazanah.
The online application opens today and will end on 7 June 2021. Shortlisted applicants will receive an invitation for Pitch Day and winner(s) will be announced in July 2021. For more information, visit here.
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