MDEC launches Global Technology Grant, 4IR Catalyst Grant
By Digital News Asia May 20, 2022
- GTG provides funding for research, innovation, commercialisation
- 4ICG enables tech providers to co-create, innovate, deploy 4IR solutions
Malaysia Digital Economy Corporation (MDEC) has announced the 2022 edition of the Global Technology Grant (GTG) and 4IR Catalyst Grant (4ICG) and is calling for new applicants.
In a statement, the agency said the GTG provides applicants access to funding for research or innovation, development and commercialisation of innovative commercial product or service, while the 4ICG helps technology solutions provider to co-create, problem-solve, innovate, and deploy 4th Industrial Revolution (4IR) solutions in partnership with an end-user.
According to the chief executive officer of MDEC, Mahadhir Aziz (pic), the time is now for technology companies to further their digital agenda as the global market is hungry for solutions that reduce the digital divide.
“The GTG and 4ICG grant provides tech companies the necessary funding to go further with their products and services aside from fostering technology champions, attract investment and incubate innovation for the digital ecosystem.
“MDEC is confident that great innovations will be coming from the grant applicants as we will continue to enable ecosystems conducive to drive Malaysia forward towards becoming the preferred digital hub,” Mahadhir said.
MDEC said GTG is open to technology companies or startups that are ready to venture into their first global market or want to expand their existing global presence with further product and service commercialisation, with a maximum project duration of two years.
Applicants can be of locally-owned or foreign-owned companies with the former receiving up to 50% of the total project cost or US$454,000 (RM2 million), whichever is lower, with the latter receiving 30% of the total project cost or US$454,000 (RM2 million), whichever is lower, MDEC said.
The GTG is also open to foreign technology companies to set up centres of excellence in Malaysia that are focused on conducting high value innovation and research and development activities.
Similarly, they too will be able to receive up to 30% of the total project cost or US$454,000, whichever is lower, it said.
[RM1 = US$0.227]
Meanwhile, the 4ICG is designed to catalyse the use and development of 4IR technology into key business verticals as outlined in the National 4IR Policy.
The grant will be used solely for the purpose of co-creation, problem-solving and commercialisation of 4IR solutions with a project duration of one year, MDEC said
4ICG applicants can consist of technology solution providers and must be able to demonstrate that they have secured the commitment of the end-user to fund their share of the project cost at the time of application.
They can be locally-owned or foreign-owned companies with the former receiving up to 50% of the total project cost or RM2 million, whichever is lower, while the latter receiving 30% of the total project cost or RM2 million, whichever is lower, MDEC said.
Among the key focus sectors for 4ICG applicants are the wholesale and retail trade, transportation and logistics, tourism, finance and insurance, utilities, professional, scientific, and technical services, healthcare, education, agriculture, and manufacturing.
The proposed solutions to the end user must be developed on the foundation of artificial intelligence, Internet of Things, blockchain, cloud computing and big data analytics, MDEC said.
In 2021, 12 companies were approved as the recipients of these grants.
It added that applications for both the GTG and 4ICG are now open until June 30, and companies are eligible to apply for either one of the grants available, based on their proposed project.
Successful applicants will be announced within two months of the application closing date.
Click here for more details about the requirement, eligibility and timelines.
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