KUALA LUMPUR (Dec 7): A total of RM21.8 million in funding has been approved for 30 companies through the National Technology and Innovation Sandbox (NTIS) programme.
The programme, steered by the Ministry of Science, Technology and Innovation (MOSTI) and backed by the Malaysian Global Innovation & Creativity Centre (MaGIC), Malaysian Technology Development Corporation (MTDC), MIMOS Bhd and Technology Park Malaysia (TPM), is an initiative under the National Economic Recovery Plan (PENJANA) introduced in June 2020.
In a statement today, MTDC said 1,763 companies have registered with NTIS since its launch in June 2020. It has received 48 applications for evaluation for the Sandbox Fund.
“Besides helping to generate the national economy, NTIS also plays a role in helping to launch new technology application in various sectors, particularly with regard to combating the Covid-19 outbreak,” it said.
MTDC as main funding partner of the initiative, will provide the platform including funding for products/technologies/services created through R&D or local innovation, from the prototype to the commercialisation stage.
“The target of this funding programme is to provide financial access for SME/startup companies to develop and conduct validation processes for their products/technologies/services in a controlled environment (sandbox).
“Through NTIS, technology start-up companies can receive RM100 million in funding assistance,” it said.
MTDC offers four funding schemes — Single Site Sandbox, Multisite Sandbox, Commercialisation Sandbox and Corporate Sandbox.