THE MALAYSIAN Ministry of Science, Technology and Innovation (Mosti) will consolidate Technology Park Malaysia (TPM) and the Malaysian Global Innovation and Creativity Centre (MaGIC) into a technology commercialisation agency.
TPM is a fourth generation technology park in Malaysia with physical incubators and tech infrastructure, while MaGIC has served a role in cultivating technology startups and innovation ecosystem via a wide range of interventions that range from regulatory facilitation, market access support as well as capacity building.
In a statement, Mosti said the initiative is aimed at equipping Malaysians to be better tackle issues such as low commercialisation rates, low gross domestic expenditures on research and development (R&D), low R&D spend by the private sector, and overlapping of roles between government agencies.
The main mission, Mosti said is to accelerate the creation, development and commercialisation of technology and innovation.
This will be done through building a pipeline that encompasses the entire value chain from startups in incubation to high-growth technology companies.
The joint task force of both TPM and MaGIC will be headed by newly appointed chief executive officer (CEO) of TPM, Dzuleira Abu Bakar (pic), who recently relinquished her position as CEO of MaGIC. She will be overseeing the establishment of the new agency.
Khairy Jamaladuddin, Minister of Science, Technology and Innovation, said he has reviewed areas of priority which required government interventions, starting with the commercialisation agenda.
This, he said, was evident in the Malaysian Science Technology Innovation and Economic Development Framework (MySTIE 10-10) launched in December last year.
Technology commercialisation was one of the 10 STIE leap programmes designed to propel R&D conversion, creating spin-offs, targeted capacity building, technology development and ecosystem support.
“The landscape for innovation continues to evolve at a furious pace for both tech startups and tech giants. We have done reasonably well in riding the wave of the fourth industrial revolution (4IR), and we want to speed up the rate of commercialising our technological and innovative solutions in our push to make Malaysia a high-tech nation,” Khairy said.
Last year, Malaysia was ranked 33rd out of 131 economies in the Global Innovation Index 2020, improving two rungs from 2019. Malaysia also ranked second among 37 upper middle-income group economies, and eighth among the 17 economies in Southeast Asia, East Asia and Oceania.
More updates on the initiative will be progressively shared by Mosti.