PUTRAJAYA: Prime Minister Datuk Seri Najib Tun Razak yesterday announced 23 ecosystem and wealth creation initiatives which will attract billions of ringgit in investment and unearth even more of the nation’s intellectual wealth.
Launching it as an “Innovation Lift-Off”, the prime ministre said it was a new direction that will positively impact wealth creation.
“Their spill-over effects will be far reaching and will enhance the technical and business skills of entire supply chain. Unlike R&D initiatives, these innovation projects have attracted customers internationally even before their launch,” he said when launching the initiatives yesterday.
Najib also witnessed the strategic alliance signing between the respective partners and Unit Inovasi Khas (UNIK), which comes under the purview of the Prime Minister’s Office, to commercialise the ventures.
He reiterated that innovation was an integral component of the government’s aim and objective in laying the foundation for Malaysia 2021 and beyond.
The projects have been divided into three categories – new wealth creation; intellectual property from universities; and public research institutes; and eco-system initiatives.
Under the new wealth creation segment, there is one strategic impact project, which is the oil palm biomass roadmap to Malaysia and four ground-up projects – electricity from every window, energy dashboard for energy management for the future; enabling small businesses to go cashless; and cutting-edge technology for LED industry.
The global market for the said wealth creation sector is estimated to be US$472 billion (RM1.46 trillion) and carving a niche in this segment could be lucrative for Malaysia.
Initiatives and collaborations with universities and public research institutes include a pilot project from USM called the “Collagen Search Engine” that gives users incredibly accurate search results.
The global market for the ventures initiated by universities and public research institutes is said to amount US$101 billion (RM316 billion) globally.
These projects are expected to set the tone for universities to emerge from their silo mentality and tear down the walls that limits their outlook, encouraging professors and teaching staff to embrate and entrepreneurial bent instead of merely publishing papers and securing research grants.
Najib said eight projects that originated from research and public universities provided a glimpse of the expertise that lies among Malaysian scientists and more.
Gems are expected to be discovered and commercialised, he said.
He stressed that the innovation eco-system projects launched would create the environment for innovation to thrive and prosper, benefiting sectors such as education, higher education, industries and entrepreneurship.
“These initiatives will forge sustainable innovation through collaboration between academics, the private sector and government and will be undertaken jointly by both local and foreign players as innovation does not function well in isolation,” he said.
Najib said it was his responsibility to do everything possible to ensure future generations of the country’s exist as equal with the greatest citizen of the world. — Bernama