The Malaysia Commercialization Year (MCY) Summit 2024, organized by the Ministry of Science, Technology, and Innovation (MOSTI), was a landmark event held on August 12-13 at the Kuala Lumpur Convention Centre (KLCC). This summit played a crucial role in driving Malaysia’s innovation agenda by focusing on the commercialization of research, development, and innovation (R,D&I) outputs.

Setting the Stage for Innovation

The MCY Summit 2024 was not just a congregation of innovators and policymakers but also a platform where new ideas were shared, and strategic collaborations were forged. The theme for this year, “Empowering Innovation for Sustainable Growth,” underlined the necessity of integrating innovation with sustainable practices to achieve long-term economic growth.

The event was graced by key figures, including YAB Prime Minister Dato’ Seri Anwar Ibrahim, who delivered a powerful speech emphasizing the importance of innovation as a national priority. He highlighted the government’s commitment to fostering an innovation ecosystem that drives economic growth, job creation, and sustainable development. The Prime Minister also called for greater collaboration between the government, private sector, and academia to overcome barriers in commercializing local innovations.

YB Chang Lih Kang, the Minister of Science, Technology, and Innovation, reinforced the Prime Minister’s vision by stressing the importance of turning Malaysia into a global innovation hub. In his speech, he pointed out that the government’s focus is on enhancing Malaysia’s global competitiveness by creating an environment where research and development can seamlessly transition into commercial products. The Minister also emphasized the role of innovation in addressing national challenges and improving the quality of life for all Malaysians.

In his address, the Prime Minister also highlighted the critical role of emerging technologies such as Artificial Intelligence (AI) in Malaysia’s innovation ecosystem. He noted that AI has the potential to revolutionize various sectors, from healthcare to manufacturing, by improving efficiency and creating new economic opportunities. The government’s focus on AI is part of a broader strategy to ensure that Malaysia remains competitive on a global scale by embracing cutting-edge technologies that drive innovation and economic growth.

In the same event, the Prime Minister launched the Commercialisation Single Access (CSA) portal, spearheaded by the Malaysian Research Accelerator for Technology and Innovation (MRANTI). The CSA portal serves as a centralized platform that integrates existing commercialization databases from various government agencies, aiming to streamline processes, enhance operational efficiency, and maximize the impact of research and innovation commercialization in Malaysia. Currently, CSA has listed 600 verified products derived from local research innovations developed by Malaysian companies.

Unveiling New Collaborations and Innovations

One of the summit’s highlights was the unveiling of five new products that marked significant milestones in the commercialization journey of local innovations. These products, born out of rigorous R&D, are set to enter the market, promising to contribute to Malaysia’s economy and innovation landscape.

Several Memorandums of Understanding (MoUs) were also signed, paving the way for future partnerships between government agencies, research institutions, and industry players. These collaborations are expected to facilitate the smoother transition of R&D products from the lab to the market, overcoming the so-called “valley of death” that often hinders commercialization efforts.

For instance, MRANTI‘s initiatives were highlighted as a key driver in bridging the gap between R&D and commercialization by providing necessary support and infrastructure for innovators .

Empowering the Future

MOSTI’s MCY Summit 2024 also highlighted the various support mechanisms provided by the government to encourage innovation. These include financial support through various grants, incubation services, and commercialization advisory services. The government’s commitment to fostering an ecosystem conducive to innovation was evident in the numerous initiatives aimed at supporting every phase of the R&D and commercialization process.

The summit also served as a platform for stakeholders to discuss and address the challenges faced by innovators, including issues related to intellectual property rights, regulatory compliance, and market acceptance. These discussions are crucial in shaping policies that can further enhance Malaysia’s competitiveness in the global innovation landscape.

Conclusion

The MCY Summit 2024 was more than just an event; it was a testament to Malaysia’s dedication to harnessing innovation for national growth. By bringing together policymakers, industry leaders, and innovators, MOSTI successfully created an environment where ideas could flourish, and collaborations could thrive. As Malaysia continues to push the boundaries of innovation, the initiatives and outcomes of the MCY Summit 2024 will undoubtedly play a pivotal role in shaping the country’s future.

Source: https://mranti.my/mcysummit2024
https://www.pmo.gov.my/ms/2024/08/teks-ucapan-yab-perdana-menteri-majlis-sidang-kemuncak-tahun-pengkomersialan-malaysia-mcy-summit-2024/
https://dmedia.penerangan.gov.my/upload/sm/12082024.1079368068.pdf
https://www.bernama.com/en/region/news.php?id=2328195