NTIS generates RM51.8m revenue in 2 years
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THE National Technology & Innovation Sandbox (NTIS) has commercialised 24 innovations, generating RM51.8 million in sales revenue since its inception in August 2020.
To date, NTIS has received a total of 647 complete applications for 29 cohorts, approving 170 applications at the Executive Selection Committee (ESC) level, of which 98 were approved at the NTIS Sandbox Fund Approval Committee (AC) level. The funds that have been distributed are as much as RM79.4 million.
Twenty-four local innovations have already entered the commercialisation phase and managed to generate RM51.8 million in sales revenue. The innovations will also be applied for domestic use.
In terms of job employment, to date, 244 job possibilities have been established, in addition to 24 solutions to address the country’s socioeconomic and sectoral concerns.
This year, NTIS aims to build two more Sandbox sites, coordinate 70 start-up firms and assist in the commercialisation of 20 products or solutions in accordance with the targets of the 12th Malaysia Plan, where NTIS is scheduled to commercialise 100 products by 2025.
Through these two developments, employment opportunities are expected to continue increasing in the next two years due to the persistence of innovators in Malaysia who are now increasingly active.
Science, Technology and Innovation (Mosti) Minister Chang Lih Kang (picture) said the ministry is positive to achieve the commercialisation of 100 companies by 2025 due to their positive progress.
Along the way, he said Mosti will also adjust, if there is any deficiency and will try to accommodate it.
He added that the total allocations to achieve the 100 companies by 2025 is a case-by-case basis.
Currently, the RM79.4 million allocation was for 98 applications in the two-year period.
On artificial intelligence (AI) concerns, Chang said it will not take over human tasks, rather it aims to reduce dependence on foreign workers, and further fostering local labour with high-skilled jobs.
“I do not think so because even the AI industry still needs humans to operate. It is just a different kind of job. In terms of labour intensive, it will be innovation or technology intensive. It is just a shift in expertise and not taking over jobs.
“For example, precision farming, even though it reduces dependence on foreign workers, it still needs people to operate the system,” he said to the media at the two-year commemoration of the NTIS yesterday.
The NTIS programme has facilitated regulation for 43 cases with 18 government agencies.
It is also supported by 50 partners in the Innovation Accelerator Network that offer technology, test sites and funding mechanisms.
Approximately 50% of the companies that participated in the NTIS programme have advanced their solutions in the agritech, medtech, biztech and fintech sectors.
Furthermore, 10 sandbox sites have been created thus far, with options for medical and healthcare solutions, agriculture and forestry, smart cities and transportation, smart manufacturing, environment and biodiversity.
The NTIS programme also expedites development and live testing based on technology drivers such as advanced intelligence systems, smart materials, advanced analysis and discovery technologies, and drones and robotics.
NTIS was established in accordance with the National Science, Technology, and Innovation Policy (DSTIN) 2021-2030, as part of Mosti’s efforts to reduce reliance on foreign labour, increase employment opportunities for Malaysians, increase the GDP and GNI, as well as increase private sector participation, investment and collaboration in research, as well as increase the national commercialisation rate.
The Malaysian Research Accelerator for Technology and Innovation (MRANTI) is the main secretariat supported by Mimos Bhd, Malaysia Technology Development Corp (MTDC) and Futurise Sdn Bhd.
