MCY SUMMIT 2024 “Leading the Regional Innovation"

Commercialisation is a critical step in transforming innovative research into market-ready products and services that benefit society. The process, which includes ideation, product development, pre-commercialisation, and market launch, is often fraught with challenges. The Ministry of Science, Technology, and Innovation (MOSTI) plays a vital role in supporting this process through comprehensive support including grants, facilities, advisory services, and strategic partnerships. These efforts ensure that local innovations reach their full potential, contributing significantly to Malaysia's economic growth and technological advancement.
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Since its inception, the Malaysia Commercialisation Year (MCY) initiative has been instrumental in enhancing the nation's commercialisation ecosystem. MCY has evolved through three phases, focusing on increasing the commercialisation rate of R&D products in both local and international markets. As of 2023, MCY has successfully commercialised 474 products, technologies, or services, generating RM540 million in sales and significantly contributing to the national GDP. The latest achievements will be announced by the Prime Minister during the opening ceremony.

The MCY Summit 2024, scheduled for August 12-13, 2024, at the Kuala Lumpur Convention Centre (KLCC), is set to be a pivotal event for the nation's innovation landscape. Organised by MOSTI, this summit aims to propel local R&D innovations onto the global stage, aligning with the theme "Leading the Regional Innovation." The summit serves as a crucial platform for stakeholders in the innovation ecosystem, including researchers, technopreneurs, social entrepreneurs, investors, public sector academicians, and industry players.

What to Expect at MCY Summit 2024

• Celebration of Innovation: The MCY Award 2023 Prize Giving Ceremony will highlight the achievements of top innovators, with prizes totaling RM1,000,000.
• Launch of Key Initiatives: Witness the unveiling of the Commercialisation Single Access platform, designed to streamline research and commercialisation processes, making it easier for innovators to bring their products to market.
• Forming Strategic Alliances: Significant Memorandums of Understanding (MoUs) will be signed, driving forward innovative projects and fostering collaborations that can lead to groundbreaking advancements.
• Insightful Discussions: Engage in conferences and dialogues with local and international experts discussing the latest trends and challenges in the commercialisation landscape.
• Showcasing Innovations: Explore a diverse range of cutting-edge products, technologies, and services at the exhibition, featuring MCY Award Recipients and strategic partners.

MOSTI's strategic plans are pivotal in ensuring the success of MCY and the broader innovation ecosystem in Malaysia. The National Science, Technology, and Innovation Policy (DSTIN) 2021-2030 aims to transform Malaysia into a high-tech nation by 2030. DSTIN focuses on leveraging high technology to transform industries and society from technology users to developers. Key initiatives include establishing robust STI governance frameworks, prioritising national research areas, and promoting local technology-based industries.

MOSTI is also committed to the Malaysia Grand Challenge (MGC), offering funding schemes to strengthen the R&D&I ecosystem, targeting a 3.5% contribution to GDP from Gross Domestic Expenditure on R&D by 2030. The MySTI Programme encourages the use of local R&D products and services in government procurement to bolster commercialisation efforts and establish a track record for local innovators. Additionally, the Twin Transition initiative emphasises digital transformation and climate change adaptation, aligning with the OECD Science, Technology and Innovation Outlook 2023.

The achievements of MCY products/technologies/services have set a high bar for innovation and commercialisation in Malaysia. Some notable successes include:

• Biodegradable & Compostable Packaging from Plant Waste (Free The Seed): This innovative packaging solution, which has been marketed in Europe, achieved a commercialisation value of RM32 million by June 2023.
• Monosex Technology for Freshwater Prawn (GK Aqua Sdn. Bhd.): This biotechnology approach has increased production yield and survival rates for breeders, demonstrating significant potential in the aquaculture industry.
• iTrack Tracking Solution (IDERIA Sdn. Bhd.): This productivity tracking software uses advanced sensors and AI to enhance efficiency across various sectors, including manufacturing, healthcare, and logistics.

YB Tuan Chang Lih Kang , Minister of Science, Technology and Innovation, emphasised the importance of these initiatives, stating, "The MCY Summit is a continuous testament to Malaysia's commitment to driving innovation and commercialisation. It is through such platforms that we can showcase our achievements and collaborate with global partners to further our technological advancements

He further added, "Our strategic plans under the DSTIN 2021-2030 are designed to ensure that Malaysia not only keeps pace with global technological trends but also becomes a leader in developing and commercialising high-tech solutions. This summit is a crucial step in that direction”

Join the Innovation Movement!

MCY Summit 2024 is not just an event; it is a movement towards embedding science, technology, and innovation into the fabric of daily life in Malaysia. By fostering collaborations among academia, industry, government agencies, and technopreneurs, MCY aims to position Malaysia as a global leader in innovation.

Don't miss this opportunity to be part of Malaysia's premier innovation summit. Register today at mranti.my/mcysummit2024 and join us in Kuala Lumpur to celebrate and drive innovation for a prosperous future.