Themed ‘Innovation for the Future of Malaysia’, MIDA in collaboration with the Universiti Malaysia Perlis (UniMAP) and the Malaysian Technology Development Corporation (MTDC) organised the Innovation Pitch and Business Matching (IPBM) 2019 event at MIDA Sentral on 5 August 2019. The event was a platform for technologists, scientists and researchers from universities to promote their inventions, innovations and research outputs to potential investors and industry players.
“It is more crucial now than ever for companies to reassess and realign their business strategies to adapt to the current challenges of doing business. Intensifying innovation through strategic collaborations in R&D activities is one of the critical components that would enable businesses to remain competitive and sustainable,” said Dato’ Azman Mahmud, Chief Executive Officer of MIDA in his remarks during the event.
He also highlighted MIDA’s role in assisting local companies in marketing their R&D services to clients and developing the R&D ecosystem within the country. “We have been encouraging companies to conduct R&D activities since the early ’90s through the introduction of various R&D incentives. These incentives include R&D Status, R&D Company, Contract R&D Company and Inhouse R&D.
"Incentives available are in terms of Investment Tax Allowance (ITA) or Pioneer Status (PS). To spur R&D activities, clients to the companies which have been approved with the R&D Status are eligible to claim double deduction directly to the Inland Revenue Board (IRB) on the payment made for the use of their services,” said Dato’ Azman.
Prof. Ir. Ts. Dr. R. Badlishah Ahmad, Vice-Chancellor of UniMAP in his speech shared that IPBM 2019 was part of the engagements spearheaded by UniMAP’s Centre for Intellectual Property and Commercialisation (CIPC) to facilitate the process of bringing research developments to market, in addition to CIPC’s role to administer the Intellectual Property (IP) application process.
“I hope that through IPBM 2019, industry players can explore numerous potential research outputs and innovations that may impact and revolutionise their industries. Moreover, for the researchers, I hope they will gain the ability to do research or inventions that will meet the needs of the industries and societies,” he said.
The IPBM 2019, attended by over 250 participants, included pitching presentation and business matching sessions as well as a presentation of Letter of Interest for Future Collaboration from industries.
Investors that conferred Letter of Interest for Future Collaboration to selected research and innovation outputs will proceed with possible collaborations with the universities for production, intellectual property licensing; or for future research that would potentially lead to the creation or advancing existing technologies.