MIMOS, CRADLE INVESTMENT PROGRAMME (CIP), MAVCAP AND MDEC FORGE TIE-UP

Cooperation Agreement for building an Innovation Eco-System for growing globally competitive indigenous industries

KUALA LUMPUR, 30 June, 2008 – MIMOS, Cradle Investment Programme (CIP), Malaysia Venture Capital Management Bhd (MAVCAP) and MSC Malaysia through its caretaker Multimedia Development Corporation (MDeC), today signed a Memorandum of Agreement (MoA) aimed at spurring the growth of the indigenous industries and nurturing them into global players.

The initiative, known as Innovation Eco-System for Industry Development, is aimed at enhancing competitiveness of the information and communications technology (ICT) industry by addressing the challenges faced by technopreneurs namely technology risks, funding risks and market risks.
An effective innovation eco-system is the most important single element that influences success of business ventures. The eco-system begins with idea generations stage, and progress to system designs and later components manufacturing and or system integration and later value added by service providers before being delivered to customers by fulfillment agents. The value-chains are long, complex and interconnected by multi-faceted people and industries. The ability to provide the interconnection to ensure adequate integration and support from all parties in each steps on the chain for providing values are the key to success.

This initiative plans to facilitate the formation of necessary connectivity from technology perspectives, funding assistances and market access. Under the MoA, MIMOS will help facilitate with technology acquisition and adaptation, CIP to fund promising ideas and provide mentoring and commercialization support, MDeC to assist with Technoprenuer Development and Market Access while MAVCAP consider injecting necessary commercial venture funding.

We hope inspiring technoprenuers will be further motivated and committed to build successful ventures. Their success shall translate to new wealth generations through job creations and increased GDP for the country.

The Innovation Eco-System for Industry Development is a Ministry of Sience, Technology and Innovation (MOSTI) initiative, which is anchored by MIMOS, CIP, MDeC and MAVCAP. The synergy is critical in order to accelerate the commercialization process of locally developed technologies.
The areas of focus are ICT, biotech, manufacturing, semiconductor, electronics and business process outsourcing. Companies can be both at an early or late stage of development and need not have a technology focus.

The companies who wish to license MIMOS technologies must be a Malaysian company and must have domain expertise in the technology area that they want to license to ensure they can develop a competitive product to meet the demands of the local and international markets. Participating companies will be assessed and short-listed by a panel of judges comprising venture capitalists, private equity and industry representatives from MIMOS, CIP, MDeC and MAVCAP before it is presented to MOSTI for final approval.
“MIMOS plays the role as the base technology provider for the local industries to have a globally competitive product. Towards this end, MIMOS’ applied research efforts are focused on building technology platforms upon which the local industries can build products for the world market. This means, without having to invest in research, which has a long gestation period and high market uncertainty, the local industries are able to focus on building the brand and the marketing channels. MIMOS is taking the leading role and is currently aggressively conducting market research and developing a strong intellectual property (IP) portfolio in-house and within the local universities,” said Dato’ Abdul Wahab Abdullah, MIMOS’ President and CEO.

“The showcase offers unparalleled opportunity for entrepreneurs to raise funding and to network with the Venture Capital and Private Equity industry and also provides a platform for the entrepreneurs to showcase their business ideas or plans to potential investors, angel investors or venture capitalist. It is our belief that this event will help identify promising companies for eventual contribute to the long-term development of our indigenous industries.For more information on how to apply please visit our website at www.mvca.org.my