TechnoFund To Give Out RM40 Million Next Year

KUALA LUMPUR, Nov 15 (Bernama) -- The TechnoFund will give out RM40 million next year, said Minister of Science, Technology and Innovation, Datuk Seri Dr Maximus Ongkili.

He said funding instruments, such as the TechnoFund under the Ministry of Science, Technology and Innovation, were meant to bring scientists closer to the industry and to get the industry to invest in research and development (R&D).

Ongkili said under the 10th Malaysia Plan, a total of RM20.93 million has been approved for 15 projects so far.

"The government is concerned about the success rate of commercialising the R&D findings despite spending a substantial amount," he said at the launch of the KL Innovation Forum 2011 here Tuesday.

Ongkili said while the national spending on R&D was low compared with other countries that had made great strides and benefited from innovation, the amount was still considerable.

"We hope to introduce some new approaches to the evaluation and approval mechanisms for the new proposals in the next round of funding," he said.