Taking innovations to marketplace
MORE push is needed to increase the returns on research innovation, said SIRIM Tech Venture Sdn Bhd (STV) chief executive officer Ajmain Kasim.
STV is a wholly-owned subsidiary of SIRIM Bhd.
STV takes technology commercialisation, primarily from Technology Readiness Level (TRL) 6 to TRL 9, into the marketplace.
According to the Malaysian Science and Technology Information Centre (MASTIC), in 2015, Malaysia‘s gross expenditure for research and development (GERD) was RM15 billion, whereby the intensity of GERD to gross domestic product (GDP) was still low at 1.3 per cent from the anticipated three per cent.
Ajmain told NST Business although the return on innovation sometimes takes a long time to materialise and is not tangible, the intensity of 1.3 per cent is still considered low.
“The returns on research and innovation are expected to multiply against the investment made by the government. In other words, if a dollar is spent, it should bring a value higher than a dollar, and it may not necessarily be in monetary terms.
“It could be translated into knowledge-based economy such as new products and technologies that could be commercialised like patents, job creation and so on. Commercialisation of technological innovations is crucial in harnessing the wealth of the nation and our country can accelerate towards a high-income status,” he added.
On how STV plans to push technological innovations into the marketplace, Ajmain said it welcomes private partnerships in the form of strategic alliances and joint ventures.
“Industry partnerships in the commercialisation of technological innovations are necessary as market penetration, linkages and experiences are factors required to ensure the success of technology commercialisation.”
STV aims to be a renowned commercialisation hub within three years.
It emphasises on the Triple Helix Collaboration Model with government agencies, industries and academia.
Thus, the full-fledged commercialisation hub will link all parties into a common “virtual“network and bring more values from technological innovations.
STV adopts the TRL approach to determine the point of commercialisation and emphasises taking technology that reaches a higher band of TRL to the market.
“STV focuses on the commercial role of bringing innovations to technology takers, which involves technology valuation, negotiation, business plan development, feasibility study, upscaling, funding advisory and business linkages,” said Ajmain.