The Malaysia Productivity Corporation (MPC) started the Productivity Grant to find and help make new products that can make customers more productive and improve how businesses work. According to The Edge, MPC said in a statement on Monday that the grant is meant to encourage innovation in different industries. They want companies to create new and exciting solutions that solve problems and create chances for more growth.
The Purpose
According to the Productivity Grant, the goal of the plan is to find and support innovative products that can improve how productive customers are and how efficiently businesses operate. It will also promote and help make things better to drive Malaysia’s economic growth, make it more productive, and encourage innovation.
The goals of the Malaysia Product Blueprint include such things as accelerating productivity improvement, making a holistic and systematic change in the effort, and enhancing Malaysia’s enterprise readiness, which aligns with the initiative.
The application process will involve three stages
Who are eligible?
With applications open from 14 March to 14 April 2024, the Productivity Grant offers a matching grant of up to RM350,000.00, with projects required to be completed within a 12-month timeframe. To be eligible for this grant, companies must meet specific criteria.
These include:
- Having local ownership with equity exceeding 50%
- Being operational for at least three years
- Achieving annual sales of over RM3 million
- Utilizing an accounting management system
Focusing on three main industries
The grant is primarily focused on supporting businesses in three key industries, which are agro-food, tourism, and professional services.
To enhance productivity, the initiative will involve such things as these:
- Sustainable system
- Green solutions to reduce energy consumption
- Streamlining systems and operations
- Optimizing resource allocation
- Leveraging advanced technologies, such as AI
- Enhancing client experiences
- Automated tasks
By implementing all of the above, Malaysia will be able to elevate its products and services, enhancing productivity across these three industries. Not only will it boost productivity, but it will also reduce costs and time spent on tasks in these areas. This improvement will lead to heightened customer satisfaction, foster loyalty and drive profitability for businesses.
For more detailed information and to apply, go to the main page of the Productivity Grant.
