In September 2018, the Malaysia Innovation Policy Council (MIPC) was established to serve as the platform for the private sector to propose digital tech initiatives that come with policy and regulatory challenges that hinder innovation and digital economic growth for the country.
More recently, the Communications and Multimedia Minister noted that the MIPC would be chaired by Malaysia Digital Economy Corporation (MDEC), with participation from industry experts, seasoned innovators and start-ups, reputable funding partners and other government agencies such as MaGIC, Cradle and Futurise.
It was noted that their roles are to provide advisory, facilitation and alignment between industries and to recommend relevant policy or regulations to be implemented.
While the Minister has articulated what the government intends to do to increase digital adoption and build a vibrant, sustainable ecosystem for the entrepreneurs, governmental agencies also need the industry to step up and be a partner in this process.
The Minister announced the formation of MIPC when launching HLX, Malaysia’s first innovation exchange, in Kuala Lumpur.
Located in Menara HLA at the heart of Kuala Lumpur, HLX is backed by Hong Leong Group’s strong lineage and investment and will be a one-stop facility that converges the corporate and start-up communities under one roof to accelerate innovation and boost the Malaysian start-up ecosystem.
The Minister stated that the government needs corporations and industry to promote, invest and come together to ensure widespread digital adoption to add further impetus to their start-up ecosystem to spur innovation.
Digital entrepreneurs are crucial
The Minister pointed out that a key factor to boost Malaysia’s digital economy is to drive the growth of the nation’s digital tech start-up and entrepreneurship. Around the world start-ups and entrepreneurs are at the heart of the new economy.
The Minister stated that digital entrepreneurs play a significant role in economic growth. They are innovative in their approach that injects healthy disruption and competition among businesses; they also create more jobs, which means more employment, and an improved economy for the country.
While the government is looking at formulating policies and regulations that would encourage innovation, the Minister stressed that they have to streamline the efforts with the private sector to achieve a more conducive environment for all start-ups and entrepreneurs to thrive.
It is strongly believed that Private-Public Partnerships (PPP) strengthen the technology sector and ultimately, transform Malaysia into an economy led by innovation.
The Minister stated that HLX is a result of a PPP and he urged more players from the private sector to follow in this footstep.
The CEO of MDEC strongly believes that MIPC would further drive better synergetic partnerships between the public and private sectors.
The MDEC CEO stated that MIPC comprises two committees – the Industry Coordination Committee that covers matters relating to industry collaboration pertaining to Digital Tech initiatives while the Intervention Committee focuses only on the policy and regulatory intervention.
MIPC invites tech companies, investors and relevant industry players to share their views and to offer suggestions to accelerate innovation and growth of tech companies, centred on national policy and regulatory charges, she said in a statement.