Innovation contributes to productivity, economic growth and societal wellness. It can be the recombination, fusion or integration of technologies that lead to new products, processes or services or the refinement of existing technologies with improved value enhanced efficiency or cost reduction. The final result of innovation is new products, processes or systems by which value can be created for customers, businesses and society. Realising the importance of innovation for wealth creation and social well-being, the Government initiated the Innovation Fund.
Enterprise Innovation Fund (EIF)
The aim of the Enterprise Innovation Fund is to increase the participation of micro-businesses and individuals in innovative activities and encourage technological innovation of new or existing products, process or services for commercialisation.
Community Innovation Fund (CIF)
The aim of the Community Innovation Fund is to assist community groups in translating knowledge and ideas into products, processes or services that improve the socio-economic standing and quality of life of the community.
Ministry of Science, Technology and Innovation (MOSTI)
Level 4, Block C4, Parcel C
Federal Government Administrative Centre
Tel: 603 – 8885 8305/8324/8367/8704/8322
Fax: 603 – 8888 7710