RM1m prize for top SME at Smidex 2010
KUALA LUMPUR: The most innovative small and medium enterprise (SME) stands to bring home RM1 million cash from the annual SME Innovation Showcase (SMIDEX) 2010.
The winners for six other sub-categories will receive RM200,000 each, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said today.
The sub-categories are Best Innovation in Technology in Manufacturing; Services; and Agriculture; and Best Innovation Award in Packaging and Design; Green Technology and Energy Efficiency; and Halal.
Prime Minister Datuk Seri Najib Tun Razak is expected to present the awards on June 1.
Mustapa said that although previous showcases were based more on sales, this year's theme was based on innovation and only qualified SMEs that had passed the criteria would be able to take part.
Innovative SMEs wishing to participate must first apply and pass the 1-InnoCERT -- an evaluation process done in collaboration with the Malaysian Industry-Government Group for High Technology.
This is in line with 2010 being Year of Innovation for Malaysia, and efforts to woo more foreign fund managers and venture capitalists to invest in the most innovative local SMEs.
"This year, we want the winning companies to be able to make a pitch to fund managers and venture capitalists.
"They need additional investors and if interested investors are there, we'll consider it a success," Mustapa said in a media briefing on the SME Innovation Showcase and SME Innovation Award here.
He said the government would like to see more foreign venture capitalists active in Malaysia as they played an important role in providing both seed and expansion capital.
Local SMEs had the prospect for growth especially in innovation and the foreign venture capitalists too could help fulfil their financing needs, he added.
"With the presence of venture capitalists, this sort of financing issues will be somewhat resolved. We are hopeful this showcase will generate their interest," he said.
SME Corp Malaysia Chief Executive Officer Datuk Hafsah Hashim said SMEs that had obtained the 1-InnoCERT would be placed under the Finance Ministry's Fast Track Programme.
The prime minister would unveil details of the programme at SMIDEX 2010, she said.
About 105 SMEs and 45 big firms are expected to participate at the showcase from June 1 to 3.
BERNAMA
The winners for six other sub-categories will receive RM200,000 each, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said today.
The sub-categories are Best Innovation in Technology in Manufacturing; Services; and Agriculture; and Best Innovation Award in Packaging and Design; Green Technology and Energy Efficiency; and Halal. Prime Minister Datuk Seri Najib Tun Razak is expected to present the awards on June 1.
Mustapa said that although previous showcases were based more on sales, this year's theme was based on innovation and only qualified SMEs that had passed the criteria would be able to take part.
Innovative SMEs wishing to participate must first apply and pass the 1-InnoCERT -- an evaluation process done in collaboration with the Malaysian Industry-Government Group for High Technology.
This is in line with 2010 being Year of Innovation for Malaysia, and efforts to woo more foreign fund managers and venture capitalists to invest in the most innovative local SMEs.
"This year, we want the winning companies to be able to make a pitch to fund managers and venture capitalists.
"They need additional investors and if interested investors are there, we'll consider it a success," Mustapa said in a media briefing on the SME Innovation Showcase and SME Innovation Award here.
He said the government would like to see more foreign venture capitalists active in Malaysia as they played an important role in providing both seed and expansion capital.
Local SMEs had the prospect for growth especially in innovation and the foreign venture capitalists too could help fulfil their financing needs, he added.
"With the presence of venture capitalists, this sort of financing issues will be somewhat resolved. We are hopeful this showcase will generate their interest," he said.
SME Corp Malaysia Chief Executive Officer Datuk Hafsah Hashim said SMEs that had obtained the 1-InnoCERT would be placed under the Finance Ministry's Fast Track Programme.
The prime minister would unveil details of the programme at SMIDEX 2010, she said.
About 105 SMEs and 45 big firms are expected to participate at the showcase from June 1 to 3.
BERNAMA
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