Followings are grants and funding schemes available for Malaysian entrepreneurs wishing to venture into the field of biotechnology, and establishing a career in biotechnology field.
Termed as Commercialization Grants, the funding schemes are administered by the Malaysian Biotechnology Corporation, or BiotechCorp.
BiotechCorp’s role, among others, is to provide a platform for development and growth of biotechnology industry in Malaysia by leveraging technical and financial assistance to companies and entrepreneurs.
The company will also be the party to receive, evaluate and approve application for the funds, monitor and assess the development of the company, as well as continually render their advice, consultation and advisory services to the company receiving the grant.
The scheme is divided into 3 main grant components, namely the Seed Fund, R&D Matching Fund, and International Business Development Matching Fund.
1. Seed Fund (up to RM2.5 million)
The Seed Fund is aimed at injecting new biotechnology companies with start-up costs. It is eligible for entrepreneurs, individuals or researchers who are at the beginning stage of setting up their own business or company. The specific business operation, product or services must be of high commercial values.
With maximum amount of fund up to RM2.5 million, approval will also be subject to company being granted the BioNexus status (A BioNexus status company is awarded to qualified companies, and enjoys a series of benefits and privileges such as tax exemption and so on. Think of MSC status company for IT industry. Read here to understand more about BioNexus status company).
Click here to learn more about Seed Fund.
2. R&D Matching Fund (up to RM1 million)
This fund is given to provide matching fund for research and development (R&D) works which can either develop completely new products, or improving and enhancing existing products, technology and processes, and can be further developed and commercialized.
It is called the matching fund which means that BiotechCorp will match dollar-for-dollar spent on the project, based on mutually agreed milestones.
The majority of the company’s business activities must be within the country, together with assets, workforce and other operation. Application is to be submitted only after the applicant has produced a proven concept of research and development (R&D) work plan, confined within the field of the country’s biotechnology focus. Also eligible for BioNexus status companies.
Through the fund, applicants can get a maximum of RM1 million in assistance.
Click here to learn more about R&D Matching Fund.
3. International Business Development Matching Fund
This is the fund available to companies wishing to break the international borders and put their company in global scene. Basically it is a scheme to promote local companies overseas. Some of the expenditure covered under the scheme are pre-clinical and clinical expenses, product registration cost, and IP protection.
Up to RM1.25 million is available for each applications.
Click here to learn more about International Business Development Matching Fund.
If you know the way around, your business and career in biotechnology will kickstart in no time.