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Most Innovative SME To Clinch RM1 Million At SMIDEX 2010
KUALA LUMPUR, April 26 (Bernama) -- The top mostinnovative small and medium enterprise (SME) stands to bring home RM1 millioncash from the annual SME Innovation Showcase (SMIDEX) 2010.
The winners for six other sub-categories will receiveRM200,000 each, International Trade and Industry Minister Datuk Seri MustapaMohamed said Monday.
The sub-categories are Best Innovation in Technology inManufacturing; Services; and Agriculture; and Best Innovation Award inPackaging and Design; Green Technology and Energy Efficiency; and Halal.
Prime Minister Datuk Seri Najib Tun Razak is expected topresent the awards on June 1.
Mustapa said that although previous showcases were basedmore on sales, this year's theme was based on innovation and only qualifiedSMEs that had passed the criteria would be able to take part.
Innovative SMEs wishing to participate must first applyand pass the 1-InnoCERT -- an evaluation process done in collaboration with theMalaysian Industry-Government Group for High Technology.
This is in line with 2010 being Year of Innovation forMalaysia, and efforts to woo moreforeign fund managers and venture capitalists to invest in the most innovativelocal SMEs.
"This year, we want the winning companies to be ableto make a pitch to fund managers and venture capitalists.
"They need additional investors and if interestedinvestors are there, we'll consider it a success," Mustapa said in a mediabriefing on the SME Innovation Showcase and SME Innovation Award here.
He said the government would like to see more foreignventure capitalists active inMalaysia as they played an important role in providing both seed and expansioncapital.
Local SMEs had the prospect for growth especially ininnovation and the foreign venture capitalists too could help fulfil theirfinancing needs, he added.
"With the presence of venture capitalists, this sortof financing issues will be somewhat resolved. We are hopeful this showcasewill generate their interest," he said.
SME Corp Malaysia Chief Executive Officer Datuk HafsahHashim said SMEs that had obtained the 1-InnoCERT would be placed under theFinance Ministry's Fast Track Programme.
The prime minister would unveil details of the programmeat SMIDEX 2010, she said.
About 105 SMEs and 45 big firms are expected toparticipate at the showcase from June 1 to 3.-- BERNAMA
