KUALA LUMPUR: NanoMalaysia Bhd has partnered with 10000StartupsIndia and Malaysian-based Foodie Box Group to kickstart a nanotechnology commercialisation initiative involving local start-up and SME partners.
The collaboration is expected to accelerate and scale-up more than 1,000 India based start-ups, small medium enterprises (SMEs) and micro SMEs.
NanoMalaysia chief executive officer (CEO) Dr Rezal Khairi Ahmad said the company was excited to be partnering with India, one of the world's fastest growing economies, and to value build the country's start-ups, SMEs and micro SMEs.
"This is one way that Malaysia can focus on becoming an innovation hub and exporting our technology – directly supporting our high-tech nation's primary target.
"It is also the fastest way for Malaysian companies to have an equity in companies and business activities abroad and expand our global technological footprint driven by clear outcomes," he said in a statement today.
The tripartite partnership will entail NanoMalaysia initiating technology transfer activities through 10000 Startups India to enable Indian start-ups, SMEs, and micro SMEs in sectors such as clean energy, textile, urban farming, healthcare and social enterprise to adopt and deploy nanotechnology in their product offerings.
10000StartupsIndia CEO Leenesh Singh said the use of nanotechnology and its potential in upscaling diverse sectors in India remained largely untapped.
"There is a huge demand for new technologies to disrupt the more traditional businesses such as the textile industry – where application of nanotechnology can be used to develop new materials or innovate production methods.
"With this partnership, we are confident that Indian start-ups, SMEs and micro SMEs will be able to accelerate their growth and enhance their product to market offerings," he said.
Leenesh said the initiative was expected to contribute up to 1.0 per cent of India's gross domestic product.
Foodie Box group CEO Jimmy Lee said the partnership was beneficial to both countries as it provided a wide scope of opportunity for Malaysian SMEs to invest their talent and technology in growing adjacent markets.
"It will empower start-ups, SMEs, and micro SMEs in India by introducing them to a revolutionary technology as a value add for their business," he added.
The nanotechnology intellectual property rights, products, and solutions deployed are jointly developed and co-owned by NanoMalaysia and its suite of SME partners here in Malaysia.
As part of the agreement, NanoMalaysia will also develop customised business models to match relevant solutions from Malaysia's nanotechnology start-ups and SMEs to adapt to India's unique technology ecosystem and participate in the incubation process for their start-ups, SMEs and micro SMEs.
10000StartupsIndia is India's biggest community platform funded by Silicon Valley investors, while Foodie Box Group is a tech start-up that focuses on food, technology and social enterprise.
To participate in this nanotechnology transfer initiative, Indian start-ups, SMEs, and micro SMEs will be shortlisted if participants possess market access relevant to the sought-after technologies, have a team with technical competencies to scale the tech up, sufficient funds to support and willing to partner with Malaysian entities.