JOHOR BARU: The unwillingness by Malaysians to buy local inventions is why most locally-conceived innovative ideas are not soaring, and some have even been discontinued.
Science, Technology and Innovation (Mosti) Deputy Minister Datuk Dr Abu Bakar Mohamad Diah said Mosti is urging the public to spend on local innovations so as to encourage and motivate youths to hone their creativity.
"Mosti has spent RM25.2 million in approving 90 projects under the Mosti Social Innovation Fund since the beginning of the year to date. Last year, in the same period, Mosti had approved 88 projects.
"Of the 88 projects, 81 are completed and seven yet to be completed," Abu Bakar said after reviewing a motorised clothes hanger product, designed by Impian Product Development Solutions Center, at My Tech Global Industries Sdn Bhd, here today.
Abu Bakar lauded the product, which he said would be ideal for apartment living and those who live in hostels.
He also urged Impian Product Development to apply for the Mosti Social Innovation Fund so that they can continue with its research and development of the motorised clothes hanger product.
Abu Bakar said Mosti offers other funds such as the pre-commercialisation fund and technology acquisition fund, as well as a "buyback" policy which serves to encourage local industry players, especially youths, to keep coming up with innovative products.
He added that Mosti aims to commercialise 360 products by the year 2020.