AI could bring in RM1 billion in revenue by 2030. Here’s how M’sian startups can get a cut.

[This is a sponsored article with MRANTI.]

Malaysia has attracted three billion-dollar investments in AI development between May and June 2024, showcasing the country’s drive for AI advancements. 

Our country’s geopolitical advantages, such as being in the centre of Southeast Asia and having a foreign policy that hinges on neutrality, make us a strategic nation to invest in.

But Malaysia isn’t just relying on large foreign companies to push AI innovation. 

Local players are also stepping up, and the Artificial Intelligence Sandbox (AI Sandbox) by the National Technology and Innovation Sandbox (NTIS) through Technology Innovation Park Malaysia (TiPM) in collaboration with NVIDIA is a prime example.

What is the AI Sandbox?

The AI Sandbox was officially launched on April 18, 2024.

It’s a programme under the Ministry of Science, Technology and Innovation (MOSTI) with TiPM as the lead secretariat.

The sandbox aims to be a testing ground where entrepreneurs, innovators, or spin-off companies can test, research and develop prototype products and services in a controlled environment before scaling up.

By collaborating together on the AI Sandbox, NTIS and NVIDIA are at the forefront of bringing Malaysia and Malaysians closer to being part of a knowledge-based economy, leveraging AI as a key driver of innovation, productivity, and competitiveness. 

At NTIS, innovators can gain access to capacity-building programmes, networking with local and international stakeholders, funding, as well as IP patent and trademark facilitation.

NVIDIA on the other hand, is a key player in AI renowned for developing GPUs used extensively in AI training and inference. 

These GPUs power diverse AI projects across research, framework, and library development, providing AI solutions for industries like healthcare, automotive, finance, and robotics.

How will the programme be carried out?

The AI Sandbox Programme will be conducted virtually, as part of the sandbox’s introductory phase.

Dr Afnizanfaizal Abdullah, Head of Innovation Commercialisation at Technology Innovation Park Malaysia (TiPM), explained that the programme aims to comprehensively support AI startups. It includes:

“By providing these interactive programmes, this platform will enable startups to build, refine, and commercialise their AI solutions effectively,” Dr. Afnizanfaizal told Vulcan Post.

Furthermore, TiPM will collaborate with universities, startups, and research institutes, with the goal of equipping Malaysia’s graduates with AI skills, whilst fostering an AI-ready workforce in the country.

In a press release, MOSTI’s YB Tuan Chang Lih Kang stated that this AI Sandbox aims to facilitate up to 900 AI startups by 2026 and develop over 13,000 new AI talents. 

He added that this initiative is set to boost economic growth by up to 10% and generate RM1 billion in revenue by 2030. This can set a new benchmark for Malaysia’s global presence by creating new industries and job opportunities.

Ultimately, the AI Sandbox Programme aims to enhance AI adoption in Malaysian organisations, bridging the gap between current practices and global industry standards.

Global companies like YTL, Google, Microsoft, and ByteDance are already banking on the AI developments that will come out of our country. 

By participating in the first batch of the AI Sandbox Programme, your AI solution could develop into a homegrown player that’ll boost the local economy and put Malaysia on the world stage as a global solution provider someday.

AI is one of the focal points mooted and supported by MOSTI at its annual Malaysia Commercialisation Year Summit (MCY Summit), taking place August 12-13, 2024.

The summit aims to boost and accelerate the commercialisation of research innovations and products in both local and international markets.

Hence, tech companies that are developing AI-related technologies are encouraged to get directly in touch with TiPM here or NTIS here.

Featured Image Credit: NTIS