About Islamic Innovation Challenge Award

PlaTCOM Ventures Sdn Bhd first introduced Halal Hi-Tech Challenge in March 2015 with the goal of admitting and cultivating passionate Malaysian SMEs seeking to be at the forefront of building a successful halal business and seizing the opportunities of the Global Halal Market. The main objective of this challenge is to discover the hidden top Malaysian SME gems of Halal Hi-Tech in Malaysia, where PlaTCOM will support these companies to develop and commercialise their innovation. This challenge was later evolved to be the Islamic Innovation Challenge in 2017 realizing the bigger opportunities with the wider segments other than halal products and services such as equipment & infrastructures and technology & ICT.

The Islamic Innovation Challenge (IIC) was opened to all SMEs throughout the country and several companies were shortlisted to compete in the challenge. The evaluation by the High Impact Programme 2 (HIP-2) committee was based on three main elements – Technology, Market and Intellectual Property.  A total of 24 chosen winners  were admitted into the High Impact Programme 2 under the SME Masterplan 2012-2020 since PlaTCOM started to organize this challenge. The winners received end-to-end commercialisation support - through the provision of financial assistance, which included IP strategy, technical assistance, mentoring, access to equipment, infrastructure, incubation and testing and validation by PlaTCOM Ventures to build their business.

This IIC is a strategic partnership among the key stakeholders such as the strong support from Malaysia’s esteemed leaders in the halal frontiers - Malaysian Islamic Development Department (JAKIM) and Halal Industry Development Corporation (HDC).

PlaTCOM aims to promote and nurture more businesses with good innovations through a holistic and market-driven approach that can help the Halal industry and Islamic related innovations for the Muslim market in Malaysia and globally. Through a strategic collaboration with JAKIM and HDC, this programme aims to drive Malaysian innovations to greater heights, especially for the Halal industry. It is designed to remove market and financing barriers to innovation.

This Islamic Innovation Challenge is an intense 2 months programme. The challenge framework comprises of:

  • A screening process and due diligence will be conducted over a period of 2 weeks to shortlist applicants with good Islamic related innovations opportunities. The companies will go through a stringent selection criterion in terms of product and IP (intellectual property) strength, company track record, project team structure, commercial viability and traction.
  • The shortlisted SMEs presented their business cases to the High Impact Programme 2-IIC Steering Committee Board members which was chaired by CEO of AIM and CEO of SME Corp, COO of AIM, Deputy CEO of SME Corp, JAKIM rep, HDC rep.
  • The winners of this Challenge will be admitted to the High Impact Programme 2 that is under the SME Masterplan 2012-2020. The quantified value for investment would be up to RM 1.2 million per company. Each winner would be given a fund based on their innovation and business plan to overcome the market barriers to innovation. In addition, an end-to-end commercialisation support will be extended to these companies, which includes IP strategy, technical assistance, mentoring, access to equipment, infrastructure, incubation and testing and validation. 
  • Winners of this Challenge will be provided an end-to-end commercialisation support services by PlaTCOM Ventures to build their business. PlaTCOM will handhold these companies until they achieve their first sales.