The Smart Innovation Support Mechanism has been set up to provide a more efficient and standardised process to benefit from MRIC’s funding opportunities. The development of innovative ideas is encouraged for either new or improved industry-oriented products, processes or services that will enhance socio-economic benefits.
Proposals will have to be in line with the list of priority areas identified and communicated by the MRIC. Grants being requested through the Smart Innovation Support Mechanism should focus on outputs of the initiative that can provide an exploitable competitive advantage, making the innovation more attractive for development towards commercialisation.
Under the SISM, applicants will submit their proposal through a generic application form. This form will determine which initiative/scheme is most appropriate to the applicants’ project.
To better service applicants and grantees, three dedicated units have been proposed:
Project Advisory Unit (PAU)
The Project Advisory Unit is the central desk handling all queries and providing advice on the types and modalities of MRIC-funded schemes. They also have the responsibility of organising application bootcamps, maintaining a database of project facilitators for aiding applicants throughout the process and assisting in improvement of application in case of rejection.
Site Auditing and Monitoring Unit (SAMU)
The Site Auditing and Monitoring Unit will have as main role to conduct a site visit at the premises of the applicant to assess whether the company or institution has the necessary infrastructure/ resources to carry out the proposed initiative. The SAMU will also conduct site visits at the end of each milestone to the company/ enterprise/ institution to ascertain the activities undertaken during the milestone.
Follow-up and Facilitation Unit (FFU)
The Follow up and Facilitation Unit will have the responsibility to create the right ecosystem for perennity of the project by providing assistance in term of matchmaking with other stakeholders and follow-up in terms of more funding, networking, or aid to commercialization. This unit will also ensure further development of projects through other support mechanisms.