Innovation must be implemented for everyone, by everyone: Najib

KUALA LUMPUR: Innovation is not purely for start-ups or the private sector, it must be implemented for everyone, and by everyone, said Prime Minister Datuk Seri Najib Abdul Razak.
He said in its pursuit of innovation, the government has developed the National Blue Ocean Strategy (NBOS).
To meet the expectations of innovation, the Prime Minister today announced the launch of the Social Impact Exchange or SIX.
He said SIX will be the nation's first pay-for-impact exchange designed to parallel a traditional stock exchange.
"SIX will be the focal point for funding social purpose organisations (SPOs) and their intervention projects," Najib said in his speech at the opening of the Global Entrepreneurship Community Summit here today.
The prime minister also announced in his speech the setting up of Futurise Centre which will house the first United Nations Technology Innovation Lab in South East Asia.
He also said Futurise will house the region's first entrepreneurship internet radio station (eFM).
"Futurise Centre will be the test bed and living lab for the development of national regulatory sandboxes, which was announced in the 2018 budget," Najib said.
He added that the regulatory sandboxes will allow for policy experimentation, and the testing of innovative ideas and new business models.
He said the regulatory sandboxes will focus on Smart Cities, Agrotech, Digital Health, Clean Energy and Mobility.
He pointed out that if the nation wanted to be part of the highly regulated but also highly impactful sectors of health, finance, energy and transport, entrepreneurs will need help and scientists need to better understand the regulatory framework.
Najib said regulation can be a major obstacle but it can also be a major accelerator of the coming wave of innovation and it is critical to get it right.
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