The Myipo Intellectual Property Fund 2.0 (hereafter referred to as ‘the fund’) which commenced earlier this year whereby the Malaysian Government allocated a total of RM4 million under the Malaysian Intellectual Property Corporation (MYIPO) for a four year period from this year 2022 until year 2025 is reported to have been successful in its first year. The fund was open for application from January 2022 and was initially due on the 30th of June 2022, however, since the quota was not met at the time the deadline was extended to end of August 2022.
In the first year of coming into force, about RM504,869 of the allocated RM1 million a year has been utilized. Dato Seri Alexander Nanta Linggi, the Minister of Domestic Trade and Consumer Affairs stated that the amount was used for approximately 553 applications out of 1,181 total applications. Further stating that the fund was well received amongst entrepreneurs that met the criteria set out by MyIPO.
From 15th September 2022, a balance of RM 495,130 was still in the process of screening involving various intellectual property components which have received application requests, these being 300 applications for Trademark, 21 for Patents, 75 for Copyright, 3 for industrial design and 2 for geographical indication.
According to Dato Alexander Nanta, the program further reflects the initiative of MyIPO to provide early exposure and comprehensive insight on intellectual property to targeted groups such as those in the education sector.
As of September, about 1,465 entrepreneurs successfully benefited from the fund for Trademark, Patent, Industrial Design, Copyright, and geographical indication, especially from the food and cosmetics sector.
Pintas IP was fortunate enough to be able to assist with multiple successful applications to obtain fund for existing and new clients. The majority of those who requested assistance with their form submissions were from Universities, start-ups, and new business owners.
Coming to the end of the year, we should anticipate that the fund will be open for application in January 2023. Pintas IP would be pleased to assist you or your organization with any matters you may have regarding your application form. To learn more about the fund, read our previous article here. Feel free to reach us for a free consultation today!