SOVEREIGN wealth fund Khazanah Nasional Bhd (Khazanah) has kicked off the second instalment of its Khazanah Impact Innovation Challenge (KIIC) 2023.
This year’s theme is focused on “Tackling the Climate Challenge for Malaysia’s Food Security”, derived from escalating
concerns about climate change and its potential threat to food security.
Amirul Feisal says climate change poses an increasing threat to food security in Malaysia.
Climate change poses an imminent threat to the agri-food sector globally.
Prolonged dry spells, heatwaves, intense rainfall and floods are already ruining food production across continents, leading to plummeting crop yields and the destruction of livestock and food stocks.
The Intergovernmental Panel on Climate Change projected a 5%-32% decline in crop yields due to climate change by 2050, which is further exacerbated by an estimated 60% increase in global food demand by the same year, driven by population growth as modelled by the Food and Agriculture Organisation.
KIIC 2023 is now calling for applications from impactful Malaysian businesses that have developed innovative and commercially viable solutions to address the challenges posed by climate change on Malaysia’s food security.
The online application will close on Sept 4.
KIIC is a business challenge aligned with Khazanah’s Dana Impak value creation objectives, aiming to address pervasive problems and drive socio-economic resilience and growth potential for the country.
Organised under the Khazanah Dana Impak initiative, a RM6bil commitment over five years, KIIC 2023 intends to attract innovative agri-food start-ups and micro, small and medium-sized enterprises (MSMEs) that are actively tackling problems arising from the impact of climate change on the agri-food sector.
Additionally, KIIC 2023 will provide support to the selected participants to enhance their readiness and knowledge in securing and raising funds to take their businesses to the next level of growth.
Ultimately, the programme seeks to strengthen the profile of Malaysia-based agri-food start-ups and MSMEs.
Khazanah managing director Datuk Amirul Feisal Wan Zahir said, “Dana Impak is pleased to bring together partners from various sectors to explore opportunities to collaborate with, and tap into, the wealth of talent and expertise among Malaysian startups and MSMEs within the agri-food space.
“As climate change poses an increasing threat to food security in our country, we hope that through this challenge, we can offer the necessary support and a wide-reaching platform to attract capital for innovative and sustainable solutions for the identified theme, which is aligned with our long-term ‘Advancing Malaysia’ strategy.”
KIIC 2023 is organised with programme partner Plug and Play, outreach partners Impact Circle and Cradle Fund’s MYStartup, and funding partners Gobi Partners, 500 Global and Agrobank.
The challenge seeks innovative solutions such as alternative animal feed sources, alternative fertilisers, on-farm technologies, financing and supply chain solutions to enhance efficiency and productivity in the agri-food industry.
The 10 finalists will receive an award of up to RM500,000 each in the form of grants and the opportunity to pitch for potential equity investments and/or debt funding from Khazanah and its funding partners.
The competition is open to all Malaysian-based business entities. Shortlisted applicants will receive an invitation for Demo Day and finalists will be announced in October 2023.
For details, visit www.khazanah.com.my/kiic
