As law firms across Malaysia continue to adapt to the fallout caused by the current crisis, digital solutions have been a critical facet in SOPs designed to withstand the “new normal” of the legal industry.
And while many firms have adopted digital solutions and collaboration tools simply out of necessity, the ability for LegalTech to future proof firms extends beyond keeping us connected.
Automation has empowered firms to allocate resources, human capital and funds towards the facets of business that allow legal professionals to focus on doing what machines cannot, advocating on the behalf of clients.
Though, for its inherent place among the more arduous and time consuming tasks that were commonplace in the legal industry of old, automation has not yet been fully implemented within the industry.
MDEC, CoreMatter and the Smart Automation Grant aim to change that.
What is MDEC’s Smart Automation Grant?
As part of MDEC’s push to allow Malaysian businesses the opportunity to finance their future in automated solutions, the organization has announced a new program designed to help enterprises secure funding for the costs of implementing automation within their operations.
The Smart Automation Grant is a grant program designed to offer eligible businesses a means of offsetting overall cost via a matching grant.
It works quite simply.
Qualifying firms are able to receive a grant that matches the investment provided by the business as to implement and maintain automation solutions over a four month period with the end result being a successful deployment of the solution.
Qualifying firms are able to receive upwards of RM200k depending upon the investment made by the firm.
It is the focus of the grant to allow firms the opportunity to kickstart automation within their operations.
Granted the funds provided will be done so if a select criteria in terms of deployment are met.
What are the Regulations Regarding the SAG?
As the grant is to be used as a starting point for deployment of automation solutions there are a few requirements that qualifying firms must adhere to as to be able to receive the grant.
Qualifying firms must:
- Ensure the entire project timeline of implementation is no longer than four months. One month is to be used for deployment while three months are to be used to monitor the project and ensure agreed upon milestones are met.
- Ensure that outcome of the project results in either:
- A reduction in man hours,
- An increase in overall revenue,
- Savings within business cost,
- A new means of securing sources of growth,
- Or a reduction in a selected process’ timeline.
If qualifying firms are able to ensure the above, the grant will reimbursed in two payments; one upon completion of the first agreed milestone and the final payment delivered upon the completion of the final milestone.
To be eligible for the grant, firms must:
- Be incorporated in Malaysia under the Companies Act 1965 or the Companies Act 2016,
- Have an issued and paid up capital of at least RM50,000,
- Have a minimum of 51% equity held by Malaysian(s),
- Not be the subject of a liquidation/winding up order,
- Have no going concern issue and/or not dormant and,
- Have entered into a written contract or a committed arrangement technology partner for the development and implementation of the project.
Further, if a firm has previously received any MDEC/government grant, the applicant must demonstrate the completion and success of the funded project.
CoreMatter Can Help
As the final requirement for eligibility requires the commitment of a technology partner, CoreMatter is able to help firms qualify for the Smart Automation Grant while helping firms focus on what matters.
Simply reach out to us and we can begin assisting you in qualifying for the MDEC SAG.
It’s time to get paid to focus on what matters with CoreMatter!