What's New In CIP 500

I was at the Cradle Info talk today briefly. Just to check things out.

According to the speaker (Jonathan) about CIP 500.
  • CIP 500 is awarded for companies with at least 51% of Malaysian
  • The clause about 3 years track records only applies to the particular product which you want to use to apply for CIP 500. Which means that any 20 years old company can still be eligible for CIP 500.
  • CIP 500 will only award up to 85% of the total amount, you have to invest the 15%.
  • Since its inception (Jan 2010), there were too many applicants while there isn't a single application has been approved to get the grant yet. Now is April 2010.
  • CIP 500 application can take a longer time that expected, one of the surety is that it will take at least 90 days upon the date of completion-of-application and not application. Means that the consultant will grill through your application until they certify that your application is certified as fit to be presented to the committee.It is only from that moment onwards which the 90 days count will start.
It is also interesting to note the almost full house attendance of the talk consists mostly of older adults. There are even some foreigners. This kind of suggests some indications about the state of the market.