Mi Technovation chief executive Oh Kuang Eng emphasized the need for a cultural shift toward embracing failure and encouraging risk-taking to foster innovation and build a robust semiconductor ecosystem in Singapore and the broader Southeast Asia region. Speaking in an interview, Oh highlighted that despite Singapore’s supportive environment for research and development, cultivating a strong talent pool remains a challenge without societal acceptance of failure.

Founded in 2012 and headquartered in Penang, Malaysia, Mi Technovation has benefited from collaboration with institutes such as the Institute of Microelectronics (IME) under A*STAR, which links academic research with the global semiconductor industry. Oh pointed out that attracting individuals passionate about semiconductor research is crucial, noting that even significant financial investment would be insufficient without interested talent willing to pursue research and innovation.

With the surge in artificial intelligence applications driving demand for advanced chips, Oh stressed the importance of raising awareness about the semiconductor industry through education and public outreach. Mi Technovation is partnering with Singapore’s National University and Nanyang Technological University to develop pathways for students to enter semiconductor-related fields, aiming to grow the local talent base.

Oh critiqued the region’s prevailing focus on short-term financial returns, contrasting it with the more nurturing environments seen in the United States and China. He argued that in Southeast Asia, including Singapore, societal attitudes toward failure remain a barrier to innovation. Drawing parallels with companies such as Nvidia and Tesla, which faced near bankruptcy before achieving success, he underlined the necessity of a more forgiving and supportive ecosystem that allows entrepreneurs to learn from setbacks and persist.

Changing this mindset, Oh suggested, would lead to greater innovation outputs, reflected in increased patent filings and a culture that values intellectual property. He believes embedding innovation more deeply into societal discourse could encourage healthy competition and attract more companies and global talent to the region.

Mi Technovation itself has navigated early skepticism and industry dominance by established players. Oh recounted initial doubts from potential recruits who questioned the viability of entering a niche sector with limited precedents. The company focused initially on wafer-level chip scale packaging (WLCSP), entering a segment long controlled by European and Japanese firms. Despite these challenges, Mi has grown into a profitable and diversified semiconductor equipment and materials provider.

To leverage Singapore’s political stability, transparency, and international talent pool, Mi has relocated its corporate headquarters there and plans to open a research and development facility by the end of 2026. This move coincides with the company’s intention to list its semiconductor materials division, Mi Material, on the Singapore Exchange in the fourth quarter of 2026, following approval secured in August.

Mi Technovation’s semiconductor materials business has seen rapid growth, with revenue increasing 91% year-on-year to RM24.2 million (S$6.7 million) in the second quarter of 2026. The equipment segment remains the company’s largest revenue driver, contributing RM346.3 million in the 2023 fiscal year, about 55% of total revenue. Mi holds a dominant position in the outsourced semiconductor assembly and test (OSAT) market, supplying die sorting and inspection machines to over 70% of Taiwan’s OSAT companies, collectively controlling nearly half of the global market.

Looking ahead, Mi is expanding its research portfolio beyond traditional equipment and materials, developing a second silicon carbide (SiC) research institute in Singapore to complement one in Taiwan. SiC, a material useful for high-voltage and high-frequency applications with superior heat dissipation properties, is seen as critical for emerging green energy solutions, electric vehicles, and advanced data centers. Additionally, the Singapore facility will support autonomous vehicle technology development through Mi’s subsidiary Ohima.

Oh estimates that ongoing and new R&D activities will require expenditures of approximately US$10 million for existing businesses and up to US$15 million for new ventures. Both new units are expected to be fully operational by 2028, with the company aiming for all four business divisions to generate revenue independently by 2038.

Reflecting on Mi’s journey from a small startup in Penang to a key player in the global semiconductor supply chain, Oh credits his founding team for perseverance and highlights the importance of cultivating a work culture focused on innovation rather than brand prestige. He believes that embracing this mindset will be essential to nurturing future successful companies in the region.