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beware, malaysia may go into bankruptcy before 2020

Entrepreneurs Can Expect "Magic" Boost

By GES Team

KUALA LUMPUR, Oct 11 (Bernama) -- The proposed establishment of the Malaysian Global Innovation and Creative Centre (MaGIC), will provide a proper platform for entrepreneurs to expand their wings.

Multimedia Development Corporation Chief Executive Officer Datuk Badlisham Ghazali said MaGIC, to be located at Cyberjaya, was primed to unite the country's next generation of entrepreneurs.

"Entrepreneurs can also obtain consultation services and witness government initiative in enhancing the quality of local entrepreneurs," he told Bernama on the sideline of GES 2013 here Friday.

MaGIC, announced by Prime Minister Datuk Seri Najib Tun Razak today at the Fourth Global Entrepreneurship Summit (GES) 2013, will be a one-stop shop where entrepreneurs could access financing from banks or venture capital, incubators for developing start-ups, intellectual property registration, as well as, facilities for training, coaching and mentoring.

The initiative is also slated to improve and strengthen government and entrepreneurs' relationship.

Malaysian entrepreneur, Gerald Daniel, who helms First Billenium Sdn Bhd which developed mobile applications, said while the government had always been supportive of local entrepreneurs, they, however, found it difficult to tap the initiatives.

"The MaGIC initiative can definitely improve that," Daniel added.

For Ariivazhagan Supramaniam, Chief Executive Officer of Robin Capital Sdn Bhd, the most important thing was to facilitate entrepreneurs with the right policies, access to finance and continuous support to grow their business.

"I think government procurement is an important area where they have to take risk to test these entrepreneurs because that would create market confidence and allow the commercial side to come in," he said.

DFRAN Research Technologies Sdn Bhd Executive Chairman Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir described the move to establish MaGIC as being in line with the current situation where a majority of innovative ideas from developed nations came from young entrepreneurs.

"It is important for Malaysia to provide an ecosystem, in which innovative and creative young people have the opportunity to become a new entrepreneur," Syed Zainal said.

The former Managing Director of Proton Holdings Bhd hoped the initiative would be followed by right implementation.

Meanwhile, foreign delegates described MaGIC as a fantastic idea.

Among them was the Business Development Manager of Technology Innovation Agency from South Africa Dr Muhammed Sayed who pointed out that having a one stop centre was an excellent idea as a lot of countries have fragmented efforts that frustrated entrepreneurs.

Egle Vinauskaite, a delegate from Lithuania, was confident the initiative would succeed.

"Malaysia is doing a great work. In the last few years there's a lot of entrepreneurship programmes, workshops and mentorship's, they all worked. It makes a great impact because people especially youths realised their own potential and I think that's really a positive thing," she said.

-- BERNAMA