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Saturday, 12 October 2013

MaGIC, Malaysian Global Innovation and Creative Centre to spur entrepreneurship?

MORE COLLABORATION: Najib (right) answering questions during a session at the launching and gathering of 1Malaysia Entrepreneurship Programme (1MET) participants on the sidelines of 4th GES 2013 at Kuala Lumpur Convention Centre. Najib, together with United States Secretary of State John Kerry, spent about 20 minutes talking to about 5,000 1MET participants 

KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak has announced the establishment of the Malaysian Global Innovation and Creative Centre or MaGIC in Cyberjaya to encourage entrepreneurship among Malaysians.

He said in his speech at the Global Entrepreneurship Summit 2013 that the centre would be a “one-stop shop” for entrepreneurs in getting financing from banks or venture capitalists and also to serve as incubators for developing start-ups.

The centre would also help prospective entrepreneurs with intellectual property registration and facilities for training, coaching and mentoring, Najib added.

“Ideas and opportunities cannot travel through a vacuum - they must be born in an open, market-driven environment that welcomes them, nurtures them, (and) allows them to flourish and spread.

“Creating an eco-system in which ideas can be realised is one of the pre-conditions for success,” he said.

Najib also noted that Governments should play an active role in supporting research, irrespective of whether it had an immediate commercial application or not, and not hesitate to work closely with industry to promote innovation.

“Germany’s Fraunhofer Institute’s joint applied research ventures between business and the state provide one model for successful co-operation across the traditional sector divide,” he said.

In relation to this, he also suggested that higher learning institutions devote more time and funding to spin-offs, which can bridge the gap between research and commercialisation.

One-stop support centre for innovation in Cyberjaya

By Teh Eng Hock - The Star

KUALA LUMPUR: A one-stop centre to support companies involved in creative multimedia, research and development, outsourcing and data management will be set up in Cyberjaya.

Prime Minister Datuk Seri Najib Tun Razak said the Malaysian Global Innovation and Creative Centre (MaGIC) was part of the Govern-ment’s latest effort to enhance entrepreneurship.

“The centre will be a one-stop shop for entrepreneurs, with everything from getting financing from banks or venture capital to incubators for developing start-ups, from intellectual property registration to facilities for training, coaching and mentoring,” he said.

“Malaysia will also be hosting the 5th Global Social Business Summit next month,” he said at the launch of the Global Entrepreneurship Summit (GES) yesterday.

Najib said he was looking forward to receiving creative solutions from the Global Startup Youth programme, which is part of the GES.

The programme pairs some 500 young people with 100 mentors to look into some of the world’s most pressing problems, he said.

Later, Najib launched the 1Malaysia Entrepreneurship (1MET) programme, which will help to accelerate the growth of 5,000 young entrepreneurs annually.

“Please dream big. Be audacious. Dream of the improbable.

“The future is exciting. The future is today. The future is right now,” he told a cheering crowd.

During a question and answer session, Najib was asked if there would be a special allocation for the 1Met programme.

“Yes, the answer is yes. I will announce it in the coming Budget 2014. I can announce it today, but that will be letting the cat out of the bag,” he said.

Najib also said that entrepreneurs and businessmen should not be afraid or discouraged by failure, but instead use the experience to spur themselves to success.

“In a culture defined by a freewheeling and audacious capitalism, in a country like the United States, which draws on a history of both liberty and plenty, a failed business gambit is seen as useful experience. Failure is not a death sentence.

“Other countries have different traditions, but the principle of encouraging people to attempt the improbable, without the undue fear of failure, can be more widely adopted,” he said.

Kerry: US seeks to train 500,000 entrepreneurs globally

KUALA LUMPUR: The United States will enter into a partnership to train 500,000 entrepreneurs from Malaysia and around the world.

US Secretary of State John Kerry, who announced this, said the State Department would collaborate with Up Global over the next few years in 1,000 cities including Kuala Lumpur.

It will provide a full-spectrum support structure for entrepreneurs, focusing on every aspect of the entrepreneurial journey, from pre-idea through high growth stages.

Up Global is an organisation working with the US State Department with the aim of establishing entrepreneurship programmes around the world by 2016.

“The US will also take part in a mentor programme to facilitate entrepreneurship,” Kerry said at the 4th Global Entrepreneurship Summit (GES) here yesterday.

President Barack Obama had launched the GES in Washington DC in 2010 to connect entrepreneurs, banks, venture capitalists, investors and others to catalyse partnerships, encourage growth and strengthen ties.

Kerry was representing Obama who cancelled his visit to Malaysia citing the government shutdown in the United States.

Calling Malaysia a negara hebat (great nation), the chief US diplomat highlighted the country’s success in generating entrepreneurs in a multicultural setting, singling out Cyberjaya and prominent entrepreneurs Jimmy Choo and Tony Fernandes as among its success stories.

“This nation has given the world visionary business people like Jimmy Choo, who made his first pair of shoes at the age of 11.

“By the time he was in his 20s, his designs were being worn on sidewalks and catwalks from Los Angeles to London.

“And Tony Fernandes, long before he started hosting The Apprentice Asia, started the budget airline AirAsia,’’ Kerry said.

In a video address shown to the audience, Obama expressed his desire to make up for his absence and visit Malaysia soon.

“I had really hoped to be with you in person. Unfortunately, recent events in Washington made that impossible,” he said.

The president paid tribute to Malaysia, calling it “a dynamic economy, engine for regional prosperity and a country that’s increasingly connected to the global economy”.

“Likewise, Malaysia’s diversity, tolerance and progress can be a model to countries around the world,’’ he added.

Sources: The Star/Asia News Network