RM100m technopreneur business start-up fund
SHAH ALAM: Prime Minister Datuk Seri Najib Tun Razak today launched a RM100 million Business Start-Up Fund to promote technopreneur development under the Malaysian Technology Development Corporation.
The fund is testimony of the government's focus to grow the technopreneur industry and to help them venture into new business areas, he said at the launch of the fund at Universiti Teknologi MARA here today.
Najib said the development of technopreneurs was in tandem with the New Economic Model introduced by the government.
"If we want Malaysia to become a high-income economy, it has to be based on technology. Wealth creation through technology will propel the nation towards prosperity," he said.
Najib said Malaysia will not be able to compete globally if it was not technologically advanced.
Najib said the launch of the initial fund would pave the way for youngsters to come forward and take the risk of venturing into new fields.
He also said Universiti Teknologi MARA and other universities with the collaboration of MTDC would create an ecosystem that would be conducive for technopreneur development in the region and globally.
The new fund was part of an initiative undertaken by the government to afford flexible payments with no collateral and a repayment period of eight years, he said.
The fund targets new technology-based start-up companies.
"These companies must be 70 per cent owned by technopreneurs or a group of Malaysian entrepreneurs who must operate the company full-time.
Other terms and conditions of securing the fund can be obtained at www.mtdc.com.my.
Najib said the fund was suitable for technopreneurs who had good product ideas but had difficulty obtaining loans from banks as they did not meet funding requirements.
"Banks want a good track record and assets for collateral. Those who have good ideas do not have a proven track record and a small bank balance but had the drive to turn their ideas into profitable businesses one day," he said.
The prime minister said the technoprenuers need to be assessed differently and not like commercial banks.
The government, via the MTDC, has established technology development clusters at local universities, to help develop these technopreneurs.
He said the collaboration between MTDC and UiTM would give birth to technopreneurs who can eventually compete globally.
Meanwhile, Najib also witnessed the exchange of memorandum of understanding documents between MTDC, who was represented by its Chief Executive, Norhalim Yunus, and UiTM Vice Chancellor Datuk Prof Ir Dr Sahol Hamid Abu Bakar for the establishment of a UiTM-MTDC Technoprenueur Centre.
The RM12 million centre, to be built on a one hectare site on the UiTM campus beginning May, is expected to be completed by December next year.
Najib said UiTM had obtained patent for 14 products and was applying the same for another 129 products, which, he hoped would be commercialised one day.
Najib also said as the country moved towards attaining Vision 2020, the people must change their mindset and old ways of doing things.
The government, he added, was working towards achieving roaring success through creative and innovative thinking.
The Prime Minister also said smart partnership through enhanced collaboration with universities, industry and the community, was one of the basis of the New Economic Model where the academia must understand the needs of industry and the industry should use that expertise to produce highly innovative products.
"Smart partnership will place Malaysia on the world map among countries that have innovated through research and development," he said. - Bernama
The fund is testimony of the government's focus to grow the technopreneur industry and to help them venture into new business areas, he said at the launch of the fund at Universiti Teknologi MARA here today.
"If we want Malaysia to become a high-income economy, it has to be based on technology. Wealth creation through technology will propel the nation towards prosperity," he said.
Najib said Malaysia will not be able to compete globally if it was not technologically advanced.
Najib said the launch of the initial fund would pave the way for youngsters to come forward and take the risk of venturing into new fields.
He also said Universiti Teknologi MARA and other universities with the collaboration of MTDC would create an ecosystem that would be conducive for technopreneur development in the region and globally.
The new fund was part of an initiative undertaken by the government to afford flexible payments with no collateral and a repayment period of eight years, he said.
The fund targets new technology-based start-up companies.
"These companies must be 70 per cent owned by technopreneurs or a group of Malaysian entrepreneurs who must operate the company full-time.
Other terms and conditions of securing the fund can be obtained at www.mtdc.com.my.
Najib said the fund was suitable for technopreneurs who had good product ideas but had difficulty obtaining loans from banks as they did not meet funding requirements.
"Banks want a good track record and assets for collateral. Those who have good ideas do not have a proven track record and a small bank balance but had the drive to turn their ideas into profitable businesses one day," he said.
The prime minister said the technoprenuers need to be assessed differently and not like commercial banks.
The government, via the MTDC, has established technology development clusters at local universities, to help develop these technopreneurs.
He said the collaboration between MTDC and UiTM would give birth to technopreneurs who can eventually compete globally.
Meanwhile, Najib also witnessed the exchange of memorandum of understanding documents between MTDC, who was represented by its Chief Executive, Norhalim Yunus, and UiTM Vice Chancellor Datuk Prof Ir Dr Sahol Hamid Abu Bakar for the establishment of a UiTM-MTDC Technoprenueur Centre.
The RM12 million centre, to be built on a one hectare site on the UiTM campus beginning May, is expected to be completed by December next year.
Najib said UiTM had obtained patent for 14 products and was applying the same for another 129 products, which, he hoped would be commercialised one day.
Najib also said as the country moved towards attaining Vision 2020, the people must change their mindset and old ways of doing things.
The government, he added, was working towards achieving roaring success through creative and innovative thinking.
The Prime Minister also said smart partnership through enhanced collaboration with universities, industry and the community, was one of the basis of the New Economic Model where the academia must understand the needs of industry and the industry should use that expertise to produce highly innovative products.
"Smart partnership will place Malaysia on the world map among countries that have innovated through research and development," he said. - Bernama
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