In the 1Asean Entrepreneurship Summit in November, experts have predicted MYR 20 million to MYR 30 million worth of business deals to be sealed by local and regional startups attending the summit. This summit aims to attract 8000 participants consisting of a mix of 70 percent local and 30 percent international entrepreneurs from around the region. In addition to this the Malaysian government aims to create a global entrepreneurship community that plans to launch many initiatives next year.
The 1Asean Entrepreneurship Summit (1AES), to culminate in November, expects to see some MYR20 million to MYR30 million ($4.81 million to $7.21 million) worth of business deals sealed among local and regional startups attending.
Co-chairperson Nadira Yusoff said the committee estimates the business deals that can be sealed during the summit could range around MYR20 million to MYR30 million, as the summit targets to attract 8,000 participants, consisting of a mix of 70 per cent local entrepreneurs and 30 per cent from around the region. There will be community leads, non-governmental organisations, public and private sector players, as well as investors, buyers and collaborators in the mix.
“There will also be budding university startups and intern-preneurs,” Yusoff said while addressing the media on Thursday at the countdown to the summit. “A lot of facilitation will be put in place. We have included agencies and programme partners in our facilitation centres that will provide insights on setting up a business here,” she said. She noted that 1AES will be designed with on-site consultation and assistance in mind, to shorten the process of setting up a business in Malaysia.
“We cater to different types of entrepreneurs as well, from technology entrepreneurs to those with actual products. We will have the platform owners within the 1AES, with whom those who have products can collaboration with to go regional,” she said.
The 1AES is the closing event for a year-long string of entrepreneurial programmes, organised by the Finance Ministry to foster the regional entrepreneurial ecosystem, in conjunction with Malaysia’s 2015 Asean chairmanship. It will host over 40 international and regional speakers, and includes a week-long site event in the Kuala Lumpur city centre.
Secretary general of treasury Dr Mohd Irwan Serigar Abdullah said the 1AES and its peripheral programmes seeks to develop young entrepreneurs and new entrepreneurs that will bring the ecosystem to the next level.
“This is a chance for them to exhibit their products and services. We are far from (what) Silicon Valley (is), but we are not recreating Silicon Valley here, we are creating our own ecosystem, which could be more futuristic within the context of this region,” he said. He also said that the Malaysian government is aiming to create a global entrepreneurship community, with plans to launch several initiatives next year in line with that goal.
“People from Silicon Valley asking us about our development, engaging us, and we have requests from the UK government to attend their (entrepreneurial) functions,” he noted on the international attention Malaysia is getting on the entrepreneurship front. Additionally, Abdullah commended the effort put into pushing social entrepreneurship in Malaysia and the region.
In finding ways to raise the standard of living of rural communities without the hefty price and red tape for building power or logistics infrastructure, he noted that the region can cumulatively grow a middle-class society in the next five years.
The Malaysiaon & Creativity Centren Global Innovati (MaGIC) executive director, social enterprise, Ehon Chan said that social entrepreneurship, coupled with the boost given to entrepreneurial ecosystem, gives a chance to change the region’s perspective.
“This is a great opportunity to create a new narrative about Asean,” he said, “Which is in line with the 11th Malaysia Plan.” He noted the innovations around the region where entrepreneurs have found ways to utilise their natural resources to create energy for their communities.
Source : Deal Street Asia