REPORT: Start-Up Academy Will Porvide Regional & Global Exposure To Entrepreneurs: MAGIC

KUALA LUMPUR, Oct 10 (Bernama) -- After hosting a series of dialogues with local entrepreneurs and receiving feedbacks and challenges faced by them, the Malaysian Global Innovation and Creativity Centre (MaGIC) decided to establish a start-up academy for them, to provide regional and global exposure.

The academy that will function as a skills-learning platform for the start-up ecosystem, will be launched during a five-day workshop this month, says the Finance Ministry in the 2014/2015 Economic Report, released today.

The report was issued in conjunction with the tabling of Budget 2015 in Parliament today by Prime Minister Datuk Seri Najib Tun Razak, who is also Finance Minister.

According to the report, the establishment of the academy is one of MaGIC's initiatives to re-energise and enhance the entrepreneurs' ecosystem in Malaysia as they played an important role to the economy.

Last year, it was reported that the entrepreneurs in the small and medium enterprises (SMEs) have contributed 59 per cent to employment, 19 per cent to exports and 33 per cent to the gross and domestic product (GDP).

"Under the SME Masterplan - 2020, the target is to raise the contribution of SMEs to 62 per cent to employment, 25 per cent to exports and 41 per cent to GDP.

"MaGIC also connects the dots and maps out all resources and programmes that are available for entrepreneurs and making information more accessible via MaGIC Central," it said.

MaGIC Central is an online resource tool, to be developed as an information and referral platform encompassing all resources available within the Malaysian start-up ecosystem.

The report also highlighted that MaGIc will be launching a e@Standford programme, a joint-entrepreneurship programme with Stanford University, to boost high-potential local start-ups where selected entrepreneurs will be sent for intensive exposure there followed by networking in the Silicon Valley.

MaGIC is one of the initiatives under the National Blue Ocean Strategy, announced during the fourth Global Entrepreneurship Summit held on Oct 11, last year.

An allocation of RM50 million was given for the initiative and as of August 2014, RM9.4 million has been spent.


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