PHOTO - Malaysian PM - Datuk Seri Najib Abdul Razak
KUALA LUMPUR, 1 APRIL 2011 - Malaysian technopreneurs have received another boost from the country's prime minister, Datuk Seri Najib Abdul Razak, with the launch of the Malaysian Technology Development Corporation (MTDC) RM100 million [US$33 million] Business Start-up fund (BSF), which was one of the initiatives listed in the recent 2011 Budget proposals.
During the launch event at Universiti Institut Teknologi Mara (UiTM), Najib said the fund was to enhance innovation in the technology sector especially by universities and fledgling companies. "There are many local companies that can come up with innovative ideas, but do not have the resources to commercialise and market their inventions. This is where there is need for an evaluation that cannot be done by a commercial bank, as while it is a high-risk venture, there is also a very high potential for growth."
He said that new companies with insufficient operating records found it difficult to obtain financing from commercial banks. "This is where there is a need for an evaluation that cannot be done by a commercial bank, as while it is a high risk venture, there is also a very high potential for growth."
MTDC chief executive officer Norhalim Yunus, who exchanged a memorandum of agreement between UiTM and MTDC to construct a Technopreneur Centre at its Shah Alam campus, said that with the new BSF scheme companies could bid for financial support in the early years.
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