Entrepreneur

4 Ways Entrepreneurship In M'sia Will Evolve In 2018—As Told By Najib

The Global Entrepreneurship Community (GEC) Summit 2017 launched yesterday at the Kuala Lumpur Convention Centre with over 13,000 estimated participants gathering at this year’s event titled “Designing The Future”.

At the opening ceremony, YAB Dato’ Sri Mohd Najib Tun Razak was present to deliver his opening address to the attendees, detailing progress made within the since the first GEC Summit in 2016.

He also revealed more initiatives to be carried out in the next year. Here are some of the highlights from the opening ceremony:

1. Big plans for the Futurise Centre in Cyberjaya.

The Futurise Centre—located at the Malaysian Global Innovation and Creativity Centre (MaGIC)—is already set to play host to Southeast Asia’s first United Nations Technology Innovation Lab, and will continue to be utilised for other technological and economic advancements.

Image Credit: Cyberview.com.my

In alignment with the creation of Innovation SuperClusters, the centre will also aim to drive development of the nation’s regulatory sandbox for key industries.

This allows important sectors such as Smart Cities, Agrotech, and Digital Health the freedom to explore and fine-tune new ideas to help spur on the nation’s economy.

The Futurise Centre will also play host to the region’s first entrepreneurship radio station, “eFM”. This new station will serve as a resource platform to foster nationwide entrepreneurial culture and thinking. It will be made available online, with its live studio located within the Futurise Centre itself.

2. The launch of the Social Impact Exchange (SIX).

Malaysia will see the launch of its first pay-for-impact exchange that will channel untapped corporate resources to high-performing social-purpose organisations (SPOs).

Designed to parallel a stock exchange, SIX will serve as the focus point for funding SPOs and their social intervention projects.

Prior to being listed on the SIX, SPOs including non-governmental organisations (NGOs) as well as social enterprises will undergo an evaluation process based on their capacity, track record, intended social impact, financial sustainability, measurement and innovative elements. All in, a process much similar to an initial public offering (IPO) listing exercise for a regular company.

This structured approach will pave the way for more innovative financing models for SPOs under the SIX, which is a project initiated by Agensi Inovasi Malaysia (AIM) in collaboration with MaGIC.

3. Continued focus on the National Blue Ocean Strategy (NBOS).

Image Credit: NBOS.gov.my

The Prime Minister also noted how the NBOS will continue to play a key role in executing Transformasi Nasional 2050. The NBOS (introduced in 2009) has seen more than 90 government ministries and agencies work together to break down bureaucratic silos and develop more creative initiatives to transform the nation.

To date, over 115 high impact initiatives (MaGIC, Urban Transformation Centres, 1Malaysia for Youth) created since adopting the NBOS and Najib hopes to see more appear as we head towards becoming a developed nation.

4. A keen eye on the future.

A trend that was noticed in this year’s opener was the heavy mention of innovation, technological advancement, and the preparation for the Malaysian economy to adapt to the Third Wave of the digital revolution (the first being the advent of the internet, the second being the mobile revolution and the birth of the app ecosystem).

The Third Wave—termed by AOL co-founder Steve Case—will arrive as digital tech and the Internet leave behind traditional infrastructures in favour of a seamlessly connected digital framework; i.e., cryptocurriencies, autonomous self-driving cars, and highly integrated data systems.

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In his speech, he firmly stated that “we are determined to prepare for this in Malaysia”, and this sentiment echoed in every single announcement made.

As we can observe, such technologies such as e-wallets and augmented reality devices have become commonplace among us, so it will be interesting then to see just how smooth our continued transition into a rapidly evolving digital landscape will be.

Feature Image Credit: Vulcan Post

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