KUALA LUMPUR: A one-stop centre to support companies involved in creative multimedia, research and development, outsourcing and data management will be set up in Cyberjaya.
Prime Minister Datuk Seri Najib Razak announced the setting up of the Malaysian Global Innovation and Creative Centre (MaGIC) as part of the Government's latest effort to enhance entrepreneurship.
"The centre will be a one-stop shop for entrepreneurs, with everything from getting financing from banks or venture capital to incubators for developing start-ups, from intellectual property registration to facilities for training, coaching and mentoring," he said.
Malaysia will also be hosting the 5th Global Social Business Summit next month, he said at the launch of the Global Entrepreneurship Summit (GES) here Friday.
Najib added that he was looking forward to receiving creative solutions from the Global Startup Youth programme, which is part of the GES.
The programme pairs some 500 young people with 100 mentors to look into some of the world's most pressing problems, he said.
Later, Najib launched the 1Malaysia Entrepreneurship programme (1Met), which will help to accelerate the growth of 5,000 young entrepreneurs annually.
"Please dream. Please dream big. Be audacious. Dream of the improbable.
"The future is exciting. The future is today. The future is right now," Najib told a cheering crowd of thousands of youths.
During a question and answer session, Najib was asked if there would be a special allocation for the 1Met programme.
"Yes, the answer is yes. I will announce it in the coming Budget 2014. I can announce it today, but that will be letting the cat out of the bag," he said.
To another question, Najib agreed that holding a gathering of global entrepreneurs from time-to-time was a great idea to improve entrepreneurship in Malaysia.
US Secretary of State John Kerry, who was with Najib at the 1Met launch, told the audience that the United States would provide a means for collaboration between America and entrepreneurs in South East Asia.
He said there will be a partnership between the US and UP Global to train half a million entrepreneurs around the world, including those in Malaysia.
He also announced Beehive Malaysia, a collaborative space for social entrepreneurs to find solutions to great problems.
Earlier, Najib said entrepreneurs and potential businessmen should not be afraid or discouraged by failure, but instead use the experience to spur themselves to success.
He said the Government continuously worked on providing a better environment for entrepreneurship, and hoped that entrepreneurs would re-calibrate their attitude to failure.
"In a culture defined by a freewheeling and audacious capitalism, a country like the United States, which draws on a history of both liberty and plenty, a failed business gambit is seen as useful experience. Failure is not a death sentence.
"Other countries have different traditions, but the principle of encouraging people to attempt the improbable, without the undue fear of failure, can be more widely adopted."
In Malaysia, Najib said bankruptcy laws could be reviewed and streamlined to strengthen the safety net that allowed entrepreneurs to bounce back.