MaGIC signs MoUs on entrepreneurship with US organisations

  • Nation
  • Friday, 25 Apr 2014

CYBERJAYA: Malaysia has collaborated with two US organisations on empowering entrepreneurship efforts in the country.

The Malaysian Global Innovation and Creative Centre (MaGIC) on Friday inked a memorandum of understanding (MoU) with Stanford University and UP Global for this purpose.

Prime Minister Datuk Seri Najib Tun Razak, who witnessesed the signing ceremony, said he believed in the young people, their passion, energy and creativity.

"As the Government, we got to create opportunities for them by building an ecosystem to turn their dreams into successful businesses and industries.

"This is what MaGIC is about- to be a truly global centre for successful stories of young entrepreneurs," Najib said at the ceremony.

Najib is scheduled to appear at the MaGIC headquarters in Cyberjaya on Sunday with United States president Barack Obama for the official launch of the centre.

Under the MoU with Stanford University, MaGIC will collaborate with the California-based university's Graduate School of Business, School of Engineering, and its Technology Ventures Program to improve the entrepreneurship curriculum within selected Malaysian universities.

MaGIC is also expected to send selected entrepreneurs to the Silicon Valley for training.

The partnership with international non-profit body UP Global is designed to increase the level of entrepreneurial activity and new company creation in Malaysia aimed at developing Malaysia as a global start-up hub whilst connecting Malaysian entrepreneurs with international communities.

This initiative will support 5,000 new entrepreneurs within a year, according to a statement from MaGIC.

Najib also witnessed the signing of MoU involving several other organisations, including Malaysian Biotech Corporation and QB3; and the Malaysia Venture Capital Management Berhad (MAVCAP) with Elixir Capital and 500 Startups.

All the MoU were driven towards expanding entrepreneurship development programmes whilst complementing MaGIC's initiatives.

MaGIC was established by the Government with a RM50mil allocation under Budget 2014 to be a one-stop centre to facilitate entrepreneurs in starting and growing their businesses.

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