New start-ups and venture capital commission in the works

KUALA LUMPUR: Communications and Multimedia Minister Gobind Singh Deo has given players in the start-up industry two weeks to propose a name to lead Malaysia’s first Commission for Start-up and Venture Capital.

Gobind had on Friday (Sept 26) announced his intention to set up a new commission to streamline efforts to develop Malaysia’s flourishing start-ups and the venture capital industry.

“At this point, we have so many people and different groups managing different parts of the problems in this sector.

“I think if we actually bring them all together under a commission, then we have a commission that can look into how we will develop this industry,” he said at the sidelines of the My Digital Maker Fair 2018 on Sunday (Sept 30).

Gobind said it will take “some time” before the proposed commission can be tabled in Parliament, but in the meantime, a pro temp group will be set up to build the structure of the commission.

“Within next two weeks, I will sit down and have a meeting with 10 to 12 people to understand the parameters of the commission, what do we need it to do, and how can it help the industry,” he said.

Gobind said Malaysia must welcome the digital industry and develop young talents in new technology like artificial intelligence and robotics.

“Everyday we read that Singapore and Vietnam have new inventions, if we don’t take the opportunity now to create a structure where we can help the industry, we will lose out,” he said.

Amongst the Ministry’s main efforts to develop the industry is to ensure equal access to the Internet for both urban and rural folks, and education on digital literacy, he said.

“We have taken the approach to develop infrastructure, we have also pushed the idea to set up education at early stages in school,” he said.

“All children now have access to smartphones at a very young age; it is important for us to make sure they understand the power of the Internet,” he said.

On the Sept 30 deadline for telcos to submit proposals on new broadband packages, Gobind said MCMC will start reviewing their suggestions.

“Hopefully we can reach an agreement and start implementing these suggestions soon.

“Then by the end of the year, we should be able to see prices come down by 25% if not more and speeds increase by double if not more,” he said.