CYBERJAYA: Bumiputra entrepreneurs must identify the “missing link” preventing their businesses from scaling up, says Akmal Nasrullah Mohd Nasir.
The Economy Minister said while the capabilities of bumiputra businesses were not in doubt, entrepreneurs must continually identify the best ways to move from their current stage of development to a higher level of growth.
Rather than merely treating the symptoms, Akmal said there was a need to better understand the underlying issues that prevent companies from expanding.
“It is akin to visiting a doctor because of a headache. You take medicine and the headache goes away temporarily, but after three or four months the problem returns because the underlying cause was never addressed.
“We need open discussions to understand the real challenges faced by companies.
“The issue is not only about what the government should do or what companies should do but about finding the missing link that prevents businesses from scaling up,” he said at a meet-the-entrepreneurs session organised by Teraju Bumiputera Corporation (Teraju) here on Thursday.
Akmal said companies with the right strategy could typically reach the stage of being listed within three to four years.
However, he noted that although some companies had developed products capable of competing on a national level, they still struggled to penetrate the market, indicating a need to reassess their business strategies.
“Sometimes the issue is not just funding.
“Sometimes the product itself needs improvement, or we need to understand whether customers truly appreciate the product and whether it solves the right problem,” he said.
Earlier, in his welcoming address, Teraju chief executive officer Junady Nawawi said the Superb grant programme was designed to help bumiputra entrepreneurs with promising ideas build businesses capable of competing in the marketplace.
Superb is a business pitching and grant programme that provides grants of up to RM500,000, mentoring and access to funding to help transform innovative ideas into market-ready and scalable companies.
“At Teraju, the success of a startup is not measured by the moment it receives support but by its ability to continue growing, innovating, creating value and contributing to the nation’s economy.
“Building a company is a long journey.
“Once a product is developed, new challenges emerge, such as acquiring customers, building a strong team, entering new markets, attracting investment and ultimately scaling the business,” he said.
Junady said Teraju had continued strengthening support for the startup ecosystem through follow-on initiatives such as Superb Coach & Grow, Teraju Venture Spotlight and a series of engagement programmes.
“All these initiatives are driven by a common goal – to ensure that the journey of bumiputra startups does not end after Superb but continues into higher stages of growth.
“Today, we are witnessing bumiputra startups developing innovative solutions and expanding successfully into broader markets.
“Stories like these give us confidence that bumiputra startups have tremendous potential to grow, compete and create meaningful impact, provided they are supported by the right ecosystem,” he added.
Meanwhile, several bumiputra entrepreneurs who attended the session highlighted the challenges faced by their businesses.
Among the issues raised were grant repayment requirements, competition from imported products, difficulties in penetrating the market and bureaucratic hurdles when dealing with government ministries and agencies.
