KUALA LUMPUR, 20 NOVEMBER 2008 - Government agency Multimedia Development Corporation (MDeC), together with two ministries of science technology & innovation (MOSTI) and entrepreneur & corporate development (MECD), held a forum, which allowed 27 local technopreneurs pitch for funding.
Malaysian ministries science technology & innovation (MOSTI) and entrepreneur & corporate development (MECD supported the biannual MSC (Multimedia Supercorridor) Malaysia InnoTech forum and exhibition in Kuala Lumpur, 17-18 November, which attracted about 300 aspiring technopreneurs.
MDeC head of technopreneur development, Roslan Bakri Zakaria said 27 of the technopreneurs had the opportunity to meet local and international venture capitalists and angel funders during the event.
Zakaria said that by bringing in international and local venture capitalists, MDeC, and the government, hope to provide an opportunity for companies including established MSC Malaysia-status companies to pitch their idea in order to expand their business.
He said that MSC Malaysia also offered the MSC Malaysia Pre-Seed Fund, which assists technopreneurs at the idea stage. “To date, 16 out of 160 technopreneurs have applied for the Pre-Seed funding, which also provides them a platform to speak and pitch their idea to the venture capitalists and angel funders at this event.”
The fourth series of InnoTech is scheduled for May 2009, he said. For more information about MSC Malaysia Pre-Seed Funding for Malaysian technopreneurs, visit www.technopreneurdevelopment.net.my
Platform to connect ideas to funding
The event was attended by MOSTI deputy secretary general Dato’ Abdul Hanan Alang Endut, who said: “We hope that MSC Malaysia InnoTech can provide a platform, where technopreneurs, MSC Malaysia status companies, local and global VCs and professionals, can connect to increase partnerships, collaborations, creativity, innovation and knowledge sharing,”
“At the same time, we want emerging Malaysian technopreneurs, and high-growth MSC Malaysia-status companies, to use this platform to pitch their ideas to local and global venture capitalist present here today in order to gain input on areas for improvement and at the same time, increase mindshare of local companies amongst global venture capitalists,” said the deputy secretary general.
MDeC’s Zakaria said that the 27 local technopreneurs were scheduled to pitch their ideas to 14 local and international venture capitalists and angel funders, each catering to different hi-tech disciplines. Key venture capitalists present included Pamir Gelenbe of Newtonmore Advisors, London, Ahmed Abdul Khalid of IDB Malaysia; John Fernandes of Microsoft Asia, Jason Costa of Google China and Chok Kwee Bee of Teak Capital Malaysia.
He hoped to build on the success of the previous event. “After the 2nd InnoTech, held earlier in May 2008, MDeC organised 52 follow-up meetings. Venture capitalists are in the process of securing deals with five local companies, which, if all are successful in obtaining the funds, the total investment from the venture capitalists could well be in the region of US$5.3 million (RM18 million).
