PM launches RM100m fund to help new start-up firms

By Asrul Hadi Abdullah Sani

March 31, 2011

KUALA LUMPUR, March 31 — Prime Minister Datuk Seri Najib Razak launched a RM100
million fund today for the Malaysian Technology Development Corporation (MTDC) to
encourage and facilitate the growth of technology entrepreneurs and new start-up
companies.

The Business Start-Up Fund (BSF), announced by Najib during this year’s Budget speech, is a
special funding programme without collateral aimed at encouraging innovative and
technology-based entrepreneurship.

Those enrolled in the programme will only have to make repayments when their companies
begin to generate income within a three-year grace period.
“BSF is a new initiative by the government to help entrepreneurs produce products which
are innovative and have potential in the market.

“The allocation of RM100 million proves that the government is aware and cares about the
public and will continue to provide support to shape the country towards a developed and
high-income nation,” he said at the launching.

Najib also witnessed the exchange of a memorandum of agreement (MoA) between MTDC
and UiTM to build a technopreneur centre at the university’s Shah Alam campus.
The centre will be built on a 2.5-acre site and is estimated to cost RM12 million which will
be funded by MTDC.

“Universities are the most strategic partners to help cultivate knowledge, invention,
creativity and innovation. MTDC’s partnership with UiTM and other universities is the right
strategy to create a vibrant entrepreneurial ecosystem, infrastructure and nurturing services
to help entrepreneurs and start-up companies commercialise local R&D,” he said.