By Dr Gabriel Wee Wei En
In the rapidly evolving business landscape, the traditional education system often falls short in equipping students with the practical skills needed for real-world challenges.
According to a 2023 survey by the Malaysian Ministry of Higher Education, over 60% of graduates feel unprepared for the workforce due to a lack of practical experience and industry-relevant skills. Additionally, the Global Entrepreneurship Monitor 2022 report highlighted that only 30% of young Malaysians aged 18-34 believe they have the necessary skills and knowledge to start a business.
These statistics reveal significant gaps in the current educational framework, particularly in Sarawak, where there is a pressing need to foster a new generation of entrepreneurs who can drive economic growth and sustainability in line with the region’s Post-COVID-19 Development Strategy (PCDS) 2030.
Entrepreneurship is crucial in a developing economy as it stimulates innovation, creates jobs, and drives competitiveness, leading to overall economic development.
For instance, a 2021 report by the World Bank indicated that SMEs (Small and Medium Enterprises), which are often driven by entrepreneurial ventures, contribute approximately 40% to the GDP of emerging economies.
In Malaysia, SMEs account for 98.5% of all business establishments and employ around 66.2% of the workforce, underscoring the pivotal role of entrepreneurship in job creation and economic stability. Furthermore, successful entrepreneurial ecosystems have shown that fostering new business ventures can lead to significant advancements in technology, industry diversification, and improved living standards.
Authentic Entrepreneurship Practices (AEP)
At Swinburne University of Technology Sarawak, we offer entrepreneurship as a minor and have implemented the Authentic Entrepreneurship Practices (AEP) framework across our entrepreneurship units. This pedagogy places industry engagement at the core, or SPINE, of the curriculum.
In the recent semester, students from the Entrepreneurship and Opportunity unit identified commercial fruit opportunities in Sarawak, focusing on passionfruit due to its high market potential.
According to data from the Malaysian Agricultural Research and Development Institute (MARDI), the demand for passionfruit has been growing steadily, with an annual growth rate of 5% in the local market and significant interest in export markets.
Passionfruit is not only a profitable crop but also offers substantial nutritional benefits. It is rich in vitamins A and C, dietary fibre, and antioxidants, making it highly appealing to health-conscious consumers.
From an economic perspective, the return on investment (ROI) for farmers cultivating passionfruit is promising. According to industry reports, farmers can expect an average ROI of 20-25% within the first year of planting, with potential increases as the plants mature and yields stabilise.
Students from the Lean Startup Springboard unit conducted comprehensive market validation by performing both primary and secondary research on the passionfruit market in Sarawak. They surveyed local consumers, interviewed farmers, and analysed market trends, confirming that passionfruit could be a profitable venture due to its increasing popularity and versatility in various products.
Following the market validation, students from the Business Consulting Project developed solutions by proposing different downstream products and services. They collaborated with industry players to bring these ideas to fruition.
For instance, they worked with Beez Gelato to develop passionfruit gelato and partnered with Borneo Bad Cats to create passionfruit tuak. These partnerships were based on the robust market data ensuring the feasibility and potential success of these products.
Implications for Students and the Economy
The impact of these programmes is far-reaching. Students who undergo entrepreneurship courses are better equipped to innovate, solve complex problems, and create businesses that are not only profitable but also sustainable. They develop the resilience needed to overcome setbacks and the critical thinking skills necessary to make informed decisions. As a result, these students are well-prepared to contribute meaningfully to the local and global economy.
One of the most significant outcomes of this approach is the creation of student-led enterprises. By working on real-world projects and engaging with industry leaders, graduates leave with practical experience and confidence. They enter the job market with a head start, already having some industry networks in place. This not only enhances their employability but also positions them as proactive contributors to the economic development of Sarawak.
A trial study conducted by the author in 2024 found that 70% of students who participated in the entrepreneurship program felt more confident in starting their own businesses, and 50% of these students successfully launched their ventures within a year of graduation. These enterprises not only provide immediate economic benefits but also contribute to the long-term growth and sustainability of the local economy.
Challenges Applying the Authentic Entrepreneurship Practices (AEP)
There are several challenges that make it hard to implement Authentic Entrepreneurship Practices (AEP) in Sarawak. Many students and educators lack direct connections with industry leaders and entrepreneurs, which limits practical, real-world learning experiences. Additionally, there is a shortage of funding and resources, making it difficult to support student-led projects, access modern technology, and assist startups.
The education system tends to focus more on theory than practical skills, leaving students unprepared for the realities of starting and running a business. Bureaucratic red tape and complex regulations can hinder innovation and make it difficult for new businesses to get off the ground.
Additionally, there is a cultural preference for stable, conventional careers over entrepreneurship. This needs to change by highlighting the benefits and opportunities of starting a business.
Additionally, there aren’t enough mentorship programmes and support systems to guide students through the entrepreneurial journey. There also needs to be better collaboration between universities and industry to provide students with hands-on experience and real-world insights. Overcoming these challenges is key to successfully implementing AEP and building a strong entrepreneurial ecosystem in Sarawak.
Aligning with PCDS 2030
Sarawak’s PCDS 2030 aims to transform the region into a thriving economic hub, with a strong focus on sustainability and digital innovation.
Entrepreneurship education is a crucial component of this strategy, as it fosters a new generation of entrepreneurs who are adept at leveraging technology and creating sustainable business models. These programmes directly contribute to the region’s economic resilience and growth.
To effectively support entrepreneurship education and drive substantial impact, the government can implement several bold and innovative initiatives.
First, establish an Entrepreneurship Innovation Fund that not only increases financial support for student-led projects and startups but also provides micro-loans and equity-free grants for high-potential ventures.
This fund could be managed by a public-private partnership to ensure efficient allocation and support. Next, create a “One-Stop Startup Portal,” a digital platform that consolidates all regulatory processes, resources, and support services for entrepreneurs, drastically reducing bureaucratic hurdles and making it easier to launch and scale businesses. This portal could offer AI-driven guidance and personalised assistance.
To foster a cultural shift towards entrepreneurship, launch a “Sarawak Entrepreneurial Challenge,” a high-profile annual competition that offers significant rewards, including seed funding, mentorship, and international exposure for the best business ideas.
This would not only highlight entrepreneurial success stories but also create a sense of excitement and aspiration around entrepreneurship.
Establish a “Mentorship Corps,” a structured and scalable mentorship programme where experienced entrepreneurs, industry experts, and alumni commit to mentoring a certain number of students or startups each year. This programme could include training for mentors to ensure they provide high-quality support.
Develop a “University-Industry Innovation Hub,” a physical and virtual space where universities and industries collaborate on joint research projects, co-op programmes, and real-world problem-solving challenges. This hub could host regular hackathons, innovation sprints, and workshops that bring together students, faculty, and industry professionals.
Additionally, implement “Entrepreneurship in Schools,” a programme that integrates entrepreneurship education into the primary and secondary school curriculums, fostering an entrepreneurial mindset from a young age. This could involve hands-on projects, business simulations, and collaboration with local businesses.
Finally, incentivize businesses to participate in entrepreneurship education through recognition awards and opportunities to co-invest in promising student ventures. This would encourage stronger partnerships between the private sector and educational institutions.
In conclusion, AEP has demonstrated its alignment with the broader goals of PCDS 2030, such as enhancing the quality of life for Sarawak’s citizens and ensuring environmental sustainability. Graduates and Anak Sarawak who are trained to think critically and innovate are more likely to engage in activities that promote economic diversification and environmental stewardship, which are key pillars of PCDS 2030.
By implementing these initiatives, Sarawak can create a conducive environment for entrepreneurship education, driving long-term economic growth and sustainability. Sarawak Maju Makmur!
In the rapidly evolving business landscape, the traditional education system often falls short in equipping students with the practical skills needed for real-world challenges.
According to a 2023 survey by the Malaysian Ministry of Higher Education, over 60% of graduates feel unprepared for the workforce due to a lack of practical experience and industry-relevant skills. Additionally, the Global Entrepreneurship Monitor 2022 report highlighted that only 30% of young Malaysians aged 18-34 believe they have the necessary skills and knowledge to start a business.
These statistics reveal significant gaps in the current educational framework, particularly in Sarawak, where there is a pressing need to foster a new generation of entrepreneurs who can drive economic growth and sustainability in line with the region’s Post-COVID-19 Development Strategy (PCDS) 2030.
Entrepreneurship is crucial in a developing economy as it stimulates innovation, creates jobs, and drives competitiveness, leading to overall economic development.
For instance, a 2021 report by the World Bank indicated that SMEs (Small and Medium Enterprises), which are often driven by entrepreneurial ventures, contribute approximately 40% to the GDP of emerging economies.
In Malaysia, SMEs account for 98.5% of all business establishments and employ around 66.2% of the workforce, underscoring the pivotal role of entrepreneurship in job creation and economic stability. Furthermore, successful entrepreneurial ecosystems have shown that fostering new business ventures can lead to significant advancements in technology, industry diversification, and improved living standards.
Authentic Entrepreneurship Practices (AEP)
At Swinburne University of Technology Sarawak, we offer entrepreneurship as a minor and have implemented the Authentic Entrepreneurship Practices (AEP) framework across our entrepreneurship units. This pedagogy places industry engagement at the core, or SPINE, of the curriculum.
In the recent semester, students from the Entrepreneurship and Opportunity unit identified commercial fruit opportunities in Sarawak, focusing on passionfruit due to its high market potential.
According to data from the Malaysian Agricultural Research and Development Institute (MARDI), the demand for passionfruit has been growing steadily, with an annual growth rate of 5% in the local market and significant interest in export markets.
Passionfruit is not only a profitable crop but also offers substantial nutritional benefits. It is rich in vitamins A and C, dietary fibre, and antioxidants, making it highly appealing to health-conscious consumers.
From an economic perspective, the return on investment (ROI) for farmers cultivating passionfruit is promising. According to industry reports, farmers can expect an average ROI of 20-25% within the first year of planting, with potential increases as the plants mature and yields stabilise.
Students from the Lean Startup Springboard unit conducted comprehensive market validation by performing both primary and secondary research on the passionfruit market in Sarawak. They surveyed local consumers, interviewed farmers, and analysed market trends, confirming that passionfruit could be a profitable venture due to its increasing popularity and versatility in various products.
Following the market validation, students from the Business Consulting Project developed solutions by proposing different downstream products and services. They collaborated with industry players to bring these ideas to fruition.
For instance, they worked with Beez Gelato to develop passionfruit gelato and partnered with Borneo Bad Cats to create passionfruit tuak. These partnerships were based on the robust market data ensuring the feasibility and potential success of these products.
Implications for Students and the Economy
The impact of these programmes is far-reaching. Students who undergo entrepreneurship courses are better equipped to innovate, solve complex problems, and create businesses that are not only profitable but also sustainable. They develop the resilience needed to overcome setbacks and the critical thinking skills necessary to make informed decisions. As a result, these students are well-prepared to contribute meaningfully to the local and global economy.
One of the most significant outcomes of this approach is the creation of student-led enterprises. By working on real-world projects and engaging with industry leaders, graduates leave with practical experience and confidence. They enter the job market with a head start, already having some industry networks in place. This not only enhances their employability but also positions them as proactive contributors to the economic development of Sarawak.
A trial study conducted by the author in 2024 found that 70% of students who participated in the entrepreneurship program felt more confident in starting their own businesses, and 50% of these students successfully launched their ventures within a year of graduation. These enterprises not only provide immediate economic benefits but also contribute to the long-term growth and sustainability of the local economy.
Challenges Applying the Authentic Entrepreneurship Practices (AEP)
There are several challenges that make it hard to implement Authentic Entrepreneurship Practices (AEP) in Sarawak. Many students and educators lack direct connections with industry leaders and entrepreneurs, which limits practical, real-world learning experiences. Additionally, there is a shortage of funding and resources, making it difficult to support student-led projects, access modern technology, and assist startups.
The education system tends to focus more on theory than practical skills, leaving students unprepared for the realities of starting and running a business. Bureaucratic red tape and complex regulations can hinder innovation and make it difficult for new businesses to get off the ground.
Additionally, there is a cultural preference for stable, conventional careers over entrepreneurship. This needs to change by highlighting the benefits and opportunities of starting a business.
Additionally, there aren’t enough mentorship programmes and support systems to guide students through the entrepreneurial journey. There also needs to be better collaboration between universities and industry to provide students with hands-on experience and real-world insights. Overcoming these challenges is key to successfully implementing AEP and building a strong entrepreneurial ecosystem in Sarawak.
Aligning with PCDS 2030
Sarawak’s PCDS 2030 aims to transform the region into a thriving economic hub, with a strong focus on sustainability and digital innovation.
Entrepreneurship education is a crucial component of this strategy, as it fosters a new generation of entrepreneurs who are adept at leveraging technology and creating sustainable business models. These programmes directly contribute to the region’s economic resilience and growth.
To effectively support entrepreneurship education and drive substantial impact, the government can implement several bold and innovative initiatives.
First, establish an Entrepreneurship Innovation Fund that not only increases financial support for student-led projects and startups but also provides micro-loans and equity-free grants for high-potential ventures.
This fund could be managed by a public-private partnership to ensure efficient allocation and support. Next, create a “One-Stop Startup Portal,” a digital platform that consolidates all regulatory processes, resources, and support services for entrepreneurs, drastically reducing bureaucratic hurdles and making it easier to launch and scale businesses. This portal could offer AI-driven guidance and personalised assistance.
To foster a cultural shift towards entrepreneurship, launch a “Sarawak Entrepreneurial Challenge,” a high-profile annual competition that offers significant rewards, including seed funding, mentorship, and international exposure for the best business ideas.
This would not only highlight entrepreneurial success stories but also create a sense of excitement and aspiration around entrepreneurship.
Establish a “Mentorship Corps,” a structured and scalable mentorship programme where experienced entrepreneurs, industry experts, and alumni commit to mentoring a certain number of students or startups each year. This programme could include training for mentors to ensure they provide high-quality support.
Develop a “University-Industry Innovation Hub,” a physical and virtual space where universities and industries collaborate on joint research projects, co-op programmes, and real-world problem-solving challenges. This hub could host regular hackathons, innovation sprints, and workshops that bring together students, faculty, and industry professionals.
Additionally, implement “Entrepreneurship in Schools,” a programme that integrates entrepreneurship education into the primary and secondary school curriculums, fostering an entrepreneurial mindset from a young age. This could involve hands-on projects, business simulations, and collaboration with local businesses.
Finally, incentivize businesses to participate in entrepreneurship education through recognition awards and opportunities to co-invest in promising student ventures. This would encourage stronger partnerships between the private sector and educational institutions.
In conclusion, AEP has demonstrated its alignment with the broader goals of PCDS 2030, such as enhancing the quality of life for Sarawak’s citizens and ensuring environmental sustainability. Graduates and Anak Sarawak who are trained to think critically and innovate are more likely to engage in activities that promote economic diversification and environmental stewardship, which are key pillars of PCDS 2030.
By implementing these initiatives, Sarawak can create a conducive environment for entrepreneurship education, driving long-term economic growth and sustainability. Sarawak Maju Makmur!
- Dr Gabriel Wee Wei En is from The School of Business, Faculty of Business, Design and Arts, Swinburne University of Technology Sarawak Campus.
