KUCHING: Sarawak-established companies, investment bodies and start-ups recently attended a Venture Capital Ecosystem workshop facilitated by the Sarawak Biodiversity Centre (SBC).
This workshop was held in partnership with Sarawak Digital Economy Corporation Berhad (SDEC), Ficus Group Capital, Malaysian Technology Development Corporation (MTDC) and Malaysian Business Angel Network (MBAN).
The workshop is part of the kick-off to an initiative to develop the venture capital ecosystem under the Post COVID-19 Development Strategy 2030 (PCDS 2030).
SBC Chief Executive Officer (CEO) Dr Yeo Tiong Chia said in the press statement that innovation is a fundamental enabler to maximise and accelerate transformation to achieve a high-income State.
“By establishing venture capital fund, partnering with angel investors and venture capitalists, incorporating digitalisation and innovation will accelerate development of local start-ups, enhanced by matching grants of public-private sector collaboration,” he added.
The full-day workshop covered overview and trends of the venture capital industry with focus on funding strategies and how to identify opportunities especially in the field of technology and innovation.
SDEC CEO Sudarnoto Osman echoed Dr Yeo’s statement where the development of local start-ups will definitely be accelerated and innovation is encouraged, with the establishment of this ecosystem.
“The term ‘start-ups’ is used across a wide range of industries, not limited to biotechnology and I hope this ecosystem serves as a bridge between potential investors and the start-ups,” he said.
During the workshop, participants were briefed by SBC research officer Melissa Chang on Sarawak’s PCDS 2030 Innovation cluster, as well as a tour of investment landscape on venture capital industry and start-up ecosystem by Abdullah Hidayat and Rina Neoh from Ficus Group Capital.
“The establishment of venture capital fund catalytic initiative will be able to achieve economic prosperity contributing to the State’s GDP, improve public-private partnerships and development of start-ups,” she asserted.
Meanwhile, Peter Wee from MBAN gave insightful address on tax incentives related to venture capital activities in Malaysia.
Technology Venture Division Vice President of MTDC Syed Hisham Alwi bin Syed Ibrahim has also shared his experience and testimonial on venture capital.
The event proceeded with networking between representatives of Sarawak conglomerates, business owners and start-ups, including a tour of Sarawak Biodiversity Centre’s projects and facilities to showcase the Centre’s potential in bio-based research contributing to Sarawak’s aspiration for economic prosperity, social inclusivity and environmental sustainability.
