‘RM100M IN TWO YEARS’
MaGIC aims to create value through innovation challenges for startup companies
THE Malaysian Global Innovation and Creativity Centre (MaGIC) aims to generate about RM100 million in value creation over the next two years through innovation challenges organised by corporations for startup companies.
MaGIC chief executive officer Ashran Ghazi said the value creation would create impact on the economy driven by promoting an increase in corporate investments and creating economic and employment multipliers.
“When we talk about creating impact and stimulating the economy things that could happen within the longer term, value creation become a far more sustainable measurement tool as opposed to pure numbers of corporates,” he said.
“We believe that partnership with corporations and private sector players ensures the viability and sustainability of all the challenges that they put in to innovate and transform. That is a push-and-pull factor within all facets,” he said.
He was speaking at the launch of MaGIC Corporate Entrepreneurship Responsibility (CER) Circle and MaGIC Activate under its MaGIC CER platform to facilitate corporate and private sector involvement in entrepreneurship development.
The MaGIC CER Circle programme is a membership platform connecting corporates with startup communities to help them capitalise on disruptive technologies and build a continuous innovation pipeline through partnerships.
MaGIC CER Circle’s corporate partners include Media Prima Bhd, Allianz, Microsoft, Telekom Malaysia and CIMB Group Holdings Bhd.
MaGIC Activate is a platform to help corporations running innovation challenges reach out to more startups and entrepreneurs.
Ashran said the two programmes would further the reach and traction of CER to better support the nation’s agenda of fostering inclusive economic growth.
“The launch is a significant step towards increasing the private sector’s involvement in driving Malaysia's entrepreneurship ecosystem.
“Malaysia has so many aspiring entrepreneurs who need nurturing, guidance, mentoring and financing. Yet, our private sector involvement in innovation and entrepreneurship is lagging behind our international counterparts,” he said.