SME Bank launches BID-it to fund e-business

KUALA LUMPUR: Entrepreneurs who aspire to expand their businesses using digital technology can now turn their creative ideas into successful e- business ventures with the launch of SME Bank’s Business in Digital Startup Programme ( BID-it).

SME Bank group managing director Datuk Mohd Radzif Mohd Yunus said that in responding to the government’s effort to make e- business a major economic contributor to the country, SME Bank took the lead and introduced BID-it with the aim of propagating new and innovative business ventures that incorporate digitalisation and cross- border transactions through technology and ecommerce as business enablers especially for start-ups.

“BID-it will be a platform for entrepreneurs to consider for funding while being offered structured nurturing programmes from the point of ideation to the point of commercialisation,” Mohd Radzif said in a press statement yesterday.

He added: “To make BID-it more meaningful and to embrace valueadding principles on all aspects of the digital business, we are collaborating with nine reputable organisations — Cradle, MaGIC ( Malaysian Global Innovation and Creativity Centre), MDEC ( Malaysia Digital Economy Corporation), Microsoft, New Entrepreneurs Foundation ( MyNEF), Payoneer, Dewan Perniagaan Usahawan Siber Malaysia ( DPUSM), RAVE and Universiti Malaysia Kelantan ( UMK).”

BID-it started with an awareness campaign held at 11 locations nationwide in March and April.

More than 1,300 participants attended the awareness programmes and were given an insight into current trends of doing e- business and various opportunities available for them to expand their businesses.

At the end of the sessions, participants were invited to submit their ideas for the bank and its partners to evaluate on the ideas’ viability and bankability.

The bank received 163 business ideas and the panel committee selected only 72 ideas.

The originators of the 72 ideas went through an elevator pitch session yesterday and 20 finalists were chosen and announced during the launching ceremony of BID-it.

The 20 finalists will attend a specially designed bootcamp where their ideas will be further consolidated, fine- tuned and determined for an appropriate funding to be considered by investors or funders, including SME Bank.

The successful finalists will be further coached and guided through a structured handholding programme by SME Bank that may last between 12–24 months to ensure the success of their ventures.

The launching ceremony was officiated at by Deputy Minister of International Trade and Industry Datuk Ahmad Maslan.