AmBank launches entrepreneurship challenge

GEORGE TOWN: AmBank Group yesterday launched an entrepreneurship challenge aimed at providing Small and Medium Enterprises (SMEs) with access to valuable knowledge sharing sessions and development training.

Managing director (Business Banking Division) Christopher Yap said the challenge, the Ambank BizRACE, covers the areas of leadership development, improvementsinthebusinessmodel as well as system and structure, and culture transformation.

“This move is based on AmBank’s collection of significant data showing that SMEs need access to knowledge, skills and opportunities to move to the next life cycle of their businesses.

“Participating SMEs will also have an opportunity for greater market accessibility from a branding perspective,” he told a press conference here, yesterday.

Yap said according to current statistics, SMEs made up 97.3 per cent of business establishments in Malaysia, and almost 80 per cent of companies do not get past the three-year mark.

“There is already a lot of focus on start-ups and ideation, where SMEs are given the tools to succeed in the early stages of their business.

“After that, they are often left on their own and not given the support that they really need to continue their journey. BizRACE will help us identify those SMEs who want to grow and scale up their business, while enabling us to provide them the platform to do so,” he added.

He said interested SMEs may register to participate in the AmBank BizRACE at www. ambankbizclub.com beginning yesterday until Nov 15.

The top 100 applicants will then be selected based on their plan for scalability and growth and invited to attend a series of pitching sessions with an esteemed panel of judges, including managing directors from Malaysia, Vietnam and the Philippines.

Participants who make it to the Top 15 will be given complimentary development training packages for their SME growth of up to RM350,000.The Top Five will get an exclusive chance to network with an internationally renowned entrepreneur, while the Top Three contestantswillwinmediapackages worth RM595,000 for their company. — Bernama