Data consolidation essential for targeted segment to get financial aid

KUALA LUMPUR: Data consolidation among agencies is needed to ensure that government financial assistance for entrepreneurs reaches the targeted segments, mainly the B40 income group as envisioned under the 2019 Budget.

National Entrepreneurship Institute (INSKEN) Chief Executive Officer Muhd Firdaus Azharuddin said the lack of concerted effort among government agencies previously had led to overlapping and duplication of roles in the distribution of financial assistance.

“The existing data are scattered and overlapping. We are very happy with the re-establishment of the Ministry of Entrepreneur Development, but we need time to consolidate.

“Under the leadership of the new government, we will be able to bring back more strategies to ensure the financial assistance reaches the target group, especially the B40,” he told reporters at the Global Marketing Summit 2018 here yesterday.

He said the proposed initiatives and allocations under the 2019 Budget indicated the government’s clear vision to foster an entrepreneurial economy.

These included a RM200 million allocation for Perbadanan Usahawan Nasional Bhd, RM100 million for the National Entrepreneurial Group Economic Fund and RM210 million to promote Industry 4.0.

The government has also proposed to allocate RM2 billion each for the Green Technology Financing Scheme and Business Loan Guarantee Scheme modernisation.

As for INSKEN, Muhd Firdaus said the institute which had previously focused on training was also strengthening its mentoring programme to nurture more entrepreneurs.

“We have developed a lot of mentoring programmes and we have also organised impactful conferences like the Global Marketing Summit 2018 to bring successful and influential entrepreneurs to share their experience,” he said.

Muhd Firdaus said the institute received between RM15 million and RM20 million annually from the government to conduct its programme.

Since 2015, INSKEN had trained 28,330 entrepreneurs via 1,109 development training programmes held nationwide.

“By the end of 2017, 325 out of 500 companies that undertook our training programme had increased their revenue by 10 per cent, which is an achievement that had spurred the agency to continue creating a robust entrepreneurial ecosystem in Malaysia,” he said.

Themed “Making that Sale”, the Global Marketing Summit 2018 received overwhelming participation from  entrepreneurs, including renowned brand names such as Neelofa, Ramly Group and Siti Khadijah Apparels.

The event aimed at developing highly knowledgeable, resilient and capable movers and shakers in the industry. – Bernama