Abg Jo approves RM5 mln for young entrepreneurs as startup venture capital


By Nigel Edgar

KUCHING: Young budding entrepreneurs are in for a treat as Chief Minister Datuk Patinggi Abang Johari Tun Openg announced an allocation of RM5 million for startups and venture capital for them.

Abang Johari said the allocation would be given to the Ministry of Tourism, Arts, Culture, Youth and Sports starting January 2019, and TEDxKenyalang will be the implementation body to discover these young talents, evaluate their proposals as well as groom them before being granted startups or venture capital.

“Just now I discussed with Datuk Abdul Karim Rahman Hamzah (Minister of Tourism, Arts, Culture, Youth and Sports) and Datuk Fadillah Yusof (Petra Jaya MP) how we will try to groom budding entrepreneurs in Sarawak, following Finland. So today I approve RM5 million to be placed in Karim’s ministry for the young entrepreneurs as venture capital.”

He explained that the proposals will be assessed by TEDxKenyalang, who will be responsible for grooming entrepreneurs.


Abang Johari speaking at the TEDxKenyalang “Outreach The World” Conference.
TEDxKenyalang Curator and Koperasi Belia Inovatif Sarawak chairman Zaiwin Kassim (second left) presenting a memento to Abang Johari as Abdul Karim (right) looks on.

Abang Johari said countries like Finland and Estonia have been thriving by giving similar opportunities to its young talents, and thus boosting their development despite having small numbers of population.

“That is why Finland has a lot of startups – small companies given a very small capital of about EUR10,000 or EUR10,000. Some set up at warehouses, some at home, and today some have become world companies, even have headquarters in Silicon Valley in the United States.”

He announced the allocation during the TEDxKenyalang “Outreach The World” Conference at the Old State Legislative Assembly Building here today. — DayakDaily