TERAJU urged to connect Bumiputera firms with real opportunities and market access, not just focus on programmes and financing.
CYBERJAYA: Unit Peneraju Agenda Bumiputera (TERAJU) needs to be a ‘growth facilitator’ that connects bumiputera companies to real opportunities, and not just focus on being a provider of programmes or financing.
Economy Minister Akmal Nasrullah Mohd Nasir said the change in approach was important to ensure bumiputera companies were able to grow, increase revenue and penetrate new markets.
“Success should not be measured solely by the number of programmes or the number of participants.
“A more important measure is whether the companies assisted have succeeded in increasing revenue, creating quality jobs, attracting private investment and entering new markets,” he said at the TERAJU Startup Ecosystem Engagement Session: Voice, Vision and Aspiration here today.
Also present was TERAJU chief executive officer Junady Nawawi.
Akmal Nasrullah said many bumiputera startups have successfully developed products and secured early customers, but then stalled due to lack of growth capital, weak governance and limited management talent.
He said support should not stop after a company is successfully launched, but rather the ecosystem needs to provide ongoing funding, mentoring, governance strengthening and market access, especially as companies enter more challenging growth phases.
“In line with the KL20 Action Plan and the Malaysian Startup Ecosystem Roadmap, our goal is to produce more local companies that are high-tech, resilient and have the potential to become industry leaders.
“We also need to help bumiputera companies go beyond the domestic market. Malaysia can be where they start, but ASEAN and the global market need to be the space for them to grow,” he said.
He said a mature ecosystem must act as a bridge connecting companies to financing, customers, corporate partners and the wider market.
He said the government would continue to strengthen the ecosystem that supports the growth of bumiputera startups through more structured collaboration between ministries, agencies, investors, financial institutions, corporate companies and industry players.
“The government provides a conducive environment, ecosystem partners open up access and opportunities, while entrepreneurs must continue to dare to innovate, improve capabilities and penetrate wider markets,” he said.
Meanwhile, Junady said that for TERAJU, the success of a startup is not measured by the moment it receives support, but by the extent to which it is able to continue to grow, innovate, create value and contribute to the national economy.
“Building a company is a long journey. After the product is developed, new challenges emerge, including acquiring customers, building a strong team, entering new markets, attracting investment and finally scaling the business.
“Therefore, TERAJU continues to strengthen its support for the startup community through various follow-up initiatives such as SUPERB Coach and Grow, TERAJU Venture Spotlight and various engagement series that bring together startups with investors, strategic partners and industry players,” he said.
On today’s event, Junady said the TERAJU Startup Ecosystem Programme: Voice, Vision and Aspiration brings together bumiputera startups for a direct feedback session on their challenges and needs at every phase of business growth.
