KUALA LUMPUR, Oct 11 — Malaysian entrepreneurs are set to get a leg-up after Washington announced today a collaboration with an international entrepreneur group, while Putrajaya announced the establishment of a one-stop centre for start-up businesses.
US Secretary of State John Kerry said today that the US State Department will collaborate with Up Global to support and train, over the next few years, half a million entrepreneurs in 1,000 cities around the world, including Kuala Lumpur.

“The second initiative we’re gonna launch will connect these entrepreneurs with mentors who can show them the ropes,” said Kerry at the 4th Global Entrepreneurship Summit 2013 here today.

Prime Minister Datuk Seri Najib Razak, on the other hand, announced the establishment of a Malaysian Global Innovation and Creative Centre (MaGIC) in Cyberjaya, a one-stop centre for entrepreneurs that will provide financing, training and intellectual property registration, among others.

“The centre will be a one-stop shop for entrepreneurs – with everything from getting financing from banks or venture capital to incubators for developing start-ups; from intellectual property registration to facilities for training, coaching and mentoring,” Najib said at the same event.

He added that the companies in MaGIC are involved in creative multimedia, research and development, outsourcing and data management.

The prime minister also said that bankruptcy laws can be reviewed to allow entrepreneurs to bounce back after failure.

“In a culture defined by a freewheeling and audacious capitalism – a country like the United States, which draws on a history of both liberty and plenty – a failed business gambit is seen as useful experience,” said Najib.

Kerry said the US president will announce, at the end of the year, the members of the president’s committee on global entrepreneurship that will be led by US Secretary of Commerce, Penny Pritzker.

“She will lead this committee of role models who are gonna act as partners, as teachers, as champions for a new generation of success stories,” said Kerry, who was here in place of US President Barack Obama.

“President Obama is joining forces with organisations like the Kauffman Foundation, the World Bank and others, in order to create a new research network that will help policymakers promote growth and start-ups,” he added.

Kerry also praised Malaysian entrepreneurs like shoemaker Jimmy Choo and airline boss Tony Fernandes.

“This nation has given the world visionary business people like Jimmy Choo, who made his first pair of shoes at the age of 11. And by the time he was in his 20s, his designs were being worn on sidewalks and catwalks from Los Angeles to London,” he said.

“And Tony Fernandes, long before he started hosting the Apprentice Asia, in fact even before he turned 30 years old, started the budget airline AirAsia. And with that bold vision, my friends, he revolutionised the way that people connect with one another throughout the region,” added Kerry.

Kerry also expressed confidence that Malaysia could achieve its target of having small and medium enterprises (SMEs) comprise 40 per cent of the country’s gross domestic product (GDP) by 2015.

“That’s an extraordinary goal. And I’m confident Malaysia will meet it. If anyone can meet it, it’s Malaysia,” he said.

Kerry further lauded the construction of the “iconic” Petronas Twin Towers and the formation of Cyberjaya, “the first city on earth to be fully wired with high-speed internet”.

Najib also said today that Putrajaya can make policy-making more open and accessible to the public.

“Last year, we received over 2,500 public submissions, the best of which were incorporated into the Budget,” said the prime minister.

He added that the federal government can fund research and provide special funds to help entrepreneurs grow their business.

“Fifth, we will continue to invest in quality education at all levels; 85 per cent of high-growth companies in the US were launched by graduates, and companies like Facebook and Google began on campus,” said Najib.

“We can also encourage our higher learning institutions to devote more time and funding to spin-offs, which can bridge the gap between research and commercialisation,” he added.