MYSED is planning to implement various programmes related to entrepreneurship.
This would include programmes such as courses, seminars, mentorship, co-working spaces, business incorporation support and market access specific to the youth.
“In addition, various accelerator programs will be organised to accelerate the growth of start-ups and social enterprises,”
“At the same time, capacity building programs and access to experienced entrepreneurs and industry experts are also carried out to equip youth with the knowledge, skills and networks to succeed especially in the digital economy,” said its minister, YB Dato Sri Haji Abd Karim Rahman Hamzah in his DUN winding up speech on 30 November 2022.
One of its entrepreneur programs is the Youth Entrepreneur Setup (YES) program.
YES program has been organised throughout Sarawak in five divisions, Miri, Sibu, Bintulu, Limbang and Sri Aman which is participated by 1,888 youths where it provides early exposure to youth in the field of entrepreneurship.
Through the YES program, it has benefited the youth in term of:
(a) To motivate the youth to venture into entrepreneurship;
(b) Engagement session with the relevant agencies such as District Office, Local Authority and Sarawak Economy Development Corporation (SEDC) to provide guidelines for business registration, business licenses and financial and equipment assistance;
(c) To collect data on youth’s interest in business sectors;
(d) To design advanced and specific entrepreneur programs based on the data that has been collected; and
(e) Collaboration programs with relevant agencies such as the Ministry of International Trade, Industry & Investment Sarawak (MINTRED), SEDC and Bank Kerjasama Rakyat Malaysia Berhad.
Dato Sri Haji Abd Karim Rahman revealed that based on data collected from the YES program participants and Town Hall sessions, the main issues faced by youth entrepreneurs are:
(a) Insufficient number of premises and also relatively high rental rates;
(b) The premises provided/available are not in strategic location;
(c) Complicated procedures and documentations required for licensing purposes;
(d) Business start-up capital and equipment assistance; and
(e) More on entrepreneurship upskilling courses/programs and events.
He also noted that YES will be continued to be organised in all parts of Sarawak by having different sessions or modules in educating and conveying information that coincides with current business needs.
In addition, Dato Sri Haji Abd Karim Rahman also said that benchmark visits have been done at national and international events in Malaysia such as Pameran Pertanian Hortikultur dan Agro Pelancongan (MAHA) 2022, Malaysia International Halal Showcase (MIHAS) and Franchise International Malaysia (FIM) 2022 to enhance the function on promoting and developing entrepreneurship among the youth.
“My Ministry also visited specific agencies which specialised in start-up entrepreneurship such as Accelerate Global, Startup Malaysia and SME Corporation Malaysia,” he said.
Through these programs, young entrepreneurs would be able to:
- To accelerate the growth of start-ups and social enterprises;
- To equip them with the knowledge, skills and network to succeed in entrepreneurship;
- To create networking with start-up founder and entrepreneur eco-system; and
- To explore collaborations and partnerships in providing solutions, implementing new innovations and branding opportunities into existing business models.
Besides that, the ministry is also organising MYSED Entrepreneur Development Round Table Discussion among the higher learning institutions and agencies which aims to collect data and plan future entrepreneurship programs targeting early youths.
“Other Entrepreneurship Development Program (EDP) which will be implemented next year, it aims the youth to improve their entrepreneurial skills,”
“Through such a program, the skills needed to properly run a company are learned among individuals. Often, people can have knowledge, but polishing and incubation is necessary that are provided by the Entrepreneurship Development Program (EDP),” said Dato Sri Haji Abd Karim Rahman.
Financial assistance is also to be considered in the form of grants (Start-Up Grant and Business Development Grant) and loans (Youth Business Loan and Youth Advanced Loan) for the youth in entrepreneurship.
Apart from that, the Ministry is also planning to establish Youth Business Centre in Kuching, Sibu, Bintulu and Miri, which will provide a business and entrepreneurship information platform in the specific sectors toward the digital economy.
