MaGIC sign MoUs with Stanford U. and UP Global CYBERJAYA: Prime Minister Datuk Seri Najib Tun Razak tonight witnessed the signing of memorandum of understandings between the Malaysian Global Innovation and Creativity Centre (MaGIC) and Stanford University and UP Global to foster and develop a vibrant entrepreneur eco-system in Malaysia.
Strongly backing the MaGIC concept, Najib said he believed in young people for their passion, energy and creativity.
"Hence opportunities and the ecosystem have got to be created for them to succeed.
"This is the just the beginning of a success story. We want to churn out young entrepreneurs who can command the world stage in the future," he said in his speech.
MaGIC, the one-stop centre which will provide all necessary facilities for entrepreneurs, aimed to transform Malaysia into a dynamic entrepreneurial nation by enabling domestic and international entrepreneurs to successfully start and grow their businesses.
Two of Stanford University's world-class schools, the Stanford Graduate School of Business and the Stanford School of Engineering, will collaborate with MaGIC.
Meanwhile, the partnership with UP Global is designed not only to increase the level of entrepreneurial activity and new company creation in Malaysia but also to develop Malaysia as a global startup hub and a center of activity for South East Asia.
Other collaborations that would complement MaGIC's efforts would be between the Malaysian Biotechnology Corporation and the California Institute for Quantitative Biosciences.
The collaboration would serve as a launching pad for the Bio-Entrepreneurship Programme which aimed to create an environment to enhance the commercialisation of bio-based products and services by local biotechnology researchers and entrepreneurs.
In addition, Malaysia Venture Capital Management Bhd (MAVCAP) also marked the kick-off of its third outsourced partner programme (OSPR) with its first OSP3 partner, Elixir Capital Management, a Silicon Valley-based fund manager to launch the ECM Strait Fund.
The Strait Fund would target growth equity investment opportunities in order to help scale up small to medium enterprises in the Asean region.
MAVCAP also signed a limited partnership agreement with a commitment of US$5 million from MAVCAP with 500 Durian LP, a local fund which aimed to invest in startups in the Southeast Asian region.
Durian LP would be managed by a California-based seed accelerator, 500 Startups.
These collaborations would further build entrepreneurship development programmes and accelerate the growth of an entrepreneurial nation while complementing MaGIC's initiatives
After the signing ceremony, Najib toured the MaGIC centre, located in Cyberjaya, a city poised to become the global technology hub.
US President Barack Obama is expected to launch MaGIC on Sunday in conjunction with his three-day visit to Malaysia beginning tomorrow.
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Obama to lend MaGIC touch
Big role to play: The MaGIC in Cyberjaya will get some sound advice from Obama.The United States leader will stop by in Cyberjaya on Sunday to be briefed and also provide a pep talk.
Special Envoy to the US Datuk Seri Jamaluddin Jarjis said it was a top priority to bring the president to the centre “to provide the inspiration.”
“The Government’s aim is to make Malaysia a high-income nation and to create a knowledge-based economy. MaGIC has a big role to play.
“The United State is all about innovation and there can be no better opportunity than having the president visit the centre,’’ he said.
Prime Minister Datuk Seri Najib Tun Razak, who has allocated RM50mil to MaGIC, is scheduled to accompany Obama to the centre after their talks in Putrajaya.
The president will witness the signing of an MoU between MaGIC and the Stanford Centre for Professional Development (SCPD) from The Leland Stanford Junior University, and with UP Global, a non-profit organisation set up to provide support for entrepreneurs.
The collaboration with SCPD will enable local entrepreneurs to enrol in courses and programmes while they continued with their businesses.
With a long history of creating talent for renowned multinational such as General Electric and Hewlett-Packard, SCPD was founded by Frederick Terman, better known as the “Father of Silicon Valley” who was the university’s Dean of the School of Engineering.
It is learnt that under the arrangement, SCPD faculty members would be brought to the centre to help in the transfer of knowledge with local entrepreneurs sent there to learn and meet with venture capitalists.
The second MoU with UP Global is a result of the 4th Global Entrepreneurship Summit (GES) held in Kuala Lumpur last year with the theme “Empowering and Connecting Entrepreneurs” organised by the Finance Ministry.
US Secretary of State John Kerry, who attended the GES event here, said the US would enter into a partnership to train 500,000 entrepreneurs from Malaysia and around the world over the next few years in 1,000 cities, including Kuala Lumpur.
Contributed by Paul Gabriel and Lim Wing Hooi
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