MIRI: A proposal to allow young entrepreneurs to explore economic opportunities through the venture capital mechanism is gaining traction.
The proposal made by Sarawak Bumiputera Entrepreneurs (DUBS) president Datuk Abang Helmi Tan Sri Ikhwan has won the backing of its branch here.
DUBS Miri chief, Hafidz Rohani, this is because it is difficult for young people to take out business loans without any property collateral.
He agreed that young entrepreneurs desperately needed an injection of investment funds to start and grow their businesses especially after the Covid-19 pandemic and the global economic uncertainties.
Towards this end DUBS Miri treasurer, Khairudin Azizi suggested large companies in Sarawak invest directly in technology start-ups.
He said start-up companies by young entrepreneurs will be able to stimulate entrepreneurship and the local venture capital ecosystem.
The establishment of a venture capital branch for these young entrepreneurs will drive technological innovation and grow for the benefit of the people of Sarawak in the future,” he said.
Thus, he suggested that the fund injectors become minority shareholders in start-up companies or companies that are in the growth phase.
“Sarawak needs to be more deeply involved in this venture capital ecosystem, inspiring young entrepreneurs who have ideas and ambitions to solve critical problems in the industry through a new business model in line with Industry 4.0 which requires high innovation,” he said.
