Will provide systematic and structured strategy for boosting entrepreneurial ecosystem
Foundation to share its IP, resources and experiences with Cradle
INDIAN philanthropic organisation the Wadhwani Foundation has rolled out its decade-old flagship initiative, the National Entrepreneurship Network (NEN), in Malaysia with Cradle Fund Sdn Bhd as its strategic partner.
This expansion of Wadhwani Foundation’s global footprint is in line with its objective of creating impact opportunities in emerging economies with entrepreneurship development as a key tool for sustainable job creation, Cradle said in a statement.
Statistically, the economic growth of a nation, and subsequently the creation of new jobs, is fuelled by large numbers of high potential entrepreneurs starting and growing enterprises, it said.
Therefore, the Foundation will seek to enhance the entrepreneurial capacity in Malaysia, with the intent to have a multiplier effect on job creation and the growth of the nation’s economy, added Cradle, an agency under Malaysia’s Ministry of Finance.
“It gives me great pleasure that the Foundation’s flagship initiative, the National Entrepreneurship Network, is now expanding its network and capacity building model to Malaysia,” said its president and chief executive officer Dr Ajay Kela.
“I am confident that this will greatly enhance the entrepreneurial opportunities in Malaysia. We hope that by sharing our IP (intellectual property), resources and experiences; and by forging strong and deep partnerships; we will play a key role in contributing to further economic growth of Malaysia,” he added.
Cradle said that the Malaysian Government has been emphasising entrepreneurship as playing a key role in driving the nation towards a fully developed nation status by 2020.
The Government is currently putting in place various programmes to help entrepreneurs and aspiring entrepreneurs start viable ventures. Along with the initiatives under the Economic Transformation Programme (ETP) and the Government Transformation Programme (GTP), it is hoped that this will help move Malaysia to become a high-income nation.
However, there needs to be a more concerted effort, the agency added. Hence, the key role of Wadhwani Foundation’s NEN would be to provide a systematic strategy towards building a structured entrepreneurial ecosystem in the country which will involve various stakeholders – entrepreneurs, students, educators, mentors, and investors.
“NEN has a rich history of creating and supporting entrepreneurs and innovators leading to job creation,” said Sunita Singh, NEN cofounder and Wadhwani Foundation vice president.
“One of the salient features of NEN’s resources and IP is that they are contextualised for emerging economies, and deployment of these is critical to scaling our efforts and impact across the globe.
“At the same time in each nation we have the opportunity to develop more nuanced approaches and content which increases the effectiveness of the Wadhwani Foundation’s work with entrepreneurs.
“Our partnership with Cradle will enable us to bring together the right stakeholders in Malaysia including the government, academic institutions, entrepreneurs and associations to enhance the resources and connectedness of the ecosystem.
“We hope to leverage the Wadhwani Foundation technology platforms for aspiring and new entrepreneurs to help scale support for entrepreneurs to the different parts of Malaysia thereby supporting and harnessing the country’s innovation and entrepreneurial potential,” she said at the recent launch event in Kuala Lumpur.
Also present at the launch were student leaders of the first Entrepreneurship Cell (E-Cell) from Universiti Teknologi Malaysia Technology Entrepreneurship Centre.
Founded in 2000 by Dr Romesh Wadhwani, the Wadhwani Foundation’s primary mission is economic acceleration in emerging economies. It established NEN in 2003.
For more information about NEN Malaysia, click here.
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