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Make use of incentives, entrepreneurs told

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-The Sun Daily

KUALA LUMPUR (Oct 14, 2013): Malaysian entrepreneurs sometimes do not appreciate the incentives out there that can be leveraged to help them grow their businesses, said MOL Global Pte Ltd group CEO Ganesh Kumar Bangah.

He said the government has done a good job in terms of giving out incentives to help entrepreneurs, citing agencies like Cradle Fund Sdn Bhd, Malaysia Venture Capital Management Bhd and Malaysia Debt Ventures Bhd that provide financing to businesses.

“However, entrepreneurs in Malaysia sometimes don’t appreciate it. The incentives are there. It’s just how to get it, working hard to get the incentives and not misusing them,” said Ganesh, one of the panelists in the “Gazing into the Crystal Ball” break-out session at GES 2013 here on Friday.

Ganesh also spoke about going global in the case of MOL, the parent company of MOL AccessPortal Sdn Bhd and Friendster Inc.

On a regional perspective, he pointed out the opportunity of ‘flattening’ Southeast Asia, a region with a population of 600 million people that is half the size of China.

“That’s the opportunity where we can create the next multibillion dollar company, but flattening this jurisdiction is not easy,” added Ganesh.

The Founder Institute CEO Adeo Ressi, who stressed that failure is not an option for entrepreneurs, reasoned that it might be okay for big companies to fail, but it is never okay for entrepreneurs to fail from an individual’s perspective.

“If your government is giving you a tough time, incorporate in other jurisdictions. The world’s global. Or don’t incorporate at all. Get some traction and once you have a business that’s functioning, move. And incorporate when you get the traction.

“Don’t let the world get in your way,” said Ressi on local government policies that hinder foreign entrepreneurs when setting up their business in a new market.

Meanwhile, Wikinomics and Microwikinomics co-author Don Tapscott said governments that do not view entrepreneurship as one of the most important thing they should be encouraging are making a big mistake.

“In the US, 80% of new jobs come from companies that are five years or less. Entrepreneurship is key to social inclusion, tax revenue, and social stability.

“It’s even (more) important for big companies because big companies have trouble innovating, so M&A (merger and acquisition) is now the new R&D (research and development) for many companies,” said Tapscott.

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