RM200m fund for creative industry

Source From (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/20120525000125/Article/index_html

Published: on 25 May 2012

KUALA LUMPUR: The government will launch a RM200 million MyCreative Venture Capital fund soon to invest in and provide loans to targeted enterprises.
 
Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said the fund would also be used to promote new ventures in the highgrowth creative industry.

“We have identified the creative industry as one with exciting growth potential,” he said at the official launch of the third Asia Business Angel Forum 2012 (ABAF 2012), here, yesterday.

Ahmad Husni also announced that another RM200 million has been set aside for skills development projects under the Strategic
Action for Youth programme.

“The idea is to provide funds to entrepreneurs with the best ideas. We are also making it cheaper and easier for enterprises to get loans and expand their business,” he said.

On another creative industry loan launched last year, Ahmad Husni said the response was overwhelming with RM164 million worth
of loans approved as of last month.

Among the activities covered under the loan scheme are the film-making, music, animation and content development.

The minister said Malaysia’s third industrial revolution
would be led by a new breed of entrepreneurs.

“They are innovative and creative and they will come out with
market-leading products. They are leaders – entreleaders – and are able to stand on their own two feet to compete on equal footing with the rest of the world.”

Ahmad Husni said the government would continue to play a big role in providing support for companies with strong potential to become leaders in their fields.

At the same time, he said Angel investment was gaining a lot of traction and recognition in recent years.

“What started out as an informal way of investing has now grown to be a real source of capital for young companies who are too small or lack the track record to obtain financing from
traditional banks.

“There is a lot that we can share from others in creating our own brand of Angel investment,” he said.

To further encourage growth of this industry and facilitate cross-border exchanges, Cradle Fund, an agency under the Finance Ministry, will establish the Malaysia Business Angel
Network by the end of the year.