Malaysia's impact driven enterprises receive funding: MaGIC, IMPACT

Malaysian Global Innovation & Creativity Centre (MaGIC) announces a funding collaboration deal with myHarapan to pilot IMPACT.

By AvantiKumar
Sept. 19, 2017


MaGIC myHarapan

Photo: (From left): Imran Harith, CEO & Co-Founder, Discover Muaythai; Ashran Dato' Ghazi, CEO, MaGIC; YBhg S.Thangasvari, Yang DiPertua Dewan Undangan Negeri Perak; Dr Mazalan Kamis, CEO, IDR; Datuk Seri DiRaja Dr. Zambry Abdul Kadir, MB Perak; Dato' Hajjah Rusnah Kassim, EXCO Kerajaan Negeri Perak; YBhg Dato' Zambri Man, Datuk Bandar Ipoh;  Sairana Mohd Saad, Head of Branding, Corporate/Digital Communications & CSR, Hong Leong Bank; and Nurfarini Daing, CEO, myHarapan.

 

  Earlier this month, two new initiatives were launched to help impact driven enterprises (IDEs) in Malaysia by Cyberjaya-based Malaysian Global Innovation & Creativity Centre (MaGIC).

During this initial announcement (5 September 2017, MaGIC's chief executive officer Ashran Dato' Ghazi (pic below) said one of the initiatives - IDEA (Impact Driven Enterprise Accreditation) is "a national initiative in collaboration with the Ministry of Finance's National Entrepreneur Development Office (NEDO)."

The second initiative, between MaGIC and Tekun Nasional (TEKUN), an agency under the Ministry of Agriculture and Agro-based Industry, was "a project that will develop micro-franchising opportunities for successful impact driven enterprises (IDEs)."
 
Both moves essentially establish social procurement and accreditation platforms, said Ashran. The intention is to generate growth from within: basically, to power a more people-centric economy.

While 21 IDEs have already  been accredited and listed on the platform so far and IDEA has secured 44 impact partners, a new move (14 September 2017), which is a funding collaboration between MaGIC and independent and not-for-profit organisation Youth Trust Foundation - myHarapan - means that RM1 million is now available to pilot IMPACT.

The chief minister of Perak YAB Dato' Seri DiRaja Dr Zambry Abdul Kadir witnessed the new  collaboration ceremony between MaGIC's Ashran and myHarapan chief executive officer  Nurfaini Daing on the sidelines of a business forum hosted by the Malaysia Yunus Social Business Network in Ipoh during last weekend.

Ashran - MaGIC

What this means

In this latest collaboration, MaGIC and myHarapan will each contribute RM500,000 into the Social Enterprise Ventures (SEV) fund. SEV is the pilot for IMPACT, the recently newly launched social micro-financing initiative. (See - How the Malaysian government is using MaGIC to boost a 'people-centric economy')
 
MaGIC and myHarapan said they are eyeing 242 youth beneficiaries and 10 early stage Impact Driven Enterprises (IDEs) as potential micro-franchisors for IMPACT.
 
Ashran explained that while unlike most franchising programmes, IMPACT looks at micro businesses - such as food trucks, small hawker stalls, or mobile pop-up shops. These concerns usually need less than RM30,000 capital.

He said IDEs are businesses on a social mission, and are ideal for IMPACT, especially if these can demonstrate a track record of running at least two stalls generating sustainable income as well as hire staff from marginalised groups.

"The main objective of IMPACT is to address the growing socioeconomic disparities in Malaysia by increasing entrepreneurship opportunities among B40 communities, and spreading entrepreneurship growth more evenly throughout the country," said Ashran. (For more on B40 communities, see - What Budget 2017 means for Malaysia's IT industry

1  2  Next Page 

SPONSORED LINKS

ADDITIONAL RESOURCES