Malaysia Debt Ventures Berhad (MDV) yesterday jointly organised a web-based seminar (webinar) for startups with the Ministry of Science, Technology and Innovation (MOSTI), Cradle Fund Sdn Bhd (Cradle) and Malaysia Venture Capital Management Berhad (MAVCAP) on the topic Building Resilience In The Tech Sector.
Minister of Science, Technology and Innovation, Khairy Jamaluddin, acted as moderator for the panel session together with Chief Executive Officer (CEO) of MDV, Nizam Mohamed Nadzri; Acting Group CEO of Cradle, Razif Abdul Aziz and Acting CEO of MAVCAP, Shahril Anas Hasan Aziz as the panel speakers.
The webinar, among others, discussed on present challenges faced by businesses, particularly SMEs and startups, due to the Covid-19 outbreak as well as the enforcement of the Movement Control Order (MCO), and measures that businesses may adopt in mitigating these challenges.
It also highlighted initiatives introduced by the Government in addressing the issue and expounded on the roles of MDV, Cradle and MAVCAP in easing the financial burdens of Malaysian technology companies.
In his opening remark, Khairy assured that the Government will continue to support the SMEs and startups through this challenging times.
“PRIHATIN as announced by our Prime Minister is a comprehensive stimulus package meant to rescue the country’s economy and it prioritises the wellbeing and safety of the ‘rakyat’ amid this unprecedented and tough period.
“It also addresses pertinent issues such as helping businesses to maintain their liquidity and to cushion the impact of the Covid-19 pandemic,” explained Khairy.
“Without aggressive measures in place, vulnerable segment of businesses such as the SMEs, would have no choice but to close down operations, which would then create mass unemployment in the short and medium term, and this is what the Government wants to avoid,” he said.
As the impact of the Covid-19 outbreak on the economy is not expected to ease anytime soon, Khairy assured that the Government would likely introduce other economic stimulus in stages depending on the urgent needs and requirements of businesses and the ‘rakyat’. And MOSTI will ensure that the hardships of the technology-based businesses will continue to be addressed.
The webinar was hosted via Zoom with participation by 80 representatives from various tech-based Small Medium Enterprises (SMEs) and startups; and it was also streamed via Facebook live.