Government sets up MaGIC

by **Cals** Sun 13 Oct 2013, 22:38

Published: Saturday October 12, 2013 MYT 12:00:00 AM
Updated: Saturday October 12, 2013 MYT 7:30:02 AM
Government sets up MaGIC
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Najib: ‘Creating an eco- system in which ideas can be realised is one of the pre- conditions for success.’ — Bernama

KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak has announced the establishment of the Malaysian Global Innovation and Creative Centre or MaGIC in Cyberjaya to encourage entrepreneurship among Malaysians.
He said in his speech at the Global Entrepreneurship Summit 2013 that the centre would be a “one-stop shop” for entrepreneurs in getting financing from banks or venture capitalists and also to serve as incubators for developing start-ups.
The centre would also help prospective entrepreneurs with intellectual property registration and facilities for training, coaching and mentoring, Najib added.
“Ideas and opportunities cannot travel through a vacuum - they must be born in an open, market-driven environment that welcomes them, nurtures them, (and) allows them to flourish and spread.
“Creating an eco-system in which ideas can be realised is one of the pre-conditions for success,” he said.
Najib also noted that Governments should play an active role in supporting research, irrespective of whether it had an immediate commercial application or not, and not hesitate to work closely with industry to promote innovation.
“Germany’s Fraunhofer Institute’s joint applied research ventures between business and the state provide one model for successful co-operation across the traditional sector divide,” he said.
In relation to this, he also suggested that higher learning institutions devote more time and funding to spin-offs, which can bridge the gap between research and commercialisation.