This article appeared around the end of March, just before the announcement of the New Economic Model’s (NEM) first stage. Some of Malaysia’s most successful entrepreneurs claimed the country would be better off nurturing talent for home-grown SMEs, rather than sending young people to university with the hope of scoring a job with a large multinational.

Time dotCom Bhd chief executive officer Afzal Abdul Rahim said too much emphasis was placed on getting into university, which leads to an oversupply of graduates of ever declining standards. Not only that, but the best local talent is too often poached by large foreign companies either overseas or for better paying but less beneficial jobs, like working in call centers. While foreign investment appears valuable on the surface, too often it works to Malaysia’s overall detriment.

Malaysia would do better to create conditions where entrepreneurs are more willing to take risks, he said, and set higher standards for entrepreneur ethics.

Victor Chia, who owns Consortium Sdn Bhd made similar comments, suggesting the country create a national entrepreneurship institute as an alternative to tertiary education. Too many people involved with entrepreneur development are government employees with virtually no experience in the business world, he said.

Prime Minister Najib Razak has mentioned entrepreneur development as a key economic driver for Malaysia over the coming decade.

source & article: Business Times online