NAZRIN HASSAN, CRADLE FUND SDN BHD CHIEF EXECUTIVE OFFICER’S PRESS STATEMENT ON BUDGET 2014

I am happy to learn that Budget 2014 is a very entrepreneur friendly one contains several measures that are aimed at strengthening and supporting entrepreneurial endeavours.

With a goal to develop 5000 entrepreneurs a year in all sectors, it shows that the Government has a real focus in encouraging entrepreneurship and the funding allocation meant to drive this is also excellent.

A back of the envelope calculation shows that more than RM800 million in funds is allocated to all things related to entrepreneurship, innovation and productivity, which is a good thing.

Another great point is the setting up of the Akademi Inovasi Wanita. After all, women make up half of the work force and two thirds of the student community in institutions of higher learning so there is a need to foster entrepreneurship and innovation among women so forming this institution is actually a good move.

The accelerated capital assessment for cost of procuring ICT equipment and software will also be beneficial for many Malaysians. This will definitely encourage entrepreneurs to buy and upgrade their hardware and software which will no doubt drive up productivity and improve their business.

However, I am a little disappointed that there were no measures to incentivise private sector investments particularly for corporations to help technology start-ups.

We also expected to see some measures to reform bankruptcy laws to make it more forgiving for entrepreneurs.

We would have also liked to see regulation changes where MSC status companies would not be compelled to be based in Cybercities and Cybercentres. Many players in the technology space feel restricted by this condition as it is a criterion that needs to be met in order to enjoy benefits listed in the MSC bill of guarantees.

 Overall, I feel that the budget is people and entrepreneur friendly.