PETALING JAYA, Sept 18 (Bernama) -- Credit Guarantee Corporation Malaysia Berhad (CGC) plans to scale up its Youth Entrepreneurship Programme (CGC YEP) to reach more young entrepreneurs, with 50 participants having gone through the programme this year and another 50 set to embark on it soon.
CGC President and Chief Executive Officer Mohamed Nazri Omar said the corporation was also exploring collaborations with corporates, government-linked companies (GLCs) and the private sector to expand the programme’s reach.
“We want to try whether we can do 300 (participants) next year and then double it up to 600, and then to 1,200. We have to double up (participants) every year,” he told Bernama after the CGC100 Youth Entrepreneurship Programme Graduation and Closing Ceremony at the CGC Building here today.
Mohamed Nazri said CGC recognised that access to financing alone was insufficient to help entrepreneurs succeed, particularly young aspiring entrepreneurs who also needed capacity building, experiential learning and guidance.
“The aim is to build young entrepreneurs who are not afraid to fail or to test out new ideas and hopefully innovate new sectors in this economy with new products, even if it's in the food and beverage (F&B) industry,” he said.
Mohamed Nazri said CGC100 was initially focused on Technical and Vocational Education and Training (TVET) students to help them turn their vocational skills into successful businesses.
“We want to do the same thing, but we have also tailor-made it for those who have already started businesses or are looking to grow their businesses, with some market access experience and whatnot, so it is more practical. So, it’s a journey,” he added.
Meanwhile, PINTAR Foundation General Manager Norzalina Masom said CGC100 had a positive impact on participants by providing them with new knowledge, practical guidance and opportunities to build networks with peers from different states.
“Not only did they gain new knowledge and practical guidance, but I also observed that they made new connections, effectively turning the event into a networking opportunity for them to grow their businesses,” she said.
She said interaction among participants from different states also broadened their understanding of cultural differences and customer preferences, providing useful exposure for business development.
CGC100, implemented in collaboration with PINTAR Foundation with support from the Education Ministry, was launched in 2022 for Malaysians aged 18 to 23 from underserved communities, particularly those from TVET backgrounds.
The programme combined structured training, mentoring, financial literacy and hands-on business experience.
Across its four cohorts, the programme produced 100 graduates with 58 registered businesses that collectively created 86 new jobs.
A post-programme impact assessment by PINTAR Foundation found an increasing number of graduates moving into the RM10,000 to RM50,000 monthly revenue bracket.
CGC YEP, developed as a follow-up to CGC100, is open to aspiring entrepreneurs aged 18 to 35 from all backgrounds, with the aim of equipping them with the knowledge, skills and financing readiness to build sustainable businesses, create employment and contribute to economic development.
-- BERNAMA