Source: 1MET. Over 500 participants attended the 1MET bootcamps in Kota Kinabalu.
The 1Malaysia Entrepreneur (1MET) program, an initiative of the National Entrepreneurship Development Office (NEDO) within the Malaysian Ministry of Finance, has initiated its fourth round of two-day entrepreneurial bootcamps. Utilizing an experiential model, these bootcamps offer a six-month mentoring and coaching opportunity for 500 chosen business concepts. The first group to benefit from this follow-up program commenced in August 2016.
Launched in March of this year, the bootcamps are scheduled to travel across Malaysia until November 2016. Offering a total of 25 bootcamps, the program aims to positively impact over 5,000 Malaysians. “Drawing on past experiences and lessons learned from previous 1MET Bootcamps, 1MET 4.0 Bootcamps strive for increased attendance this year. This indirectly helps us identify and develop entrepreneurs who will contribute to Malaysia’s goal of becoming a high-income nation,” stated YBhg Tan Sri Dr. Mohd Irwan Serigar bin Abdullah, Secretary General of Treasury, Ministry of Finance Malaysia.
Source: 1MET. From left: Zahrain, Aminuddin, and Tan Sri Irwan at a panel.
1MET 4.0 equips participants with essential business tools, offers continuous learning opportunities, and connects them with coaches and mentors. The program’s goal is to guide the transformation of ideas into sustainable, scalable businesses that require minimal startup capital and can be launched swiftly. Furthermore, 1MET 4.0 links participants with support systems within the entrepreneurial ecosystem and equips them with crucial pitching skills.
These immersive, hands-on bootcamps encourage participants to embrace innovative thinking and view daily challenges as opportunities. The entrepreneurs form groups and, using problem-solving strategies and design thinking tools adapted from Silicon Valley, brainstorm potential business ventures. Participants map out their business plans using the Lean Canvas, a streamlined business plan model. Each group receives guidance from mentors who are accomplished entrepreneurs and industry specialists. These mentors assist in pinpointing problems, crafting solutions, and building distinctive business models.
“1MET Bootcamps were initially designed to support aspiring and established Malaysian entrepreneurs. We target those seeking to enhance their businesses, individuals looking for the right marketing strategies, and platforms for exchanging ideas. We also aim to help those needing business funding. This year, we prioritize sustainability while delivering impactful, value-added hybrid programs. These programs incorporate practical, interactive coaching methods, both online and in person. We firmly believe that practical experience surpasses theoretical knowledge, and we strive for participants to see tangible outcomes after participating in 1MET 4.0 Bootcamps,” added Irwan.
Ten participants presenting the most promising ideas from the 25 bootcamps across Malaysia will be selected to participate in programs offered by the Malaysian Global Innovation & Creativity Centre (MaGIC), according to Tan Sri Irwan.
The 1MET initiative originated on June 18, 2013, during the National Blue Ocean Strategy Summit. It was introduced as a comprehensive approach to foster collaboration between various government bodies, NGOs, and private sector entrepreneurial entities and networks within Malaysia. The National Blue Ocean Strategy (Strategi Lautan Biru Kebangsaan) offers a creative, systematic framework for developing high-value initiatives with low costs. This innovative approach has received endorsement from Malaysia’s Prime Minister, Dato ‘Sri Mohd Najib Tun Haji Abdul Razak, for adoption and implementation across the government.
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