CYBERJAYA, April 25 (Bernama) -- Prime Minister Datuk Seri Najib Tun Razak tonight witnessed the signing of memorandum of understandings between the Malaysian Global Innovation and Creativity Centre (MaGIC) and Stanford University and UP Global to foster and develop a vibrant entrepreneur eco-system in Malaysia.

Strongly backing the MaGIC concept, Najib said he believed in young people for their passion, energy and creativity.

"Hence opportunities and the ecosystem have got to be created for them to succeed.

"This is the just the beginning of a success story. We want to churn out young entrepreneurs who can command the world stage in the future," he said in his speech.

MaGIC, the one-stop centre which will provide all necessary facilities for entrepreneurs, aimed to transform Malaysia into a dynamic entrepreneurial nation by enabling domestic and international entrepreneurs to successfully start and grow their businesses.

Two of Stanford University's world-class schools, the Stanford Graduate School of Business and the Stanford School of Engineering, will collaborate with MaGIC.

Meanwhile, the partnership with UP Global is designed not only to increase the level of entrepreneurial activity and new company creation in Malaysia but also to develop Malaysia as a global startup hub and a center of activity for South East Asia.

Other collaborations that would complement MaGIC's efforts would be between the Malaysian Biotechnology Corporation and the California Institute for Quantitative Biosciences.

The collaboration would serve as a launching pad for the Bio-Entrepreneurship Programme which aimed to create an environment to enhance the commercialisation of bio-based products and services by local biotechnology researchers and entrepreneurs.

In addition, Malaysia Venture Capital Management Bhd (MAVCAP) also marked the kick-off of its third outsourced partner programme (OSPR) with its first OSP3 partner, Elixir Capital Management, a Silicon Valley-based fund manager to launch the ECM Strait Fund.

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Najib Witnesses MoU Signing Between MaGIC And Two American Organisations