MESTECC MINISTER ASKS FOUNDERS TO FOCUS ON REVENUE, PROFITS NOT VALUATION
Published 02 October, 2019
- Restructure of five funding agencies under purview of MESTECC
- 70% of funds come from government but access to network and market are limiting factors
When Yeo Bee Yin became minister of energy, science, technology, environment and climate change (MESTECC), one goal she had in mind was to help build businesses with sustainable revenue models. “That is the business that government wants to invest resources in – whether coaching or funds.”
At the launch of Proficeo’s ScaleUp Malaysia accelerator in Found8 KL Sentral yesterday, she took the podium to share some pertinent points on further promoting a healthy tech ecosystem in the country, while a roomful of founders, investors and ecosystem builders listened keenly.
While she commended the founders of Proficeo, Renuka Sena and Dr V Sivapalan on the launch to help local businesses scale up and generate sustainable revenue, Yeo highlighted that the focus of many startup founders today lays in landing the largest valuation they can get instead of reaping big revenues and profits.
Source From Digital News Asia