Endeavor announced this month that it will add to its presence in Asia with the launch of its 2nd Asian affiliate in Malaysia. The launch is supported by some of Malaysia’s most influential entrepreneurs and corporate heads and was announced during the 4th Annual Global Entrepreneurship Summit, hosted this year by the Malaysian government in Kuala Lumpur October 11 – 12.
With a population of 27 million, one of the smallest in the region, Malaysian entrepreneurs with significant growth potential must look outside their home country for growth opportunities. Operating in 18 countries around the world, Endeavor is poised to assist Malaysian entrepreneurs get the world class support they need to scale their businesses globally.
Recent trends show signs of optimism from entrepreneurs. Malaysia’s rate of early-stage entrepreneurial activity, while still one of the lowest among efficiency-driven economies, has grown from 4 to 7% (2009-2012). According to the Global Entrepreneurship Monitor, the fear of failure rate has fallen from 65% to 36% in the same time period. Under the ‘New Economic Model’ (NEM) for Malaysia, the Prime Minister has made entrepreneurship the key driver of the economy for the next 10 years with special emphasis on innovation and the entrepreneurial drive of its citizens.
“We are excited to build on the existing positive momentum from the private & public sectors by focusing on what we do best,” said Endeavor co-founder and CEO Linda Rottenberg. “Endeavor helps unleash the tremendous social and economic value of High-Impact Entrepreneurs.”
Founded in 1997, Endeavor selects and supports high-impact entrepreneurs who have the potential to scale from promising SMEs into companies that create hundreds, if not thousands, of jobs and generate significant revenues. Once selected, Endeavor Entrepreneurs are given world-class strategic mentoring advice, access to key networks and other tools and talent programs that will catapult them to success.
In the past 16 years Endeavor has selected 844 high-impact entrepreneurs from 15 countries around the world in Latin America, Africa, the Middle East, Turkey, and Southeast Asia. In 2012, these entrepreneurs generated US $6.0BN in revenue and had created 250,000 jobs.
All Endeavor affiliates are spearheaded by a local board of leading business people; each of whom believes that high-impact entrepreneurship can transform economies. The Endeavor Malaysia founding board will be chaired by Afzal Abdul Rahim, CEO of TIME. He will be joined by Mark Chang, Founder & CEO of Jobstreet.com; Tony Fernandes, Founder of Tune Group; Nazir Razak, Managing Director & CEO of CIMB Group; Shahril Shamsuddin, President & CEO of SapuraKencana Petroleum; Brahmal Vasudevan, Founder & CEO of Creador; Wong Thean Soon, Co-founder & Managing Director of My EG Services.
“As an entrepreneur, I know how important mentorship can be,” said Board Chairman Rahim. “Endeavor can provide valuable support to Malaysia’s next generation of high impact entrepreneurs.”
The board has nominated Zaman Ahmad as Managing Director, overseeing the successful launch of Endeavor Malaysia. Mr. Ahmad previously served as an executive at Air Asia Bhd. He will lead the day-to-day operations of the Endeavor office in Kuala Lumpur and will be involved in screening the first entrepreneur candidates for consideration.