Teraju came in with a big fanfare a couple of years ago, supposed to help Bumiputera entrepreneurs in their business and economic well being.
The ICT cluster is one of those that look forward to the Teraju effect.
What went wrong? Why so quiet now? Is it only election gimmick for the Malay?
Well, the result shows that Malay support is increasing for the ruling party, especially UMNO.
This is what I think should happen:
1. Teraju Malay Labs
Many projects were initiated and months of meetings and meetings and meetings. No success stories.
The total GNI impact was calculated to be RM22 billions. Now – ZERO?
2. Some Lab initiative already approved by MTAB, why quiet now?
The e-Government initiative was approved by MTAB chaired by YAB Prime Minister.
Why no activities now?
The initiative was submitted as one of the product of the Malay Lab.
The impact will be GNI > 1.0 billions, provide employment > 1,000 ICT workers.
The proposal was submitted by a Bumi company, Authentic Venture Sdn Bhd,
The company has the various certifications: MSC status, 1Innocert, Teras company, CMMI, ISO9001, SCORE+ 4.0 etc
What is supposed to happen:
Teraju tells Authentic Venture that the proposal was approved.
He can start talking to the related government agencies, GLC to prepare marketing material and expert and consultancy support.
He can start talking to entrepreneurs in this space so that the implementers are identified and can be integrated in the marketing effort.
He can start talking to potential customers overseas
What did happened?
Authentic Venture was not told to go ahead with the initiative. he cannot move forward with the strategy and activities required to make it work.
Teraju staff become the lead role to carry this initiative.
No success is seen.
Government must be playing the supporting role, exactly as what our YAB Prime Minister said.
Let the private sector lead the initiative.
Private sector will make it happen.
Teraju gives the role to the private sector to run this initiative.
Teraju keep as Bumiputera support secretariat, exactly as mentioned during launch by YAB PM.
Government do the supporting role.
2. Teras Loan facilities
As a Teras company, you will get facility, Loan for building and machinery up to 20 millions.
Working capital loan for up to RM10 millions
Some of us went to SME Bank and submitted our proposal for working capital loan.
Sometimes below 2 million.
However we are OK to apply for buying building.
I believe the criteria like building collatoral is still highly in the agenda.
That is why buying building is OK
The ICT working capital loan – NO WAY.
ICT company do not have physical asset.
Millions of our money is in software asset, millions of lines of source codes and IPs
NO VALUE as far as the bank is concerned.
No change as far as loan evaluation is concerned.