TL;DR – The MaGIC CER (Corporate Entrepreneurship Responsibilities) Circle is one of the many platforms available to connect big corporations and startups through partnerships; in order to share disruptive technologies and innovative ideas.
Partnership is not an alien term in entrepreneurship. It has become one of the successful method for new and old, small and big corporations to exchange ideas and steer through business challenges together. In Malaysia’s entrepreneurial ecosystem, a significant healthy growth has been seen over the years. Corporations and startups has started to reach out and work together. This is called Corporate Entrepreneurship Responsibility (CER). CER is the bridge to connect corporations and startups to facilitate innovation, helping them to confront disruption happening in their sector and prepare for the new economies of the future.
Closing the Gap between Big Corporations and Startups
The MaGIC CER Circle is one of the many platforms available to connect big corporations and startups through partnership; in order to share disruptive technologies and innovative ideas. Corporations that have signed up for the membership on this platform has bigger opportunities to expand their innovation agenda, cross-industry learning and solve cross-border challenges. As MaGIC become the initiator of the partnerships, they also share information from international corporations who have run innovation labs with members of the CER Circle. The CEO of MaGIC, Ashran Dato’ Ghazi said that, “Greater collaboration between corporates and entrepreneurs could ultimately lead to a more sustainable, vibrant ecosystem. It also opens the door to diversified economic activities and inclusive economic growth as CER offers a variety of market opportunities for entrepreneurs across various industries.”
Driving Corporations’ Innovation Needs
In the meantime, MaGIC Activate open doors for startups to experiment with their innovation ideas that will further help them to grow, scale and access new markets. MaGIC Activate has posted eight main innovation challenges which includes digital media, maritime logistics, smart city, social entrepreneurship, education and many more. It is a great effort to encourage the involvement of private sector in Entrepreneurship Development. One of the challenges is UNICEF: Solutions for Children with Disabilities. It opens opportunities for startups to be innovate an open-source assistive devices and technologies that improve the lives of children with disabilities – enabling them to play, learn, and independently navigate and participate in public life and spaces, which will assist them in mobility, hygiene and sanitation and education.
Encouraging partnership in entrepreneurship has allowed startups mentoring and grooming to be able to face bigger challenges in entrepreneurship, in the future. It allows corporations to explore new prospects and disruption in the new world, in the same time, startups has something to be gained from sharing their innovative ideas. Through participation in MaGIC CER Circle and MaGIC Activate, startups and corporations are partnered and will be able to work together towards a healthier entrepreneurial ecosystem in Malaysia.