The fourth industrial revolution is being led by tech smart entrepreneurs and countries with burgeoning numbers of such innovative entrepreneurs are eventually leading this revolution. "Techpreneurs" as they may ideally be called are the hyper tech product of entrepreneur friendly socio-economic environments.
Only two Asian countries namely Japan and South Korea make it among the top 10 global entrepreneurship rankings of 2020 on second and eighth positions respectively, these global rankings are based on a study conducted by BAV Group, a unit of global marketing communications company VMLY&R and the Wharton School of the University of Pennsylvania.
Covid-19 pandemic which slowed down the world's economy has alternatively accelerated the evolutionary process of the fourth industrial revolution by giving rise to online professionals and entrepreneurs coming up with innovative services and solutions in a unique competitive environment.
This evolution shows that techpreneurs are not only going to supplement the digitalisation and innovative growth of conventional business and industrial sectors but are also themselves becoming a rapidly growing domestic revenue and foreign exchange minting economic sector by selling their innovative online products and services around the world while sitting in their home countries.
Malaysia is producing a growing number of techpreneurs. In 2019 11 Malaysians shined among the 300 outstanding individuals in the Forbes much coveted 30 Under 30 list while in 2020 this number has grown to 14.
Whereas the Forbes' 30 Under 30 Malaysians in 2019 belonged to fields such as thermal engineering, smart data services, cryptocurrency, publishing and digital media, financial empowerment of women, eco products, in 2020 it was more about innovative online ventures such as clouds servers monitoring and management, online gastronomy, online payment systems, B2B online market channel, online matchmaking service, and sports ticketing portal.
The pattern shows young Malaysian techpreneurs' evolving adaptability to the rise of online entrepreneurship trends that have strengthened further quite rapidly in 2020 in a world economy transformed by Covid-19 pandemic.
Post Covid-19 era finally appears approaching and it's inevitably going to be an inescapable age of fiercely competitive tech business innovation as economies all over the world will strive tooth and nail to recover from the pandemic losses and gain grounds on global business spaces lost by innovatively weaker players during Covid-19 crisis.
In order to excel in post Covid-19 economic scenario Malaysia will require a continuous and unprecedented large scale emergence of techpreneurs. This exceptional task can only be achieved by creating an exceptionally techpreneurship friendly environment in the country.
Arrangement of financial support to set up a techpreneurship venture is usually a daunting, often insurmountable challenge for individuals with innovative tech business ideas.
Banks give loans against pledged assets not ideas. Hence a key factor in creating effectively conducive environment to rapidly and continuously increase the number of techpreneurs will be to first and foremost create a financially supportive environment for aspiring techpreneurs.
The idea of "Malaysian Techpreneurs Investment Exchange" may turbo boost the generation of techpreneurs here. Here's how the idea will work, the proposed exchange will be consisted of representatives of Chambers of Commerce and other business and trade bodies and national and multinational business investment firms and individual investors.
The proposed exchange will be managed by a committee of tech, business and legal experts. Malaysians who have a genuine, practical and innovative techpreneurship idea will approach the proposed "Malaysian Techpreneurs Investment Exchange" where it will be evaluated by the management committee in confidentiality.
If the idea is found truly innovative, feasible and productive it will beregistered at the exchange with copyright cover. The innovative techpreneurship idea owner will submit the feasibility plan including the financial investment requirement along with the idea.
The management committee will then share the registered innovative techpreneurship idea with the member investors and will subsequently issue business shares based on the percentage of total investment.
The investors buying those shares will be non management partners in the profits of the techpreneurship venture. The investors and the beneficiary techpreneurs will pay service charges to "Malaysian Techpreneurs Investment Exchange".
The idea of "Malaysian Techpreneurs Investment Exchange" will help Malaysian citizens and residents, young and old, whether bright university students or college dropouts to turn their innovative techpreneurship ideas into financial and functional reality and will thus contribute to generation of an ever growing number of techpreneurship ventures in Malaysia to enable the country steadily rise among the top in fourth industrial revolution post Covid-19 era.
* The writer is a socio-economic change strategist, a freelance journalist and a creative communications professional. Email: moazzam0509@gmail.com