The Ministry of Entrepreneur Development and Cooperatives (MEDAC) is optimistic that the Business In Transformation (BIT) programme that transforms small businesses are able to help reach the target of 100 millionaires annually among the small and medium enterprises (SMEs).
Since its introduction in 2013, a total of 130 small traders have participated in the BIT programme in which five (5) brands have been awarded with franchise licenses from the franchise registrar which are MD Putu Bambu World, L Pizz, D’Apple, JB Brains and House Of Mind Excellence (HOME).
Among the local products that have successfully strengthened its brand through BIT programme is MD Putu Bambu World that started its business in a night market with a startup capital of RM1,000.00. This brand has since moved on to become a home-grown franchise that owns 70 branches throughout Malaysia.
YB Dato Sri Dr. Haji Wan Junaidi bin Tuanku Jaafar, Minister of Entrepreneur Development and Cooperatives (MEDAC) stated that the Business In Transformation Expo (BITe) 2021 is the best platform to promote BIT program to the target group and subsequently produce more new entrepreneurs, especially bumiputeras in the franchise and pre-franchise field.
The BIT programme is an initiative by MEDAC through its agency PNS, to help BIT entrepreneurs promote their business packages and modules as well as offer opportunities for participants to venture into entrepreneurship, especially micro franchise business.
YB Dato Sri Dr. Haji Wan Junaidi bin Tuanku Jaafar also stated that MEDAC will continue to help small traders to transform their businesses so that they can compete with big brands and subsequently expand globally.
“I believe franchise business is the best platform to produce more entrepreneurs from small and medium enterprises (SMEs) and PNS will continue to deliver on its mandate to assist bumiputera entrepreneurs in franchise business and further increase the number of local franchise products”.
“The society at large perceives franchise as businesses that requires substantial capital. Now, they have the opportunity to venture into the franchise business seeing that there are affordable franchise packages such as MD Putu Bambu World which offers packages ranging from RM7,000.00 to RM70,000.00,” he added.
“Those who are interested in starting a business should come to MEDAC to get various financing assistance and consultation services. MEDAC through its agencies such as PNS, TEKUN, SME Corp, SME Bank, Bank Rakyat, Institut Koperasi Malaysia and Institut Keusahawanan Nasional (INSKEN) are available to provide the necessary opportunities in each industry. I am confident that with this complete and comprehensive ecosystem, it can help entrepreneurs to continue developing their businesses in line with the government’s aspirations towards the Shared Prosperity Vision 2030,” he added.
Also present at the program is YB Datuk Haji Zakaria bin Haji Mohd Edris, Chairman of PNS, YBhg Dato’ Suriani binti Dato’ Ahmad, Secretary General of MEDAC, YBhg Dato’ Mohammad Radhi Abd Razak, Deputy Secretary General (Entrepreneurial Policy & Strategy) MEDAC, YBhg Datuk Haji Zamri Salleh, Deputy Secretary General (Entrepreneurial Development) MEDAC and YBrs Encik Mohd Hilaluddin bin Abdul Shukor, Chief Executive Officer PNS.