Matrade Aims To Improve Lifestyle Sector Business Ecosystem

By Mohd Khairi Idham Amran KUALA LUMPUR, Dec 9 (Bernama) -- The Malaysia External Trade Development Corporation (MATRADE) aims to improve the business ecosystem of local lifestyle industry through the Global Entrepreneurship Community's (GECommunity) lifestyle lab. Lifestyle Sector Director, Abu Bakar Yusof, said the corporation, which has been chosen by the Malaysian Global Innovation and Creativity Centre (MaGIC) to lead the lab, intended to connect startups with industry players via the lab by providing a platform for participants to exchange views and ideas to help each other. "We want them to discuss how the startups can help industry players to enhance their business proposition and how industry players can help startups to grow their business," he told Bernama at MATRADE's pavilion in conjunction with the launch of GECommunity 2016 here, Thursday. He said the lab was expected to attract 150 participants including potential investors, venture capitalists and financial institutions. Abu Bakar said for startups to grow, it was important to provide a conducive ecosystem from back end support to marketing and promotion. "These startups, they have good inventions, good products, but they don't know how to go about to promote their products internationally. "There are also startups facing challenges in terms of funding despite having the product and technology," he added. He said the lab was expected to come up with certain initiatives or recommendations on how the lifestyle ecosystem could be strengthened. "This is to help all parties to enable them to work together and assist the startups to grow their business, then MATRADE will come into the picture and assist these companies to go to the global market," he said. With these efforts, Abu Bakar said MATRADE, the national trade promotion agency was expanding its role in helping the startups to grow by not only connecting them with potential buyers, exporters and investors, but also in terms of overseas business expansion. "The local market is small, very competitive and also quite saturated. The startups have no choice but to look beyond and go more into international markets...This is where MATRADE can further assist them in promoting and marketing their products and services to the overseas market," he added. The inaugural GECommunity 2016, themed "Reimagine the Future of Entrepreneurs", is aimed at bringing together ecosystem influencers, startup communities and industry leaders worldwide. The two-day summit attracted the participation of more than 4,000 entrepreneurs, innovators, industry leaders and ecosystem influencers. --BERNAMA