This article first appeared in The Edge Financial Daily on October 4, 2017 - October 10, 2017

KUALA LUMPUR: Khazanah Nasional Bhd yesterday launched a programme to uncover and equip Malaysians with entrepreneurial ideas. Called Khazanah Nasional Entrepreneurship Outreach (KNEO), the 28-week programme involves a series of boot camp and accelerator courses, and is open to all Malaysians.

Khazanah managing director Tan Sri Azman Mokhtar said KNEO is part of the sovereign wealth fund’s efforts to develop national human capital.

Khazanah executive director of investments, Tengku Datuk Seri Azmil Zahruddin Raja Abdul Aziz, added that what sets the programme apart from other such accelerators is that it encourages non-tech-related applications in addition to tech-centric ideas.

“This is also a full national outreach, and we will look hard in other parts of Malaysia, not just the Klang Valley,” Azmil told reporters at a prelaunch briefing.

Khazanah will be partnering three accelerators for the KNEO programme. The accelerators will each be overseeing 10 teams after 30 teams have been selected from 90 shortlisted applicants. These teams will receive mobilisation funding of RM20,000 each in exchange for a 2% stake in their start-up to be held by the accelerator partners.

“Giving the stake to the accelerators will give them more interest in the success of the start-ups,” Azmil said, adding it is Khazanah’s secondary objective to develop long-term investment opportunities.

The top three finalists will ultimately be awarded RM30,000 each.