".... this move (launching of MyCreative) is expected to give new breath to the industry, to raise the standard and importance of the creative industries, especially in terms of the economy ...." YAB Prime Minister
PUTRAJAYA, 12 SEPTEMBER 2012 – MyCreative Ventures Sdn Bhd (MyCreative), a new initiative by the Government of Malaysia and part of the plan to elevate the creative industry in Malaysia, was launched by YAB Dato’ Sri Mohd Najib Tun Abdul Razak, the Prime Minister of Malaysia today. MyCreative is a government investment arm to spur Malaysia’s creative industry via strategic and innovative funding in a form of equity or debt investments.
The initiative was initially announced by YAB Dato’ Sri Mohd Najib Razak during the 2012 budget proceedings, allocating RM200 million to be dedicated to this purpose. With this, MyCreative was incorporated on 20 April 2012 under the Malaysian Companies Act, 1965 by the Ministry of Finance Incorporated (‘MOF (Inc)’).
Commenting on the launch, YAB Dato’ Sri Mohd Najib Razak said, “This move is expected to give new breath to the industry, to raise the standard and importance of the creative industries, especially in terms of the economy. With the availability of MyCreative, the creative industry entrepreneurs can potentially obtain capital either in the form of equity or loans from MyCreative. This capital provides an opportunity for new ideas to be put forward in the form of viable businesses with the potential to generate income from the creative industry.”
MyCreative will invest via equities or loans from allocated funds in potential viable Malaysian creative businesses. The company hopes to boost the attractiveness of the Malaysian creative industry particularly job creation. It will also look to increase the gross income from the creative industry to significantly contribute to the national Gross Domestic Product (GDP). On the whole, the company is expected to elevate the status of the Malaysian creative industry via public awareness and social impact.
Sharing insights on the set up of MyCreative, Encik Johan Ishak, Chief Executive Officer of MyCreative said, “According to statistics from the studies done, GDP contributed by the creative industries amounted to RM9.4 billion, which is 1.27%. This figure is low compared to countries such as Canada at 7.4%; Great Britain at 6.4% and Singapore at 5.6%. However, by 2020, RM9.4 billion is expected to increase to RM33 billion, which is 2.2% of the projected Gross Domestic Production, if the industry is growing at 11% annually. Thus, it is imperative for MyCreative to be established and that the aspiration is achieved.”
Malaysian-owned businesses eligible for this funding include visual arts, performing arts, music, literature, content creation, fashion and design as well as traditional and cultural arts. This includes and is not limited to businesses such as art galleries, theatres, dance academies, book publishers, fashion academies and martial arts, amongst others. They can be from viable start-ups to growing companies who pitch ideas that are deemed viable from an economic point of view and support in elevating the status of the Malaysian creative industry.
Companies may apply by submitting a form together with their business proposal via MyCreative website at www.mycreative.com.my.
".... GDP contributed by the creative industries amounted to RM9.4 billion, which is 1.27%. This figure is low compared to countries such as Canada at 7.4%; Great Britain at 6.4% and Singapore at 5.6%. Thus, it is imperative for MyCreative to be established and that the aspiration (to boost creative industry) is achieved .... " CEO MyCreative
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