KOTA KINABALU: The Sabah Economic Development Corporation (Sedco) is urging local entrepreneurs to overcome barriers to growth and take greater advantage of opportunities offered through its entrepreneurship development initiatives.
Sedco Chairman Datuk Masiung Banah said the corporation remained committed to fulfilling its founding objective of developing the economic capacity of Bumiputera entrepreneurs in Sabah.
He said Sedco allocated 10 per cent of its annual profits towards assisting Bumiputera entrepreneurs seeking to expand their businesses.
“The assistance is not only in the form of capital, but also courses and other support to help entrepreneurs improve and expand their businesses,” he said at the launch of the Resilient, Innovative Sedco Entrepreneurs (Rise) programme and Strategic Entrepreneur Development Fund (S-Seed) here.
The programme was launched by Deputy Chief Minister III Datuk Ewon Benedick, who is also State Industrial Development, Entrepreneurship and Transportation Minister.
Masiung said Sedco, together with its more than 40 subsidiary companies, was among the major groups contributing to Sabah’s economy.
He said the group currently generated revenue of between RM6 billion and RM7 billion, with a target of increasing this to RM10 billion in line with the Sabah Government’s broader economic aspirations.
“To achieve this, our small entrepreneurs and all our subsidiary companies must rise and contribute towards this bigger aspiration,” he said.
Masiung also urged entrepreneurs to break through what he described as barriers of complacency, lack of confidence, fear of failure and a preference for salaried employment.
“We have walls of complacency, inability, hopelessness, shyness and a preference for being employed.
“Tonight, I want you to break through these walls, because if they are not broken, our bigger aspirations together cannot be achieved,” he said.
Meanwhile, Sedco Group General Manager Datuk James Wong Kein Peng said the launch of Rise and S-Seed marked a shift in Sedco’s approach to entrepreneur development, from a programme-based model towards one driven by results and impact.
He said Sedco wanted to measure the success of its initiatives through tangible outcomes, including increased sales, job creation, expanded production capacity, certification and access to new markets.
“We want to move from a programme-based approach towards one that is driven by results and impact,” he said.
Wong said 217 applications were received for Rise, with 83 applicants qualifying to attend the programme briefing.
Following the initial screening, 54 candidates took part in the interview and selection process, from which 30 entrepreneurs were selected for the intensive development programme.
He said Rise would take the selected entrepreneurs through structured training, coaching, mentoring, monitoring and business development support.
Wong said S-Seed would complement the programme by providing strategic development support to entrepreneurs who demonstrated strong potential and were ready to expand their businesses.
“Rise builds the capabilities of our entrepreneurs, while S-Seed helps create opportunities for growth.
“Neither should operate in isolation. Both form part of Sedco’s broader effort to build a more comprehensive entrepreneurship ecosystem,” he said.
He said Sedco already had training programmes, business premises, incubators, subsidiary companies, the SME Park and other industrial development facilities, as well as established networks with ministries and development agencies.
Wong said these resources needed to be connected into a clear and structured entrepreneur development journey.
“We want to see their journey progress from training to certification, from certification to capacity enhancement, from capacity enhancement to market access and ultimately from a small business into a sustainable and competitive enterprise,” he said.
Wong urged the 30 Rise entrepreneurs to make full use of the opportunity, remain open to constructive feedback and be prepared to change the way they operated their businesses.
“Sedco can provide the platform. Our coaches can provide the knowledge and guidance. The Government can provide the ecosystem.
“But ultimately, the success of your businesses lies in your own hands,” he said.
He urged the entrepreneurs to embrace the “buat sampai jadi” spirit and see their efforts through until they succeed.
Ewon said the Rise and S-Seed programmes were introduced by Sedco, an agency under the Ministry of Industrial Development, Entrepreneurship and Transportation (Mindet), to strengthen entrepreneurship development in Sabah.
“I appreciate the Rise (Resilient, Innovative Sedco Entrepreneurs) initiative, which is a business coaching programme, and S-Seed, or Strategic Entrepreneur Development Fund, which provides entrepreneurship financing.
“Sedco allocates 10 per cent of its annual profits towards these initiatives,” he said.
Ewon said the State Government, through Mindet, was also pursuing the establishment of the Sabah Bumiputera Economic Action Council and developing a special support policy for local small and medium enterprises (SMEs) seeking to expand their businesses in industrial parks, starting with the Kota Kinabalu Industrial Park (KKIP).
He said Mindet would also review and introduce entrepreneurship training programmes that were more suited to the needs and challenges faced by entrepreneurs today.
“I hope the 30 entrepreneurs selected for the Rise and S-Seed programmes will develop products for the global market, including obtaining halal certification and registration with the Industrial Development and Research Department (DIDR) and Malaysia External Trade Development Corporation (Matrade),” he said.
Ewon said based on national micro, small and medium enterprises (MSMEs) performance data for 2025, the sector contributed 39.7 per cent to Malaysia’s gross domestic product (GDP), equivalent to RM689.8 billion.
He said the sector also employed about eight million workers, or 48.7 per cent of Malaysia’s total workforce.
He added that Sabah entrepreneurs also contributed to the strong performance of the country’s MSME sector.
Also present were Masiung, Wong, Mindet deputy permanent secretaries, department heads and entrepreneurs.
