IN 2012, a Government investment arm dubbed “MyCreative Ventures Sdn Bhd” was launched to spur the country’s creative industry.This is primarily done via strategic and innovative funding through debt or equity investments in Malaysian creative companies.
MyCreative was incorporated on April 20, 2012 under the Malaysian Companies Act 1965 by the Minister of Finance (Incorporated) [‘MOF(Inc)’] and now reports to the Multimedia and Communications Ministry.
MyCreative Group Chief Executive Officer Junady Nawawi
MyCreative Non-executive Chairman Noor Azmi Mat Said
Last year, MyCreative appointed Junady Nawawi as its Group Chief Executive Officer (GCEO) who bears the responsibility of navigating the corridors of multiple stakeholders to make the Orange Economy matter for creatives.
Noor Azmi Mat Said was also appointed as MyCreative’s Non-Executive Chairman last year.
From the allocated funds, MyCreative invests in equities and gives out loans to potential and viable creative Malaysian businesses with a mission to achieve three goals.
This includes boosting the attractiveness of Malaysia’s creative industry, subsequently creating more jobs.
It also has a goal to increase the creative industry’s gross income and make significant contributions to the country’s Gross Domestic Product (GDP) and thus increase Malaysia’s GDP.
Additionally, it also aims to elevate the status of Malaysia’s creative industry via public awareness and social impact.
Private Debt funding requires Malaysian-owned businesses operating under a Sendirian Berhad entity to be incorporated in Malaysia with minimum RM20,000 paid-up capital & at least one year in operation.
Riuh Nau! Carnival in Melaka, the third State to host the carnival after Johor and Sabah. (Source: MyCreative Venture)
Private Equity would require a minimum three years business track record.
Such funding by My Creative supports 10 main creative pillars in Malaysia, namely Visual Arts, Performing Arts, Music, Literature, Content Creation, Fashion, Traditional & Cultural Arts, Culinary Arts, Design and Creative Education.
Some notable successful brands that were previously funded under MyCreative include dUCk, Christy Ng, My Apparel Zoo and Oyez! Books, among others.
To further support creative industries in Malaysia, the MyCreative Group established its subsidiaries, “Riuh” and the Economic Development Agency of Cultural Art (Cendana) in 2017.
Riuh, a wholly-owned subsidiary of MyCreative Ventures is a curated creative platform that hosts an eclectic array of pop-up stores, international and local food, creative workshops, showcases and live acts on a regular basis.
Whereas Cendana is a division under MyCreative that develops and promotes Malaysia’s cultural economy.
It acts as a link between creators, regulating bodies, private investors or businesses, policy makers and consumers.
Positioning itself as an umbrella body with sufficient resources and expertise, it aspires to elevate Malaysian arts and showcase its diverse beauty on the local, regional and global stage – transforming Malaysia into a cultural destination.
Under the 2022 National Budget, the Government allocated RM20 million towards Riuh Keluarga Malaysia Programmes while RM30 million was allocated to elevate local animation.
MyCreative Chairman Noor Azmi Mat Said that the creative economy is significant in achieving the Government’s aspiration for the industry.
He said the Government aspires for the industry to contribute RM31.9 billion to Malaysia’s GDP by 2025, as outlined in the Twelfth Malaysia Plan.
Noor Azmi said the “Orange Economy” has massive potential to be harnessed given the country’s rich pool of talents which include practitioners in visual art, performances, music, crafts, fashion, writing and talent from the technical arts such as design including industrial design.
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