GEORGE TOWN, March 25 – Youth Entrepreneurship Challenge (YEC) is organized by the Penang State Government (EXCO for Youth and Sports) and Penang Youth Development Corporation (PYDC) with Malay Businessmen and Industrialists Association of Malaysia (PERDASAMA), Penang Chinese Chamber of Commerce Young Entrepreneur Session (PCCC YES) and Malaysia Indian Chamber of Commerce and Industry, Penang (MICCI) under the initiative of “Youth for Future” to cultivate youth interest in entrepreneurship and encourage youth entrepreneurship.
With many successful young entrepreneurs originated from Penang, this program aims to foster and mentor youth to the path of entrepreneurship. Besides, this entrepreneurship challenge aims to inspire young entrepreneurs to be more competitive and dynamic with today’s innovation and technology. This is also a platform for youth to interact and share innovative business ideas besides developing their entrepreneurial ideas (in any fields). Thus, it will provide opportunity of exposure to youth in gaining practical experience in entrepreneurship.
Registration Eligibility:
- Open to Malaysian Youth, aged 16 to 35 years old.
- Participants are required to prepare a Business Plan.
- Participants will need to register in a group of 2 to 5 person (with at least one team member is from Penang / permanent resident in Penang).
- All students from Penang are required to get supporting letter from respective school / college / university.
- All working adult from Penang – participants are required to get supporting letter from respective current organization / company / employer.
- The business idea/ presentation / services / product must be genuine and original.
- Winner (champion, 1st & 2nd runner up) from the previous YEC are not allowed to participate again.
- Participants that did not meet the requirements will be disqualified immediately.
- Objections will not be entertained as all decisions are FINAL.
- Business plan and presentation to be prepared in English.
- Business plan which won in any other competition are not qualified.
- Projects must bring benefit / added value to the community or country.
- Entry fees for each team is RM 100.00.
The registration period will start from 24 March 2022 to 15 May 2022. Participants that already registered may participate in workshops that helps them in preparing a well-rounded business plan. The program structure will focus on the Young Entrepreneur Forum, Top 10 Finalists teams consultations and pitching of business plan during the final round, as well as proceeding to the next phase which is the Incubator & Accelerator Program after the end of the program.
The workshops and seminar will be covered by industrial players that have the expertise in the area and including the topics of Importance of Executive Summary, Product/Service and Business Model, Situation Analysis, Marketing Tools, Operation Strategy, Finance & Funding and MBPP Business Licensing Talk and these will be covered before the submission deadline.
