Malaysian Business Angel Network (MBAN) Sarawak Chapter, in collaboration with Sarawak Digital Economy Corporation (SDEC), hosted the ‘First Angel Series: Introduction to Angel Investing’ event on 25 May 2023. The event saw an impressive turnout of over 15 high net worth individuals who are passionate about supporting Sarawak's budding entrepreneurial ecosystem.
The First Angel Series marked a significant milestone in the region's startup landscape, as it brought together aspiring angel investors and promising startups in a concerted effort to foster innovation and entrepreneurship in Sarawak. Supported by SDEC, this initiative aims to catalyse the growth of innovative startups and bolster the local economy.
During his opening address, the protem Chairman of MBAN Sarawak Chapter, Dato Patrick Liew, emphasised the importance of angel investing in nurturing the startup ecosystem and promoting economic development. He highlighted the immense potential within Sarawak's entrepreneurial community and expressed confidence in the positive impact angel investors can make.
"The introduction of angel investing to Sarawak is a game-changer for our startup scene. By connecting high net worth individuals with early-stage ventures, we create a powerful synergy that fuels growth, drives innovation, and creates new opportunities," said Dato Liew.
"Through this initiative, we aim to provide not just financial support but also mentorship, guidance, and industry connections to help startups thrive in our vibrant ecosystem."
The First Angel Series: Introduction to Angel Investing provided attendees with comprehensive insights into the fundamentals of angel investing, including strategies for identifying promising startups, evaluating investment opportunities, and mitigating risks through the notable speakers featured during the event. They were President of MBAN Alan Lim, Honorary Secretary of MBAN Peter Wee, Treasurer of MBAN Xelia Tong, Head of Corporate Affairs and Special Projects of Cradle Adam Ramskay, and co-founder of PitchIn Kashminder Singh.
In his sharing, Adam provided the overview of the startup ecosystem and the insights information on the fundamentals of Angel Tax Incentives that is available for the Certified Angel Investor. He said that to be eligible for the tax incentive of up to RM500,000 a year, the individual must be a tax resident in Malaysia, has a net worth of more than RM3 million or gross annual income of more than RM180,000 a year, has more than 5 years' experience in management, and ideally a member of an angel club like MBAN Sarawak Chapter.
The event also served as a platform for promising startups in Sarawak to showcase their innovative ideas and projects. Startups had the opportunity to pitch their business concepts to potential angel investors and receive valuable feedback, paving the way for future collaborations and partnerships.
MBAN Sarawak Chapter and SDEC are committed to continuing their collaborative efforts in empowering the local startup ecosystem. By facilitating the exchange of ideas, resources, and expertise, they aim to drive sustainable growth, foster innovation, and position Sarawak as a leading hub for entrepreneurial excellence.