RethinQ Entrepreneurship: Reimagining the Future of Entrepreneurship in Malaysia

Rethinq Entrepreneurship : Building Effectual Entrepreneurs. Building Enduring Ventures in Malaysia.

StartupMalaysia in Kuala Lumpur, Malaysia recently organised and played host to a groundbreaking event that brought together leading minds in entrepreneurship education, funding, policy, and practice; Rethinq Entrepreneurship. 

Rethinq Entrepreneurship, conceptualized by “Dash” Dhakshinamoorthy, Founder of Startup Malaysia, served as a platform to rethink entrepreneurship and shift mindsets to explore innovative approaches to entrepreneurship development in the region.  Links to videos from the event are below.

At the heart of the event was the distinguished Professor Saras Sarasvathy, whose pioneering research on entrepreneurial expertise has revolutionized the understanding of how successful entrepreneurs think and act - practices for which she coined the term - Effectuation. Her presence set the stage for rich discussions for all the avenues from which entrepreneurship can spring in the public and private sector, through education, funding or sheer grit.

The event was notably graced by YB Datuk Ewon Benedick, Malaysia's Minister of Entrepreneur and Cooperatives Development, who delivered a compelling keynote address where he introduced Professor Sarasvathy and her principles of Effectuation. His participation underscored the government's commitment to fostering a robust entrepreneurial ecosystem in Malaysia, bridging the gap between policy-making and ground-level entrepreneurial activities.

Another highlight of the program was the engaging fireside chat with Professor Michael Frese, Asia School of Business, whose insights into entrepreneurial behavior and success factors provided attendees with valuable perspectives on nurturing entrepreneurial mindsets. The discussion with Professor Sarasvathy delved into practicalapproaches for developing entrepreneurial capabilities and creating supportive environments for business innovation.

The event's dynamic venture capital panel brought energy and real-world perspective to the proceedings, offering attendees insights into current investment trends, opportunities, and challenges in the startup ecosystem. The panel highlighted the evolving landscape of venture funding in Southeast Asia and what investors look for in emerging entrepreneurs.  It also highlighted the divide between a Silicon Valley conception of the world and the day to day experience of entrepreneurs who find funding in all manner of places, according to research conducted by Professor Sarasvathy.

What set Rethinq Entrepreneurship apart was its multi-stakeholder approach, bringing together diverse perspectives from academia, government, industry, and the startup community. This convergence of viewpoints created a rich dialogue about the future of entrepreneurship in Malaysia and the broader ASEAN region.

Professor Sarasvathy's sessions with policy makers and educators were particularly impactful, as they explored how her research on effectuation – the logic of entrepreneurial expertise – could be applied to policy frameworks and educational programs as well as to the methods used to develop those plans . These discussions challenged traditional approaches to entrepreneurship development and offered fresh perspectives on how to nurture the next generation of business leaders.

The event's location at the Asia School of Business, known for its innovative approach to business education, provided an ideal setting for these forward-thinking discussions. The main whole day forum on the 22 October was followed on with other smaller deep dive events in the form of a Policy Roundtable, Corporate Masterclass, Educator’s Workshop and Research Seminar on the 23 and 24 October in Kuala Lumpur and a meetup with entrepreneurs in the Northern island of Penang on the 25 October.

For Dash and Startup Malaysia, the event represented a significant milestone in their ongoing efforts to strengthen Malaysia's entrepreneurial ecosystem. By bringing together key stakeholders and thought leaders, Rethinq Entrepreneurship created valuable opportunities for networking, knowledge sharing, and collaboration. Rethinq Entrepreneurship was also supported by strategic ecosystem partners such as The Asia Foundation, Talentcorp, Cradle, MDEC and Innovorsa and numerous other community partners. More information on Rethinq Entrepreneurship can be found at www.rethinq.org.

The discussions throughout the event emphasized several key themes:
- The importance of evidence-based approaches to entrepreneurship education
- The need for alignment between policy initiatives and ground-level entrepreneurial needs
- The value of experiential learning in developing entrepreneurial capabilities
- The critical role of supportive ecosystems in fostering successful startups

Looking ahead, the insights and connections forged at Rethinq Entrepreneurship are expected to influence both policy development and entrepreneurship education in Malaysia. The event has set the stage for continued collaboration between government agencies, educational institutions, and the private sector in supporting entrepreneurial development.

As Malaysia continues to position itself as a hub for innovation and entrepreneurship in Southeast Asia, events like Rethinq Entrepreneurship play a crucial role in shaping the conversation and driving positive change. The success of this gathering demonstrates the power of bringing together diverse stakeholders to reimagine the future of entrepreneurship education and support.

The event concluded with renewed enthusiasm for innovative approaches to entrepreneurship development and a shared commitment to implementing the insights gained. As the entrepreneurial ecosystem in Malaysia continues to evolve, the impact of Rethinq Entrepreneurship will likely be felt through enhanced policies, improved educational programs, and stronger support systems for aspiring entrepreneurs.

Session Videos:

An Opening Address by Minister - YB Datuk Ewon Benedick

Why Do We Create? by Jo Kulkathas 

Lessons from Expert Entrepreneurs by Prof. Dr. Saras Sarasvathy

Effectual Entrepreneurs Building Enduring Companies ft. Nadira Yusoff, Cheryl Cheah-Shankar & Sam Shafie

RethinQ Funding - A Brief

The 2 Views of Funding ft. Karamjit Singh, Jamaluddin Bujang, Ng Sai Kit, Kashminder Singh & Bikesh Lakhmichand

Effectuation - A Contrasting View ft. Kristina Rai, Prof. Michael Frese & Prof. Dr. Saras Sarasvathy