xfdws SHARING-IDEAS sked Emerging Markets Datafile
June 16, 2003
NEW STRAITS TIMES-MANAGEMENT TIMES
MALAYSIA
ENGLISH
Sharing ideas with aspiring technopreneurs, NEW STRAITS TIMES-MANAGEMENT TIMES
Rina de Silva
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AS chairperson of funding and finance committee of Technopreneurs Association of Malaysia (TeAM), Nazrin Hassan, meets many budding technopreneurs with business ideas they reckon would generate millions of ringgit in no time.
The excitement on their faces at the thought of overnight success reminds Nazrin of himself a couple of years ago when he set up a company at the height of the dotcom frenzy. Like most budding technopreneurs, he thought he had a great business idea in the form of a company to provide information through the Internet for Muslims such as halal food outlets and mosques around the world.
Hence, Zarnet Dotcom Sdn Bhd was born and Nazrin became its chief operation officer.
Nazrin would not be compelled to form zarnet.com had he not witnessed the many huge businesses which were initially small start-ups got listed on the main board of the Kuala Lumpur Stock Exchange. As a corporate finance executive at CIMB then, he helped many of these businesses in the listing process.
So Nazrin gave up his job and formed Zarnet. With no business experience or mentors to learn from, he pounced on his idea with much vigour, travelling to Hong Kong, Spain and New Zealand to locate the Muslim restaurants and mosques there.
Unfortunately, the dotcom bubble burst, taking along many victims, including zarnet.com. Funds which he had saved from his stint at CIMB ran out, and so did his enthusiasm.
Looking back, Nazrin says he was blinded by the success of the companies he helped to get listed while at CIMB.
”I really thought that if they can do it, I can do it as well,” he says.
”I realised that a great idea is not enough. Good management skills are equally important. Quite often, entrepreneurs are so obsessed with their new inventions that they lose sight of the market.”
After his funds ran out, Nazrin started meeting venture capitalists for possible funding. But each rejection he experienced dampened his hopes.
Eventually, he had to close that chapter of becoming an entrepreneur.
But it seems when one door is closed, another will open. Instead of returning to the comfort of a steady job in the corporate world, the more subdued Nazrin, who is a law graduate, found an outlet in TeAM to share his ideas and experiences to aspiring technopreneurs, and steer them on the right track.
”Malaysia is progressing as a developed country and it is important to generate innovation,” he says.
According to Nazrin, it’s important to nurture young entrepreneurs who are willing to sacrifice even their basic necessities to achieve business success.
”Most of them have very little start-up capital and do not realise that venture capitalists may be hesitant to fund them in the early stages,” he says.
”Most ICT (information and communications technology) companies at seed level will need RM500,000 to RM750,000, which is quite difficult to raise in Malaysia.”
Despite the dotcom failure, Nazrin has not totally given up on the idea of becoming a technopreneur.
Today, he is director of Info Odyssey, which develops content management systems for large corporations. “It is a low-profile company, for now,” he says.
According to Nazrin, it’s also important for seasoned entrepreneurs to share their experiences and provide guidance.
He says his lessons were learnt from venture capitalists who were generous to share some pointers and help him write a good business proposal. At the Venture 2001 competition, he clinched third placing.
For Nazrin, his main source of inspiration is his father. He was only 10 when his father passed away. In keeping with his father’s wish, he pursues law by obtaining a degree from Buckingham University, and followed up with a master’s in law from Kings College in the United Kingdom.
”I was never interested in taking up law,” he admits. “However, taking up the subject has helped me to think in a structured way and be able to analyse business issues.”
So what advice does Nazrin have for budding technopreneurs?
”Be street-wise, have guts and anticipate changes. Most of all, learn from past mistakes,” he says.
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