MALAYSIA'S first business plan competition, Venture 2001,                                                                                             
was enough of a success that its organisers have launched a                                                                                           
second competition.                                                                                                                                   
                                                                                                                                                      
Organised by the Malaysian Institute of Management (MIM)                                                                                              
McKinsey & Company Malaysia and Mesdaq Bhd, Venture 2002                                                                                              
(www.venture.com.my) will cover a broader range of business                                                                                           
sectors compared to its predecessor, which covered the IT,                                                                                            
Internet and e- commerce sectors.                                                                                                                     
                                                                                                                                                      
Venture 2001 received 447 business plans, far exceeding its                                                                                           
initial target of 250, the organisers said in a statement.                                                                                            
                                                                                                                                                      
"We were truly inspired by the great response from Venture                                                                                            
2001 as it showed the spirit of entrepreneurship and strong                                                                                           
determination among Malaysians in converting their business                                                                                           
ideas to reality," said Dr Jim Lai, MIM general council                                                                                               
member.                                                                                                                                               
                                                                                                                                                      
"We have expanded the business plan competition to cover                                                                                              
more industries where we can cultivate and grow Malaysian                                                                                             
entrepreneurs in these respective business sectors by                                                                                                 
providing one platform for ideas, expertise and venture                                                                                               
capital," he claimed.                                                                                                                                 
                                                                                                                                                      
Venture 2002 invites entrepreneurs, professionals and                                                                                                 
students to submit business ideas in IT and e-commerce,                                                                                               
telecommunications, electronics, manufacturing and life                                                                                               
sciences and participate in this competition at no cost.                                                                                              
                                                                                                                                                      
It will be held in three phases starting in January and                                                                                               
ending in August 2002. Under Phase I, participants only                                                                                               
need to submit an executive summary, a brief product or                                                                                               
service description and a brief market and competition                                                                                                
review of their business ideas.                                                                                                                       
                                                                                                                                                      
Under Phase II, participants will receive guidance and                                                                                                
coaching to help them develop their business ideas into                                                                                               
real businesses.                                                                                                                                      
                                                                                                                                                      
In Phase III, participants will see the establishment of                                                                                              
full fledged business plans that are ready to be converted                                                                                            
into actual businesses.