By Yasmin Ramlan
SHAH ALAM, March 15 — The Selangor Technical Skills Development Centre (STDC) has inked a Memorandum of Understanding (MoU) with iMotorbike, Southeast Asia’s leading pre-owned motorcycle marketplace, marking the state government’s major venture capital investment in a startup company.
Menteri Besar Dato’ Seri Amirudin Shari said the state administration, via Permodalan Negeri Selangor Berhad (PNSB), has invested RM2 million (US$400,000) in venture capital into iMotorbike, following a selection process involving 150 companies.
The company, the first portfolio company to receive investment from PNSB, was chosen due to its financial success in turning over more than RM28 million in annual revenues and its presence in Vietnam.
“It is not just about venture capital investment. We are also actively engaging with our technical and vocational institution STDC, which hosts a training centre for motorcycle mechanics.
“Here, interns can hone their skills,” he said during a press conference following the MoU signing and the launch of iMotorbike’s new showroom at Glenmarie today.
Also present were Menteri Besar Selangor (Incorporated) chief executive officer Saipolyazan M. Yusop, PNSB chief executive officer Raja Ahmad Shahrir Iskandar Raja Salim, STDC chairman Mohd Nazri Noh, and iMotorbike chief executive officer and founder Gil Carmo.
Amirudin said one of the primary reasons the state government chose to invest in iMotorbike is due to its sustainable business model and impressive growth trajectory.
The collaboration is also expected to create job prospects for technical and vocational students in Selangor.
“It (iMotorbike) began as a modest venture in 2016 and has since evolved into an impressive showroom comparable to others in the industry.
“It has also established itself as a reliable platform for selling second-hand used motorcycles, offering customers detailed information about each motorcycle’s history and previous owners.
“The service it provides has not only earned customers’ trust but has also persuaded the state government to provide funding via PNSB as venture capital,” he said.
In his speech during the event, Amirudin said STDC has collaborated with various world’s leading technological institutions, including Apple, Siemens, Festo, and Dassault Systèmes. However, it is time for the state agency to expand local collaborations further.
“These are, of course, some of the world’s leading companies, but they are also international companies by nature.
“I have told STDC’s chairman (Nazri) and the team that we should also start looking local and expanding our horizon to more opportunities,” he said.
The Menteri Besar added that STDC’s inception was inspired by his visit to Germany in 2019, where he noticed that Malaysia faced an issue with a mismatch between job opportunities and the skills of local workers.
Amirudin determined that Germany’s successful approach to aligning industries and education closely can prepare youths for the workforce.
As such, STDC aims to provide similar vocational training in Selangor, bridging the gap between job seekers and employers to boost the economy.
“Since then, I have repeatedly mentioned that in our goal of moving up the value chain, we have slowly managed to change the perception of technical and vocational training, which was seen as an option of last resort, to today become one of the first options for parents and students,” he said.
