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TechCentral: RM140m Mavcap Boost for Open Source

Oct 29, 2003, 02:30 (1 Talkback[s])
(Other stories by Steven Patrick)

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"Malaysian Venture Capital Management Bhd (Mavcap) would be allocating RM70mil to RM140mil [US$18.4-US$36.9 million] over the next two years to an Open Source Software (OSS) initiative, according to its senior vice-president Nagib Abdullah.

"The objective of its 'OSS-Platform Investment Programme' (OSS-PIP) is to attract professionals to venture out on their own and form a cluster of independent companies offering a comprehensive spectrum of software capabilities to the market.

"Nagib said OSS-PIP would invest in 40 local companies within the next two years. 'It's open to anyone who has got the technical skill. We don't want marketers or MBA holders,' he said..."

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