Symbiosis between stakeholders for entrepreneurship developmen in Malaysian higher education institutions

Abstract

How do the Higher Education Institutions (HEIs) form strategic alliances for their entrepreneurship activities to recognize, create, or act upon business opportunities, share information, and seek potential partners? It requires effort and a good strategy.

The practice of developing mutually beneficial relationships with business people and other agencies is one of the primary tactics used by HEIs to network and leverage their external collaborators. Establishing good relationships with external parties is not only important for the purpose of obtaining funds, but it is also important for several other purposes, such as obtaining advisory services, expanding networks, and increasing influence. This is in line with the ministry's core focus of HEI entrepreneurship development which is to increase industry involvement in the learning and teaching process as well as in innovation as one of the HEI’s entrepreneurship strategic plans. However, Malaysia ranks 43rd out of 110 countries on number of patents, and engagement levels with industry and community are still not as intensive or widespread as desired. Malaysia needs to move from academia operating in insolation, to the quadruple helix of academia, industry, government, and local communities coming together in partnership for the incubation, development, and commercialization of ideas.