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Unlocking the “Base-of Pyramid” Readiness: Towards an Inclusive Entrepreneurship Framework for “Malaysian Rural Transformation Agenda”
Abstract
The potential of the Base-Of Pyramid (BOP) community cannot be realized without an entrepreneurial orientation – an orientation that aims to create market and promote innovation. In line with the notion of the world is searching for avenues for profitable growth and innovation, converting the BOP into active entrepreneurs will foster innovations in business models (Simanis & Milstein, 2012). Realizing this situation, the Malaysian government stated the ambition of becoming a developed nation by the year 2020, and thus, the government has to accelerate their transition into an innovation-based economy. Poverty eradication has become the most important issue in Malaysia. In fact, Malaysia has embarked on many poverty eradication programmes, evidenced by the sharp decline in the incidence of poverty from 52.4% in 1970 to 12.4% in 1992 and further decreased to 3.8% in 2009 (Tenth Malaysia Plan, 2011). Under the Government Transformation Program (GTP), Malaysian government has established Rural Transformation Program (RTP) to reduce the extreme hardcore poor household to zero and also to halve the number of the BOP community. In this manner, Rural Transformation Centre (RTC) was introduced to optimize the potential of rural areas as the generator and growth of new economy. Although Malaysia has done remarkably well, there are challenges to serve this segment in which they need specific interventions to increase attention to eliminate inequalities between rich and poor. Hence, this chapter unlocks and explores the BOP community readiness to venture into business development.
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