Wealth Creation Lab (WCL)

        WCL is an entrepreneurship training program conducted in accordance with the 5DOI module, Stanford Research Institute (SRI) International. UTM has conducted this Innovation and Commercialization program among academic staff, researchers and students since 2010. Since then, several improvements have been made to the WCL module to balance the needs of the industry, students’ understanding and access to entrepreneurship knowledge / learning / tools practiced nationwide.

        For instance, starting in 2018, the WCL module has been given some improvements to ensure that the guidance process continues to be relevant while supporting the current IR4.0. WCL also focuses on the core of NSAR (Needs, Solution, Advantage, and Rival) as one of the improvements made to the previously used 5DOI concept. There are many other Real World programs such as Kerayong River Eco Biz Competition organized by Alliance Bank, where students can participate in and connect with industry and donor agencies such as Cradle, Platcomm and others to showcase ideas and products developed starting with the WCL program. As a result, they are more likely to be given funding (prototype, commercialization etc.) for more company development.

         Tools like Business Model Canvas and Lean Business Canvas are taught to be implemented more systematically. Both of these tools have been widely used throughout the world. In fact, the coalition of NSAR, BMC and Lean Canvas successfully produced the Minimum Viable Product (MVP) Prototype built during the WCL session and was a showcase to the industry panel in the evaluation session at the end of the WCL session. Apart from public and private university students, even academic staffs, especially young lecturers are invited to participate in the WCL program to produce entrepreneurial-minded lecturers and,which would in turn, encourage students to become entrepreneurs. The WCL program ecosystem has been recognized by the Malaysian Technology Development Corporation (MTDC). 


Implementation Technique

         WCL will start with value creation that will run for one day. This training will be followed by the Boot Camp program for three days. Boot Camp emphasizes several key aspects of commercializing innovative products and technologies such as entrepreneurship, human resource development, information sharing with industry, intellectual property & commercialization issues, company formation, operations management, financial & account management and marketing. The NSAR module will be implemented at a later boot camp session. Participants will also be exposed to tools such as Business Model Canvas (BMC) and Lean Canvas.

       Speakers and facilitators who will be involved with WCL will first be given guidance through the Training of Trainer (TOT) Course based on the NSAR module so that they train the participant on the same thing later. Facilitators involved in the WCL program are not only those who have gone through the TOT process organized by UTM XCITE but also selected from those who have successfully attended the ELP and 3EP courses organized by the Ministry of Education (MOE).


Each year, WCL targets entrepreneurs who make up 10-20% of the total engagement. Most of the student entrepreneurs generated from the WCL program are technology entrepreneurs (Technopreneur) among them Charby Company https://www.charbycharge.com (Lim Thol Yong), Cool Code Sdn Bhd https://coolcode.my/ (Amir Fazwan ), Runcloud.io (Arif Tukiman / Ahmad Fitrizaman), Sulaiman Plantation www.instagram.com/sulaimanplantation (Syed Salleh Syed Sulaiman), Owl Next Ent (Chin Chia Yuan), Mynt Trading (Bryan Chua), Think Cast Ent (Farah Nadia Zaini), Robotic Rubber Tree Extractor) Muhamad Zuhair Bin Ali and many more.

In conclusion,

WCL aims to enhance the understanding of University participants / students about the key concepts of innovation in new products and services. More importantly it enhances their knowledge and skills in commercializing their research results. WCL will expose participants to develop business plans for technology-based products and innovations. Participants will be able to enhance their skills in entrepreneurship, especially in the areas of marketing, operations management, finance & hiring as well as learning issues related to Technology-based products.