A Trend Analysis of Business Funding Patterns and Sources Among Student Entrepreneurs at the Institute of Higher Learning Level

Implications for Entrepreneurship Education and Support Programs


  • Nurzaki Ikhsan Pengajian Kejuruteraan Mekanikal, Kolej Pengajian Kejuruteraan, Universiti Teknologi MARA




business funding, institute of higher learning, student entrepreneur, business angel


Business funding plays a pivotal role in facilitating entrepreneurial ventures, enabling them to initiate or expand their businesses effectively. Diverse funding sources, such as personal savings, venture capital, business angels, business loans, and government assistance, have been recognized as crucial means of financial support. However, for student entrepreneurs currently pursuing higher education, the suitability of these funding options is subject to several complexities. The inexperience in commencing a business, the commitment to academic pursuits, and adherence to specific student policies and eligibility criteria necessitate a more tailored analysis. Therefore, this paper delves into a trend analysis of business funding exclusively among student entrepreneurs. Drawing on data sourced from the esteemed Malaysian Academy of SME & Entrepreneurship Development (MASMED), at Universiti Teknologi MARA (UiTM), Malaysia, this study investigates business funding sources, business funds secured, business categories, and the level of student involvement over multiple years. This empirical examination and subsequent discussion provide invaluable insights into discerning patterns and shifts in student entrepreneurial business funding strategies. By scrutinizing these trends, a prediction students' decisions to venture into entrepreneurship, particularly with regards to securing adequate business funding can be developed. Furthermore, this study's findings pave the way for more comprehensive investigations, guiding potential policy enforcements in both governmental and private sectors pertaining to business funding. Ultimately, the elucidation of these trends contributes to fostering an ecosystem conducive to the growth and sustenance of student-led enterprises, unlocking new avenues for economic and societal development.


Ahmed, T., Chandran, V. G. R., Klobas, J. E., Liñán, F., & Kokkalis, P. (2020). Entrepreneurship education programmes: How learning, inspiration and resources affect intentions for new venture creation in a developing economy. The International Journal of Management Education, 18(1). https://doi.org/10.1016/j.ijme.2019.100327

Alwi, S. F. S., Akhir, A. H. M., Jaafar, M. N., Osman, I., Muhamat, A. A., & Muda, R. (2020). Islamic Venture Capital in Malaysia: Operation and Challenges. The Malaysian Journal of Consumer and Family Economics, 24(Special Issue 2), 135-155.

Alwi, S. F. S., Akhir, A. H. M., Jaafar, M. N., Osman, I., Muhamat, A. A., & Muda, R. (2020). Islamic Venture Capital in Malaysia: Operation and Challenges. The Malaysian Journal of Consumer and Family Economics, 24(Special Issue 2), 135-155.

Boldureanu, G., Ionescu, A. M., Bercu, A., Bedrule-Grigoruță, M. V., & Boldureanu, D. (2020). Entrepreneurship Education through Successful Entrepreneurial Models in Higher Education Institutions. Sustainability in Leadership and Education, 12(3), 1267. http://dx.doi.org/10.3390/su12031267

Cornelius, P. (2020). Sources of Funding Innovation and Entrepreneurship. In S. Dutta, B. Lanvin, & S. Wunsch-Vincent (Eds.). Global innovation index 2020 : Who Will Finance Innovation? (pp. 77-86). Cornell University Press. https://doi.org/10.34667/tind.42316

Donckels, R., & Miettinen, A. (2019). Entrepreneurship and SME Research On its Way to the Next Millennium. Routledge.

Fayolle, A., Verzat, C., & Wapshott, R. In quest of legitimacy: The theoretical and methodological foundations of entrepreneurship education research. International Small Business Journal: Researching Entrepreneurship, 34(7), 895-904. https://doi.org/10.1177/0266242616649250

Gano-an, J. C., & Chea, C. C. Ease of Doing Business in the Philippines and Malaysia: Prospects for Development and Regional Growth. American Journal of Business and Society, 6(2), 49-56.

Garg, M., & Gupta, S. (2021). Startups and the Growing Entrepreneurial Ecosystem. Journal of Intellectual Property Rights, 26, 31-38. https://doi.org/10.56042/jipr.v26i1.35258

Guerrero M, Urbano D, & Gajón E. (2020). Entrepreneurial university ecosystems and graduates' career patterns: do entrepreneurship education programmes and university business incubators matter? Journal of Management Development, 39(5), 753-775. https://doi.org/10.1108/JMD-10-2019-0439

Hassan, N. A. (2020). University business incubators as a tool for accelerating entrepreneurship: theoretical perspective. Review of Economics and Political Science.

Ibrahim, D. M. (2019). Public or private venture capital? Washington Law Review, 94, 1137-1174. http://dx.doi.org/10.2139/ssrn.3266756

Jamal, N. (2023). Financing Preference among Technology Startups (TSs) in Malaysia. Universal Journal of Financial Economics, 2(1). https://doi.org/10.37256/ujfe.2120232732

Jamaluddin, N. I., Shahimi, S., & Hameed, L. B. M. (2020). Elemen Kepercayaan Sebagai Teras Sumbangan Melalui Pendanaan Awam Bertujuan Kebajikan. Asian Journal of Accounting and Governance, 13, 55-65. http://dx.doi.org/10.17576/AJAG-2020-13-05

Kementerian Pembangunan Usahawan. (2019). Dasar Keusahawanan Nasional DKN 2030: Malaysia Negara Keusahawanan Unggul 2030. Kementerian Pembangunan Usahawan, Malaysia. https://www.kuskop.gov.my/admin/files/med/image/portal/Dasar%20Keusahawanan%20Nasional%20(DKN)%202030.pdf

Khairuddin, Z. N., Sauh, S. M., & Asmaai, M. (2023). Entrepreneurship Education at Higher Learning Institutions (HLI): Policy Mismatch and Recommendations. Malaysian Journal of Business, Economics and Management, 2(1), 27-33. https://doi.org/10.56532/mjbem.v2i1.8

Looi, K. H., & Maritz, A. (2021). Government Institutions, Entrepreneurship Education and Entrepreneurship Education Programmes in Malaysia. Education & Training, 63(2), 271-291. http://dx.doi.org/10.1108/ET-07-2020-0217

Lu, G., Song, Y., & Pan, B. (2021). How University Entrepreneurship Support Affects College Students’ Entrepreneurial Intentions: An Empirical Analysis from China. Sustainability, 13(6), 3224. https://doi.org/10.3390/su13063224

Mohamad, A., Rizal, A. M., Kamarudin, S., & Sahimi, M. (2022). Exploring the Co-Creation of Small and Medium Enterprises, and Service Providers Enabled by Digital Interactive Platforms for Internationalization: A Case Study in Malaysia. Sustainability, 14(23), 16119. https://doi.org/10.3390/su142316119

Mustapha, M., Mohamad, S. A., & Azer, I. (2014). Intention And Motivation Toward Entrepreneurship. Journal of Technology Management and Business, 1(1), 63-72.

Nowiński, W., Haddoud, M. Y., Lančarič, D., Egerová, D., & Czeglédi, C. (2019). The Impact of Entrepreneurship Education, Entrepreneurial Self-Efficacy and Gender on Entrepreneurial Intentions of University Students in the Visegrad Countries. Studies in Higher Education, 44(2), 361-379. https://doi.org/10.1080/03075079.2017.1365359

Othman, I. W., Mokhtar, S., Maidin, I., & Moharam, M. M. a. (2021). THE RELEVANCE OF THE NATIONAL ENTREPRENEURSHIP POLICY (NEP) 2030 IN MEETING THE NEEDS AND STRENGTHENING THE COUNTRY’S ENTREPRENEURIAL ECOSYSTEM: A SNAPSHOT. International Journal of Accounting, Finance and Business, 6(37), 79-100.

Rahim, H. L., Kadir, M. A. B. A., Abidin, Z. Z., Junid, J., Kamaruddin, L. M., Lajin, N. F. M., Buyong, S. Z., & Bakri, A. A. (2015). ENTREPRENEURSHIP EDUCATION IN MALAYSIA: A CRITICAL REVIEW. Journal of Technology Management and Business, 2(2).

Rahman, M. P., Thaker, M. A. M. T., & Duasa, J. (2020). Developing a Sharīʿah-compliant equity-based crowdfunding framework for entrepreneurship development in Malaysia. ISRA International Journal of Islamic Finance, 12(2), 239-252. https://doi.org/10.1108/IJIF-07-2018-0085

Razak, D. A., Othman, A. H. A., Zulmi, S. R., Ismail, I., & Sidiki, S. (2021). Determinant Factors Of Equity-Based Crowdfunding In Malaysia. Labuan Bulletin of International Business and Finance (LBIBF), 19(1), 33-48. https://doi.org/10.51200/lbibf.v19i1.2859

Wiklund, J., Wright, M., & Zahra, S. A. (2019). Conquering Relevance: Entrepreneurship Research's Grand Challenge. Entrepreneurship Theory and Practice, 43(3), 419-436. https://doi.org/10.1177/1042258718807478

Yusof, M. Z. M., Tahir, Z., Malek, J. A., & Salman, A. (2020). Cabaran Usahawan Muda dalam Perniagaan Industri Kecil dan Sederhana (IKS) di Malaysia. Malaysian Journal of Social Sciences and Humanities, 5(12), 355-366. https://doi.org/10.47405/mjssh.v5i12.614




How to Cite

Ikhsan, N., MOHD ALIAS, M. A., NIK ROSELEY, N. R. ., & HASAN, Z. (2023). A Trend Analysis of Business Funding Patterns and Sources Among Student Entrepreneurs at the Institute of Higher Learning Level : Implications for Entrepreneurship Education and Support Programs. Journal of Research on Business and Tourism, 3(2), 65–80. https://doi.org/10.37535/104003220231