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Malaysia aims to create 5,000 startups and 5 unicorns by 2025

Annjil Chong, DIGITIMES, Taipei 0

Credit: unsplash

Malaysia's Ministry of Science, Technology, and Innovation (MOSTI) aims to build a conducive startup ecosystem by launching Malaysian Startup Ecosystem Roadmap (SUPER) 2021-2023 and the MYStartup Platform.

Taking feedbacks from more than 300 startup ecosystem stakeholders, SUPER was launched at the Seri Pacific Hotel Kuala Lumpur on Jalan Putra last week. It is a plan to develop a dynamic national startup ecosystem that aligns with the Malaysia Vision 2030 and other initiatives such as the National Policy on Science, Technology, and Innovation (DSTIN), National Entrepreneurship Policy 2030, and National Fourth Industrial Revolution (4IR) policy.

SUPER acts as the true north of all other national policies and guidelines on startup. It is for all Keluarga (family) Malaysia, for example, government, investors, and innovators; to strive hard in achieving the ultimate goal of positioning Malaysia as one of the top 20 global startup ecosystems, Minister Datuk Seri Dr Adham Baba said to New Straits Times. The country is on its way to creating 5,000 startups and 5 unicorn status companies by 2025.

Meanwhile, MYStartup is one of the 16 interventions identified under 5 Ecosystem Drivers in SUPER that was initiated by MOSTI. According to the Malaysia Budget 2022, approximately US$ 4.78 million (RM20 million) was allocated to Cradle Fund Sdn. Bhd. (Cradle), a not-for-profit venture capital firm runs as an agency under the Ministry of Finance, to intensify efforts for recovery and resilience of the country's economy.

Developed by Cradle Fund Sdn. Bhd., MYStartup is a digital information resource portal that provides comprehensive facilitation services for startup ecosystem networks.

The goal of MYStartup is to help ecosystem players navigate the startup ecosystem, drive local innovation and continuous assistance and guidance in developing startups that have world-class investment value.

MYStartup is expected to benefit over 1,000 startup ecosystem stakeholders in its first year through initiatives and programs that will be shared on the platform such as funding, boot camp programs, accelerator programs, Hackathon, coaching, and training courses.

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