Ministry of Science, Technology, and Innovation (MOSTI) set a target to build a conducive startup ecosystem with the launch of the Malaysian Startup Ecosystem Roadmap (SUPER) 2021-2030 and the MYStartup platform.
Minister of MOSTI, Dato Sri Dr Adham Baba, says, “SUPER acts as the true north of all other national policies and guidelines on startup. This roadmap is aligned with others NatotherPolicy on Science, Technology, and Innovation (DSTIN), National Entrepreneurship Policy 2030, and National 4IR policy.”
“Through this national platform, the high-impact collaboration will be intensified together with the ongoing support and guidance services to develop startups that can grow,” he adds.
SUPER is a plan to develop a dynamic national startup ecosystem and in line with Vision 2030.
MYStartup is a digital information resource portal that provides comprehensive facilitation services for startup ecosystem networks.
It is designed to increase the nation’s gross domestic product (GDP). In addition, it contributes to high-value job creation as well as expanding deep technology investments by 2030.
SUPER is for all Keluarga Malaysia, including government, investors as well as innovators to achieve the ultimate goal of placing Malaysia as one of the Top 20 global startup ecosystems.
Cradle Fund Sdn Bhd CEO Rafidah Ghazali says, “This plan vision to Startup companies that can compete and centre on the regional and global stage as we the people create wealth and create employment opportunities for Malaysians.
“This plan has been formulated following the domestic ecosystem to rise to the top 20 in the world by 2030.”
The development of SUPER has taken into account feedback from over 300 startup ecosystem stakeholders.
Meanwhile, the MYStartup platform is a national digital portal of information resources aimed to help ecosystem players navigate the startup ecosystem and drive local innovation as well as continuous assistance and guidance in developing startups that have world-class investment value.
MYStartup plays an important role in empowering economic growth through STIs.
MYStartup is one of the 16 interventions identified under five Ecosystem Drivers in SUPER. According to the Budget 2022 announcement last month, RM20 million was allocated to Cradle Fund Sdn Bhd (Cradle).
“Cradle, an agency under MOSTI, has been mandated as a focal point in managing the development of startups in the ecosystem, from the budding phase up until the growth stage to increase the competitiveness of local startups at the international level.
SUPER will drive the startup industry by creating 5,000 startups and setting a target of achieving 5 unicorn status companies by 2030,” added Adham.
The MYStartup portal is expected to benefit more than 1,000 startup ecosystem stakeholders in its first year through the initiatives and programmes that will be shared on the platform such as funding, Bootcamp programmes, Accelerator programmes, Hackathon, coaching, and training courses.