Malaysia is looking at stimulating its startup scene as it strives to rank among the top 20 global startup ecosystems by 2030.
Minister of Economy Rafizi Ramli recently announced the KL20 Summit, with the aim of stimulating Malaysia’s startup scene.
The Malaysian government said it is committed to making the country a hub for startups as it looks to revitalise the sector through the KL20 Summit which is where key advancement will be delivered on government policies, talent pool and a
vibrant entrepreneurial ecosystem.
However, it is known that the sector is facing challenges in accessing funding, navigating regulatory barriers and attracting top talent. The event is set to delve into the current landscape, the government’s role and the future prospects for startups in Malaysia.
Malaysia boasts a thriving startup scene, offering a diverse range of opportunities across various sectors, from fintech to e-commerce. This diversity is attractive to investors seeking promising ventures. The success stories of Malaysian startups on
the global stage have further solidified the country’s position as a rising startup hub in Southeast Asia. The government wants to play a critical role in fostering a conducive environment for startups in Malaysia. Initiatives like the KL20 Summit taking place on 22-23 April 2024 aim to propel Malaysia into the top 20 global startup ecosystems by 2030. Efforts to streamline regulations, promote efficient resource management and modernise public services are creating a more supportive environment for startups to flourish.
“We have developed the Malaysian Startup Ecosystem Roadmap (SUPER) which serves as a blueprint to propel our country’s startup ecosystem to new heights as a regional hub. SUPER addresses critical areas like talent development, funding
accessibility, ensuring market access, and driving innovation in technology and social impact,” said Chang Lih Kang, Minister of Science, Technology & Innovation (MOSTI).
“MOSTI will be launching the Single Window Initiative to strengthen Malaysia’s startup ecosystem by streamlining processes and consolidating resources under one platform. This initiative will dismantle bureaucratic hurdles, expedite approvals and empower entrepreneurs to navigate the startup journey with greater ease. This is crucial in boosting our innovation scene towards achieving KL20’s goals,” Chang added.
On funding, the summit is to help connect startups with a diverse range of funding sources, including angel investors, venture capitalists and government grants. Pitching opportunities, networking events and showcasing of success stories can further empower startups to secure the capital needed for growth. The Malaysia Venture Capital Roadmap (MVCR) and MyDigital initiatives, alongside incentives for foreign investment, makes Malaysia an attractive proposition for digital
businesses seeking a regional foothold. Participation in the KL20 Summit allows foreign investors to gain valuable insights into our digital landscape, regulations and investment opportunities.”
The Malaysian government is committed in propelling the local startup scene and elevate it onto the global startup stage, with a target of 2,700 startups by 2050.
