MYStartup, in collaboration with Digital Penang, continued its second NXT journey for the year in Penang, aiming to accelerate startup growth in the northern region. The MYStartup NXT Penang micro-conference explored strategies for startups to fast-track their success and reach new heights.
This initiative, led by the Ministry of Science, Technology and Innovation (MOSTI) and spearheaded by Cradle Fund Sdn Bhd (Cradle) through MYStartup, highlighted untapped opportunities in Southeast Asia’s emerging markets for startups in Penang.
During a fireside chat session, Norman Matthieu Vanhaecke, Group CEO of Cradle, expressed confidence in Malaysian startups, emphasising their role as catalysts for growth and engines of progress. He noted their ability to address unique problems with disruptive solutions, create jobs, stimulate the economy, and attract foreign investment.
“Penang, known as the ‘Silicon Valley of the East,’ has immense potential with its strong foothold in semiconductor manufacturing, hosting global chip giants like Intel and Nvidia. Currently, Penang ranks third in the number of registered startups and applicants, following Selangor and Kuala Lumpur. By collaborating with Digital Penang through MYStartup, we hope to see more local tech ventures leverage this Single Window platform to connect with the ecosystem, ultimately pushing Malaysia up the value chain,” stated Norman.
Ts. Ng Kwang Ming, CEO of Digital Penang, remarked on the pivotal moment for Penang’s startups, benefiting significantly from state-driven initiatives that have cultivated a dynamic environment for innovation and growth. “Our efforts with MYStartup are nurturing a sustainable technology startup ecosystem and are crucial in leading Penang’s digital transformation towards realising our vision of a Smart State by 2030.”
The MYStartup NXT Penang event featured spotlight sessions with local and regional industry leaders discussing crucial topics related to startup growth, such as seed funding, business development, strategic partnerships, and government and corporate resources. Speakers and panellists included experts from Cradle, Digital Penang, NEXEA, ADA Biotech, Niagawan Plus, Cyberview, Petronas Ventures, and Allianz.
Attendees also learned about startup funding during the ‘What’s Up Grant’ and ‘Deal Hustlers’ sessions. These sessions highlighted Cradle’s funding programmes, CIP Spark and CIP Sprint, and facilitated connections between founders and investors from firms like Artem Ventures, Farquhar Venture Capital, First Move, and NEXEA.
This year’s MYStartup NXT Penang, held for the second time in the state, attracted over 160 attendees, including startup founders, investors, corporate and ecosystem partners, and university students. Since its launch in 2022, the micro-conference has travelled to five states nationwide—Selangor, Johor, Sabah, Sarawak, and Penang—attracting over 2,600 attendees and featuring more than 100 seasoned figures from diverse industries.
Curated for the local startup ecosystem, NXT is one of MYStartup’s various capacity-building programmes aimed at addressing challenges faced by Malaysian startups, bridging the gap between innovative ideas and sustainable success. Following the conclusion of this year’s NXT in Johor and Penang, MYStartup will continue its mission to unite ecosystem players in building a high-performing, globalised, inclusive, and sustainable startup ecosystem, with plans to explore potential states in the East Coast region.
