Kuala Lumpur, the capital of Malaysia, saw its tech startup ecosystem generates more than MYR 220 billion ($47 billion) in value over the past three years.
Cradle Fund Sdn Bhd (Cradle), as the focal point agency for Malaysia’s startup ecosystem, said in a statement on Thursday that from July 1, 2021 to December 31, 2023, Kuala Lumpur generated more than MYR 220 billion ($47 billion) in ecosystem value, which measured the city’s economic impact from the value of exits and startup valuations.
It is noted that Kuala Lumpur’s startup ecosystem has received significant recognition in the latest Global Startup Ecosystem Report (GSER) 2024 as the city has been placed in the top 30 of the emerging ecosystems, reflecting its rapid growth and substantial economic impact.
“The ecosystem value and the achievements recorded validate the country’s continued focus to invest and develop the tech startup ecosystem,
“Recognizing this, I would also like to acknowledge the role and impact of all related agencies, ministries and organizations through the recently launched MYStartup Single Window platform,” said Chang Lih Kang, Minister of Ministry of Science, Technology and Innovation (MOSTI).
He said MOSTI will continue to spearhead this effort to realize the country’s vision to become the top 20 global startup ecosystem by 2030 as outlined in the Malaysia Startup Ecosystem Roadmap (SUPER) 2021-2030.
Cradle also lauded the achievements, noting that it is a testament to the efforts and strategic initiatives undertaken to foster a conducive environment for startups.
“Malaysia views startups as a pivotal force in driving local innovation and technological advancement,
“Cradle seeks to combine the resources and experiences of all ecosystem stakeholders. With a consistent commitment to cultivating a high-performing, inclusive, globalised, and sustainable ecosystem, Cradle envisions propelling Malaysia to the forefront of the global startup ecosystem,” said Norman Matthieu Vanhaecke, Group Chief Executive Officer of Cradle.
It is noted that in the GSER 2024 report, Kuala Lumpur’s ecosystem has also achieved notable rankings in several key areas within Asia.
It is ranked as top 15 Asia ecosystem in funding, which highlights Kuala Lumpur’s innovation capacity through robust early-stage funding and active investor participation.
It is also ranked as top 20 Asia ecosystem in performance. This measure reflects the ecosystem’s overall size and success, considering the cumulative value created by tech startups through exits and funding.
Kuala Lumpur is also ranked as top 20 Asia ecosystem in talent and experience. This ranking acknowledges Kuala Lumpur’s strong long-term trends in crucial performance factors, showcasing the depth of talent and experience in the ecosystem.
The state is also ranked as top 25 Asia ecosystem in affordable talent. This category measures the city’s ability to attract and hire tech talent cost-effectively, emphasizing its competitive advantage in building a skilled workforce.
It is also ranked as top 30 Asia ecosystem in Bang for Buck. This ranking measures the amount of runway tech startups acquire, on average, from a venture capital round.
According to the statement, educated talent and ease of doing business are cited as reasons a startup should move to the ecosystem.
Analyzing data from over 4.5 million startups across 300 global ecosystems, the GSER 2024 provides fresh insights on global trends and policy advice to more than 160 economic and innovation ministries as well as public and private agencies in over 55 countries.
Source: technode.global
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