Malaysia Invests RM28 Million in MyStartUp to Propel Local Startups into High-Growth Sectors

The Malaysian government has allocated RM28 million to enhance MyStartUp, a platform aimed at unifying and supporting local startup companies throughout their lifecycle. This initiative aligns with the government’s focus on digital transformation and the Fourth Industrial Revolution (4IR). Additionally, Government-Linked Companies and Investment Companies have committed up to RM1.5 billion in funding to encourage startups to enter high-growth sectors.

16 October 2023 – The Malaysian government has earmarked RM28 million for the development of MyStartUp, an all-encompassing platform designed to unify the nation’s startup companies and streamline business processes throughout their life cycles. Prime Minister Datuk Seri Anwar Ibrahim, in his presentation of the 2024 Budget, asserted that this initiative aligns with the decisions of the Digital Economy Council and the Fourth Industrial Revolution (4IR).

MyStartUp, a groundbreaking initiative, is set to leverage RM200 million from various funding agencies and venture capitals, all consolidated within a single platform. This streamlined approach aims to provide Malaysian startups with a cohesive support structure.

In a bid to expand the horizons of local startup companies and enhance their competitiveness in regional markets, Government-Linked Companies (GLCs) and Government-Linked Investment Companies (GLICs) have committed to providing funding totaling up to RM1.5 billion. This substantial financial support is intended to encourage startups, including Bumiputera Small and Medium Enterprise (SME) entrepreneurs, to venture into high-growth, high-value sectors such as the digital economy, space technology, and Electronics and Electrical (E&E).

The government’s investment in MyStartUp underscores its commitment to fostering a vibrant startup ecosystem in Malaysia and nurturing innovation across various sectors. – ref: NST

Author: Terry KS

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