The role of the government in supporting new startups and nurturing existing ones is key in developing a thriving startup scene. The support for the creation of new innovations locally will certainly give Malaysia a strong competitive edge in the long run. In the recent Malaysian budget, 2017 was declared as Startup and SME Promotion Year. By setting up more resources and better infrastructure to access them, the entry barrier for people vying to test out new business concepts will be lowered, and thus encouraging the birth of new companies.
This time, our panel was generally optimistic that there will be an increase in monetary support by the Malaysian Government this year. Greater part of entrepreneurs (ie. 80%) responded optimistically about future investment while only 57% of investors agreed with this statement.
Some highlights from the discussion of this question:
President at Global Entrepreneurship Movement
“Definitely. The Malaysian government is constantly looking for ways to get more young people involved in entrepreneurship and venture building. This is reflected in the recent announcement in the budget.”
Managing Partner at TinkBig Venture
“In lieu with government policy for building “smart community” , i believe that government will be actively involving with the startup scene especially in this two year. Spearheading this initiative will be lead by MDEC, MAGIC and CRADLE as there will be some exciting announcement for this year by them. We also start seeing government collaboration with corporate accelerator to support new and innovative idea especially in the fintech and social enterprise. Government blue ocean strategy on organising Global Entrepreneurship Community and Global Transformation Forum attracting prominent speaker like Jack Ma and Richard Branson is attracting the crowd and investor from around the world into Malaysia startup scene.”
Managing Partner at 500 Startups
“They’ve already been doing this indirectly via Mavcap. Other government linked vehicles like EPF, PNB, KWAP have started looking into ways, and Khazanah has already started.”
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