PUTRAJAYA – The Science, Technology and Innovation Ministry (Mosti) aims to create five unicorn companies in the country in the next five years, its Minister Datuk Seri Dr Adham Baba said.
Unicorn companies are start-ups that have an overall valuation of above US$1 billion (RM4.15 billion).
Dr Adham said the target can be achieved through the incorporation of the “10-10 Malaysian Science, Technology, Innovation and Economy Framework” elements in the unicorn companies’ development.
Citing the success of Carsome – the largest integrated e-commerce car platform in Southeast Asia, and also Malaysia’s first unicorn company – as an example, he said the digitisation element will also be emphasised in building unicorn companies.
“Digitisation is one of the methods used by Carsome, which has successfully ventured into countries in the region,” he said at a press conference after meeting with the Malaysia Venture Capital Management Bhd (Mavcap) and Carsome today.
Mavcap is a venture capital fund company established in 2001, built to develop the technology ecosystem in the country through investments in potential local and regional technology start-ups.
Dr Adham said the ministry has allocated RM123 million this year for the development of unicorn companies, to be channelled through several finance firms including Mavcap.
“Mavcap will be able to assist these start-up companies to grow further into international champions and expand technology in the country, creating more jobs indirectly,” he said. – Bernama, September 9, 2021
