KUALA LUMPUR – The Science, Technology and Innovation Ministry (Mosti) will not exclude local high-tech start-up companies with the potential to become a “unicorn” from getting assistance and financing.
Its minister, Datuk Seri Dr Adham Baba, said this has been the ministry’s stance to prevent such companies from migrating abroad as it would have a negative impact on the local economic environment.
“These start-ups, although small, are actually capable of becoming scaleable quickly, and for that reason, I have instructed Mosti not to exclude any start-up company from the high-tech sectors to be financed or assisted,” he said.
He told reporters this after opening the 2022 KL Venture Finance Forum and the 20th-anniversary celebration of Malaysia Debt Ventures (MDV) Bhd.
Dr Adham said the ministry was also drafting a research, development, commercialisation, and innovation road map to attract international venture capital (VC) in order to further strengthen the financing ecosystem for start-ups in the country.
“The need to invite VCs into our country is necessary so that international VCs remain in our country and continue to support these start-ups,” he said.
“This is so that they (local start-up companies) become big companies before they migrate to other countries because of better opportunities there.” – Bernama, September 12, 2022
