KUALA Lumpur was ranked among the top 30 emerging startup ecosystems in the latest Global Startup Ecosystem Report (GSER) 2024.
Between July 1, 2021 and December 31, 2023, the city generated RM220 billion (US$47 billion) in ecosystem value, which measures the economic impact of exits and startup.
Science, Technology, and Innovation Minister Chang Lih Kang said the achievement showed Malaysia’s investment in the tech startup ecosystem is paying off.
“I would also like to acknowledge the role and impact of all related agencies, ministries, and organisations through the recently launched MYStartup Single Window platform. The Ministry of Science, Technology, and Innovation will continue to lead this effort to realise our vision to become a Top 20 global startup ecosystem by 2030, as outlined in the Malaysia Startup Ecosystem Roadmap 2021-2030,” he said.
Cradle Fund Sdn Bhd, the main agency for Malaysia’s startup ecosystem, views this achievement as proof of its efforts and strategic initiatives in fostering a supportive environment for new companies.
Cradle Group CEO Norman Matthieu Vanhaecke said startups are a key driving force in Malaysia’s innovation and technological advancements.
“Cradle seeks to combine the resources and experiences of all ecosystem stakeholders. With a consistent commitment to building a high-performing, inclusive, globalised, and sustainable ecosystem, Cradle aims to propel Malaysia to the forefront of the global startup ecosystem,” he said.
In the GSER 2024 report, the Kuala Lumpur ecosystem achieved notable rankings in Asia in several key areas:
* Top 15 Asia Ecosystem in Funding: Highlights Kuala Lumpur's innovation capacity through strong early-stage funding and active investor participation.
* Top 20 Asia Ecosystem in Performance: Reflects the ecosystem's overall size and success, considering the cumulative value created by tech startups through exits and funding.
* Top 20 Asia Ecosystem in Talent and Experience: Acknowledges Kuala Lumpur's strong long-term trends in crucial performance factors, showcasing the depth of talent and experience in the ecosystem.
* Top 25 Asia Ecosystem in Affordable Talent: Measures the city's ability to attract and hire tech talent cost-effectively, emphasising its competitive advantage in building a skilled workforce.
* Top 30 Asia Ecosystem in Bang for Buck: Measures the amount of runway tech startups acquire, on average, from a VC round.
The report analysed more than 4.5 million startups across 300 global ecosystems, providing insights on global trends and policy advice to more than 160 economic and innovation ministries as well as public and private agencies in 55 countries.
The Startup Genome Report 2024 is available here. – June 14, 2024.
