MyStartup’s Single Window launched, aiming to revitalize Malaysian startups and ecosystem

Serial entrepreneur Joel Neo shared the stage with Chan Lee Kang on the second day of KL20 on May 23 (Photo above)The Minister of Science, Technology and Innovation (MOSTI) attended the launch of the MyStartup program Single Window for the Malaysian startup ecosystem.

No, Joel wasn’t there to announce the next startup. Joel, who left his last startup, his Fave, to become the first check (very early stage) investor to the next generation of founders through First Move, took to the stage with his mother as important props and himself. shared a story about their entrepreneurial journey. .

The now 40-year-old told the story of when he was 21 and asked, “Should I start a company?” “When she said, ‘No, her son, she should get a good job,’ she didn’t even look at me.”

It was a pivotal moment in Malaysian startup history. Joel could have listened to her and become just another suit in the corporate world.

Luckily, he ignored her and went on to become one of the leading figures in Malaysia’s startup story. He became the co-founder of digital media in his 2007. Within a few years, it became one of the top online news platforms and was visited by millions of readers every month. However, his mother was not, sticking to her favorite print format. .

Even when he launched GroupsMore in August 2010, a mobile coupon app that sold 10 million coupons in its first year. His mother continued to cut out coupons from newspapers. So did his QR payment mobile app Fave, where he recorded US$100 million in transactions in its first year. But not a single dollar came from his mother, who was adamant about cash.

Joel made a mistake, but due to the impact of the coronavirus, Joel’s resistance to digital technology finally subsided, and since last year, Joel’s mother has gone cashless, making e-commerce purchases and reading online news. I read it. “She even asked me whether she should start her own company the day I announced the fund ‘First Move’,” he said. (Editor’s note: Yes, you read that correctly.) “That’s right,” Joel encouraged.

New to the startup world, she frequently asked her veteran son, “How do I get started?” “How do I create an app?” “How can I achieve market fit for my product?”

These are probably the same questions that founders across Malaysia have.

In addition to Mr. Joel, Asia’s leading venture capitalists Thomas Cao (co-founder and chairman of Gobi Partners) and Mr. Cavell (HRtech founder and CEO Camelia Lo) also have some experience. Shared.

The common thread they resonated with is that the Malaysian startup ecosystem needs a single point of contact that can quickly address most, if not all, of the questions and needs that startup founders will inevitably have. He said it was important to have a point of contact.

And that is the driving force behind Mosti, through its agency Cradle Fund Sdn Bhd, officially launching the Single Window for the Malaysian Startup Ecosystem on the second day of the KL20 Summit. Single Window allows founders to connect with talent, investors, and other founders.

It is an AI-powered platform designed to foster collaboration, innovation, and global connectivity, creating a seamless business environment by providing a single platform for everything related to startups in the country. Serves as a foundation.

Its promise is to provide startup founders, investors, and technology talent with streamlined access to critical information, including comprehensive data, insights, and resources on launching and scaling startups. A comprehensive database of all startups and venture capitalists in Malaysia. Contains important information about funding, business details, and active funding updates.

The launch of MYStartup’s single window is part of marquee initiatives based on the KL 20 Action Paper, aimed at making talent more accessible, making investments and deal sourcing more regular, and making AI infrastructure more mature. ).

Elaborating on the value of Single WIndow, Chan said: “This initiative embodies our continued journey of cooperation and cooperation in nurturing and activating technology-based startups in order to provide a friendly and congenial atmosphere within the global startup ecosystem. ” serves as a starting point. “

A single window alleviates and alleviates some of the challenges faced by ecosystem stakeholders, such as difficulty in obtaining funding information, regulatory clarity, and difficulty in identifying technical talent. It also plays a role.

A centralized platform that supports Kuala Lumpur’s goal of becoming a top 20 startup ecosystem by 2030

Single Window provides a central platform for startups to assess resources, mentorship, funding and regulatory support, helping the country to be among the top 20 global startup ecosystems by 2030. We help the next generation of entrepreneurs grow and succeed with bold goals.

It will also support the goal of establishing 5,000 self-reliant and successful startups by 2025, as outlined in the Malaysian Startup Ecosystem Roadmap (SUPER) 2021-2030.

“Currently, there are over 3,700 startups in Malaysia with valuations of up to US$5 billion (RM23.9 billion), with total capital raised reaching US$1.6 billion (RM7.65 billion) from 2019 to 2024. 438 deals were completed,” said Chan.

According to the Global Startup Ecosystem Report 2023 by Startup Genome, Malaysia is not only ranked outside the world’s top 40 startup ecosystems, but only among them, which means that by 2030, Kuala Lumpur It will take a lot of effort to break into the top 20 of Lumpur’s rankings. Top 21-30 in the Emerging Startup Ecosystem category. This will reach a peak comparable to Mount Everest within the next six years.

However, according to Cradle Group CEO Norman Matthieu Vanhaecke, work began in 2021 to make the ecosystem more attractive and robust.

“Since the Startup Ecosystem Roadmap was launched in 2021, we have already set out 16 interventions to advance the ecosystem not only in terms of finance, but also in terms of talent, regulation, market access and policy. .” (See chart)

MyStartup's Single Window launched, aiming to revitalize Malaysian startups and ecosystem

Mr Norman also said, “The Malaysian Venture Capital Roadmap and KL20 Blueprint is a national overall plan to really accelerate Malaysia’s startup ecosystem development towards a top 20 startups in the world by 2030. “They are being integrated as one,” he said.

Part of a focused effort to boost the vibrancy of the startup ecosystem

The single window was introduced in conjunction with the KL Innovation Belt and Malaysia Venture Capital Roadmap 2024-2030, led by Malaysian Technology Innovation Research Accelerator (MRANTI) and Malaysian Venture Capital Management Bhd (MAVCAP), respectively.

The KL Innovation Belt aims to create a vibrant physical ecosystem where innovators, start-ups, businesses, investors, venture capital and academia can come together and collaborate by establishing specialized hubs in strategic locations. It’s about building.

MOSTI is collaborating with several coworking office spaces in Bangsar South to provide such spaces to these ecosystem players. These spaces are centralized startup clusters, incentives to foster critical mass and knowledge sharing among ecosystem players, as well as facilitating access among them. Government support.

Meanwhile, the Malaysia Venture Capital Roadmap 2024-2030 aims to position Malaysia as an emerging and growing venture capital (VC) hub in Southeast Asia.

“These initiatives have been launched as a focused effort to make the ecosystem more vibrant and robust,” Chan stressed, adding that international venture capital and startups are “very interested in the Malaysian market. in the countryside and are very optimistic that their investments will bear fruit.” ”

He therefore believes that the launch of the MYStartup platform as a single window is the cornerstone of a strategic blueprint to move Malaysia forward and position it as one of the world’s best startup ecosystems.

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