Photo credit: Unsplash
Looking back to the previous year, 2016 was comparatively quiet for Malaysia’s startup scene. Big players such as iFlix and KFit have been rolling on, collecting more cash and other companies along the way.
According to data from the Tech in Asia database, however, 43.8 percent of the funding events that took place in Malaysia this year were at the seed stage, with a sprinkling of bridge and Series A rounds on the side.
A key reason might be the shift in focus for the Malaysian Global Innovation and Creativity Center (MaGIC), the entity which drove a lot of local startup activity in 2015. In an interview, incoming MaGIC CEO Ashran Ghazi revealed a host of new programs with the goal of “tweaking the narrative for MaGIC” to become “a creativity innovation center for entrepreneurs” that is less tech-focused.
According to Ashran, one of the biggest challenges local entrepreneurs face is “expanding their businesses regionally and internationally.”
“Yes, Malaysia has seen a fair share of homegrown startups making their mark around the globe, such as Grab, iFlix, and KFit,” he says. “But we believe there are many other companies out there with great ideas that can be successful outside our nation, given the right opportunity and mentorship.”
Going global
Participating startups gather for official launch of the MaGIC Accelerator Program in Cyberjaya, Malaysia.
Indeed, the Malaysian government has been working hard to attract and retain talent by making it more attractive for foreign companies to base themselves locally. This is a pertinent issue, given the problem of brain drain that it faces as local talent looks for better opportunities abroad.
Nusajaya Tech Park, for example, is giving a 10-year tax holiday to foreign tech companies.
In that vein, MaGIC will help to launch the Global Entrepreneurship Community (GECommunity) in 8-9 December, which is a program organized by the Ministry of Finance through the National Entrepreneurship Development Office (NEDO), MaGIC, and the Global Entrepreneurship Movement (GEM).
It’ll offer engaging speakers and networking between successful companies, investors, startups, and ecosystem builders. The aim is to help local companies go global. GECommunity will focus on nine verticals: biotech, lifestyle, green (including smart cities), education, finance, creative, health, supply chain, and social enterprise innovation. 100 key players from each sector will attend the event.
The goal of these clusters is to help “break down the barrier of funding for startups as the concepts to emerge from these discussions will more naturally be something corporates want to invest in.”
“The cluster labs will also formalize the inclusion of corporates into the entrepreneurship ecosystem at home in Malaysia and around the world,” adds Ashran.
Photo credit: Unsplash.
An exciting year ahead
GECommunity is just one of many initiatives that MaGIC is supporting to encourage greater collaboration between industry players and entrepreneurs. In 2017, it will also launch its Corporate Entrepreneurship Responsibility (CER) program and the Creativity Innovation Labs (C& I Labs).
“In C&I Labs, key ecosystem players can help bring ideas or concepts to commercialization quickly by using the platform as a playground to test those ideas,” explains Ashran.
To cap it off, Malaysia will also officially launch its Digital Trade Zone next year, which would “facilitate international ecommerce and invigorate internet-based innovation.”
All things considered, it certainly does seem like Malaysia is moving in the right direction to become an innovation hub for the region in 2017.
GECommunity aims to connect entrepreneurs, ecosystem leaders, policymakers, industry leaders, investors, and community drivers to build a vibrant global entrepreneurship community. It is a joint effort between the National Entrepreneurship Development Office (NEDO) under the Ministry of Finance, Malaysian Global Innovation & Creativity Centre (MaGIC), as well as the Global Entrepreneurship Movement (GEM). The inaugural GECommunity 2016 will take place in Kuala Lumpur, Malaysia on 8-9 December 2016. For more information, please visit www.gecommunity.co.
This post https://www.techinasia.com/malaysia-big-break appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/malaysia-big-break
via IFTTT
No comments:
Post a Comment