PM Anwar Aims To Ensure Startups In Malaysia To Access Stage Financing

Arni Laily Anwarrudin, head of Petronas Ventures, said, “As a catalyst for progress, we at Petronas are constantly looking for ways to support the growth of startups in Malaysia.”

PM Anwar Aims To Ensure Startups In Malaysia To Access Stage Financing

To promote the expansion of Malaysia’s startup ecosystem, the Ministry of Science, Technology, and Innovation (MOSTI) and Cradle Fund Sdn Bhd (Cradle) in Malaysia have partnered with the companies Maxis, Petroliam Nasional Berhad (Petronas), Cyberview, and airasia academy.

MYStartup announced on Wednesday that it had signed strategic alliances with the businesses.

It was stated that the partnerships with these businesses represent a significant turning point in the growth of the local startup ecosystem, paving the way for exponential growth as it fosters an innovation culture in Malaysia.

Major corporations have been identified as strategic partners as part of MYStartup’s efforts to develop and strengthen the startup ecosystem of Malaysia in order to ensure the ecosystem’s overall growth.

Since the beginning of 2022, a number of Memoranda of Understanding (MoUs) have been signed as MYStartup reiterates its commitment to offering a platform for startups and entrepreneurs to expand.

According to MYStartup, these energising and significant partnerships will not only improve the nation’s funding environment but also pave the way for the ecosystem to flourish both locally and internationally.

The partnerships with the businesses represent a group commitment to promoting the expansion and success of startups in Malaysia, according to Ahmad Kashfi Alwi, Senior Vice President, Ecosystem Development, at Cradle.

He continued, “We can create an environment that supports startups to thrive, innovate, and make a lasting impact by leveraging each partner’s expertise, resources, and networks.

The statement claims that working with Maxis gives startups the chance to participate in activities and programmes run by Maxis, fostering potential business alliances and project advancements.

Additionally, startups taking part in the MYStartup Accelerator Program will have the opportunity to network with Maxis for potential funding opportunities and future business opportunities.

We are enthusiastic about our partnership with MYStartup because it is consistent with our commitment to fostering innovation and advancing digital transformation in Malaysian business.

According to Loh Keh Jiat, Chief Marketing Officer at Maxis, “through this collaboration, we aim to foster a vibrant startup ecosystem, nurturing the next generation of entrepreneurs and contributing to the nation’s digital economy.”

The Petronas FutureTech Accelerator Program makes it possible for startups in Malaysia to access their go-to-market platform, improving their access to funding, investment opportunities, and any technology they may have acquired. This is made possible by the partnership with Petronas.

The agreement of the Memorandum of Understanding also increases the possibility for startups in the MYStartup ecosystem to work with corporate partners under the Petronas FutureTech 3.0 programme, including Tenaga Nasional Berhad (TNB), DRB-HICOM, Gentari, Khazanah Nasional, Sembcorp, Hyundai Motor Company, and Vitol, in addition to gaining from potential investments from local and regional venture capital firms.

Arni Laily Anwarrudin, head of Petronas Ventures, said, “As a catalyst for progress, we at Petronas are constantly looking for ways to support the growth of startups in Malaysia.”

She cites the company’s collaboration with MYStartup as the ideal illustration of this.

In addition to promoting technology adoption and business transformation, she continued, “We think that by working together, we can create an environment that is conducive for startups to thrive.

Under the new partnership, Cyberview, the driving force behind Cyberjaya’s quick development, also provides various perks and advantages to the startups.

These include access to discounted rental rates within the Cyberjaya complex as well as various opportunities for business development.

Through Cradle and Cyberview, startups will be able to connect with angel investors from the Malaysian Business Angel Network (MBAN), further facilitating networks and connections with potential investors and business partners and opening doors for potential funding opportunities.

The partnership between MYStartup and airasia academy, which will begin in December 2022, will also increase the startup community’s access to knowledge and education fundamentals while assisting businesses and startups in accelerating their upskilling initiatives through readily available guided learning content.

Startups will have access to learning materials created to hasten their growth through airasia academy’s on-demand learning programmes.

The instructor-led training programmes also provide certification modules in important fields like software engineering, cybersecurity, and digital marketing.

This partnership equips startups with the knowledge and abilities needed to prosper in the cutthroat environment of today.

The MYStartup Strategy is a collection of initiatives with the goal of enhancing Malaysia’s startup ecosystem and community.

The MYHackathon, MYStartup Pre-Accelerator, MYStartup Accelerator, MYStartup Internship, and MYStartup Mentorship are a few of them.

The MYStartup Program, part of the Malaysian Startup Ecosystem Roadmap (SUPER), guides startups from ideation to completion, providing training, support, and highlighting company profiles to attract foreign investors. Cradle serves as the focal point agency, ensuring the strategy benefits the ecosystem. This aligns with MOSTI’s goal of creating 5,000 start-ups and producing five unicorn-status companies by 2025.