Malaysia’s Single Window for the Startup Ecosystem (MYStartup), a game-changing one-stop online platform for startups has been launched at KL20 Summit 2024 in Kuala Lumpur.
Science, Technology and Innovation Minister Chang Lih Kang in his keynote address at the launch of MYStartup said the platform was developed as the foundation for a seamless business environment for all things related to startups in Malaysia.
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Science, Technology and Innovation Minister Chang Lih Kang in his keynote address at the launch of MYStartup said the platform was developed as the foundation for a seamless business environment for all things related to startups in Malaysia.
Read more at https://shorturl.at/hyBWY
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
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NewsTranscript
00:00It is a great pleasure to be with all of you again on the second day of the KL20 Summit.
00:08We just launched our
00:10MyStartup single window portal and this portal is to
00:15ease or mitigate some of the problems that
00:19the ecosystem players have been facing. For instance,
00:24difficult to get information,
00:27funding,
00:29regulatory and also tech talents. So today this portal that we just launched
00:37like 10-15 minutes ago,
00:41it is to mitigate the issue that or address the concern of all these ecosystem
00:49players.
00:51We have been doing this
00:53for the past 20 years, but of course
00:57in piecemeal. But today we are putting everything together under one comprehensive single platform.
01:05So all the personas,
01:08for instance,
01:10either you are startup founders or you are investors like VC, PE or
01:15you are tech talents yourself. You can go straight to our
01:20MyStartup website. You can have everything there and it is AI powered.
01:26You can ask
01:28the AI whatever question related to startup ecosystem.
01:33And the reason of us having or launching this single window platform is to
01:40ease
01:43the process of doing business in Malaysia,
01:46especially startup ecosystem. And also we aim to be top 20 global startup ecosystem in the world by
01:542030. And by 2025, we hope to have 5,000 startups and at the moment we have
02:013,700 over startups
02:03in Malaysia.
02:05And
02:06valuation up to 5 billion dollar
02:11currently. So we are looking at scaling up and become the top 20
02:16startup ecosystem in Malaysia, in the world. So this is
02:24single window startup and this part of the initiative of KL20 Summit
02:28under this KL20 Action Paper.
02:31If you are a startup, you don't know anything about setting up a startup and you don't know where to find funders or
02:37funding, you can go to our website,
02:40register yourself and
02:42inform the platform that what kind of startup you are looking at, you are at what stage and
02:50everything will be there.
02:52The website will direct you to relevant
02:56funding agencies or if you are a tech talent
03:02looking for employment, you can also go into our
03:05single window platform, my startup website to
03:09look for relevant jobs.
03:12So it's a combination of everything
03:16and we are addressing
03:18needs for everyone,
03:20be it you are a founder or investor or talent. So you mentioned that
03:25now we have 3,000 startups with 5 billion dollar valuation. So in 2025,
03:33how much do you target for the valuation for 5 key startups?
03:43In fact, we have no specific target on valuation.
03:47It's just an
03:50information about valuation of the current startup valuation
03:56because it depends very much on the market also, what kind of startup and then what is the
04:02need of the market. So it depends very much on
04:06the market. So there's no specific
04:09numbers or target for valuation.
04:13So our target is on numbers of startups. We are adopting this whole of government approach.
04:19Although it's a cross-ministry thing, but we are working very closely with all other ministries.
04:24KL20 is not just KL20. We have other initiatives.
04:28For instance, this single startup, single window
04:33platform. And before this, we just launched, early this month, we just launched our
04:38Venture Capital Roadmap and also we are launching this KL Innovation Belt.
04:44They are a concerted effort to boost
04:48the ecosystem so they become more vibrant and robust. In fact, looking at the response
04:55responses from the VCs and also startups,
04:58you can see that Malaysia, we still have traction to them.
05:03They are very interested in Malaysian market and they are very optimistic that
05:08their investment
05:10will bear fruits in Malaysia.