Innovation and start-ups in Malaysia

Vision 2020 is the plan that was developed by the Malaysian government in 1996 to achieve economic self sufficiency by 2020.  Rather revolutionary at the time, the creation of a government- designated area to create and entice firms to build a technology hub in the region has paid off.

The country has seen a rapid growth in start-ups, particularly tech-based companies, encouraged by other dynamic government initiatives.

The Malaysia Venture Capital Management Bureau (MAVCAP) was formed in 2001 and is a government-owned venture capital firm that invests in small and emerging information, communication and technology firms.

Another government owned agency, Cradle Fund, also provides early stage funding and one of their major success stories is Xeus, used for mobile network optimization in operators across the globe.

Malaysia proved with its Companies Act that it favours start-ups. The business registration process has been simplified with less paperwork and the cost of launching a business is low.

It’s not only the government that is investing in these efforts and many organizations are also involved in helping establish Malaysia as a powerful player in the field of innovations and tech start-ups.

With a high level of literacy and skills, Malaysia has a workforce of skilled and semi-skilled workers that make it easy for start-ups to find the right workforce.

Malaysia has had the foresight to provide the right conditions for innovation and start-ups. By implementing the right policies in the education system these businesses also find that they can rely on a workforce that is already well trained or willing to up-skill. The future looks bright!