- KL tagged with strong provincial positions in money, talent, knowledge
- By 2030, the government reiterates its desire to be one of the top 20 global business communities.
.jpg "Malaysia's lofty ambitions to be a Top 20 global startup ecosystem by 2030 is symbolised in the hosting of the KL20 Summit in April, that will be an annual event to showcase Kuala Lumpur's development as a fast growing startup ecosystem.")
In the most recent Global Startup Ecosystem Report ( GSER ) 2024, Kuala Lumpur’s startup ecosystem is ranked in the top 30 of the Emerging Ecosystems category.
From 1 July 2021 to 31 Dec 2023, Kuala Lumpur generated more than US$ 47 billion ( RM220 billion ) in Ecosystem Value, which measured the city’s economic impact from the value of exits and startup valuations.
The country’s continuing effort to invest and grow the tech company ecosystem is supported by the ecosystem value and accomplishments reported. I would like to acknowledge the contributions and roles of all relevant organizations, ministries, and organizations through the just launched MYStartup Single Window program. Ministry of Science, Technology and Innovation ( MOSTI ) will continue to spearhead this effort to realise our vision to become the top 20 global startup ecosystem by 2030 as outlined in the Malaysia Startup Ecosystem Roadmap ( SUPER ) 2021- 2030″, said Chang Lih Kang, Minister of MOSTI.
Cradle Fund Sdn Bhd, as the focal point company for Malaysia’s business habitat, lauded the efforts, noting that it is a testament to the work and strategic initiatives undertaken to develop a conducive atmosphere for startups. Companies are viewed by Malaysia as a crucial component of spurring local innovation and technological progress. Cradle aims to bring together all habitat partners ‘ resources and experience. With a consistent commitment to cultivating a high- performing, inclusive, globalised, and sustainable ecosystem, Cradle envisions propelling Malaysia to the forefront of the global startup ecosystem”, said Norman Matthieu Vanhaecke ( pic ), Group CEO of Cradle.
In the GSER 2024 statement, Kuala Lumpur’s habitat has also achieved significant ranks in several key locations within Asia:
- Major 15 Asia Ecosystem in Funding: This highlights Kuala Lumpur’s development capacity through solid early- stage funding and lively investor participation.
- Top 20 Asia Ecosystem in Performance: This determine reflects the environment’s general size and accomplishment, considering the combined price created by software startups through exits and money.
- Top 20 Asia Ecosystem in Talent &, Experience: This ranking acknowledges Kuala Lumpur’s strong long- term trends in crucial performance factors, showcasing the depth of talent and experience in the ecosystem.
- Top 25 Asia Ecosystem in Affordable Talent: This category measures the city’s ability to attract and hire tech talent cost- effectively, emphasising its competitive advantage in building a skilled workforce.
- Top 30 Asia Ecosystem in Bang for Buck: This ranking measures the amount of runway tech startups acquire, on average, from a venture capital round.
- A startup should move to the ecosystem because of its educational credentials and ease of operation.
The GSER 2024, which analyzes data from more than 4.5 million startups across 300 global ecosystems, provides fresh insights into global trends and policy advice to more than 160 economic and innovation ministries as well as public and private entities in over 55 nations.
Among Southeast Asian countries, Singapore’s ecosystem ranked 7th globally with the Top 40 ranking. Jakarta ranked 6th in the Emerging Category which ranks 100 cities/regions where KL was placed in the 21 to 30 grouping. Thailand was in the 71 to 80 grouping with Ho Chin Minh City in the 81 to 90 spot.
To access the Startup Genome Report 2024, please visit https ://startupgenome .com/report/gser2024.