Have you ever heard the saying that too many cooks spoil the soup?
It’s not to say that those cooks aren’t talented, or that they aren’t necessary to the functioning of the whole kitchen.
However, when there are too many people trying to solve the same issue, it can cause a whole bunch of confusion.
Malaysia’s startup ecosystem is a little bit like this. We have a bunch of different organisations that are contributing towards a healthy and robust “kitchen”, but sometimes for certain problems (or “soups”, if you will) you only really need one person.
But sometimes, for other ecosystem players like founders, investors, venture capitalists, and tech talents, it may be hard to ascertain who wears what hat.
That’s why it’s such a big deal that Cradle’s MYStartup has been named the Single Window to Malaysia’s startup ecosystem. But before we get into what that means, let’s first understand…
What is MYStartup?
Although MYStartup has only recently been dubbed the Malaysian startup scene’s Single Window, it has actually been around since 2021.
Established by the Ministry of Science, Technology and Innovation (MOSTI), MYStartup is powered by Cradle Fund. Also known as just Cradle, it was formed in 2003 to fund high-calibre technology, focusing on early-stage startups.
Driven by the Malaysia Startup Ecosystem Roadmap (SUPER) 2021-2030, MYStartup was tasked to oversee the creation of 5,000 new startups by 2025 and 10,000 high-skilled coders, as well as place Malaysia among the top 20 global startup ecosystems by 2030.
To meet these goals, MYStartup has organised a variety of capacity-building programmes. This includes hackathons, accelerators, pre-accelerators, and bootcamps.
With these efforts, Malaysia today boasts over 3,700 startups spanning diverse technology sectors.
Key sectors are AI, spacetech, fintech, ecommerce, healthtech and agritech. Notable startups include Grab, Carsome, SpaceIn, Aphelia, NEUON AI, AgriData, PolicyStreet, and Aerodyne.
Based on MYStartup’s insights, the total value of investments since 2019 has reached US$1.1 billion, showcasing increasing interest in Malaysian startups.
Yet, there are still many gaps that must be filled to propel the ecosystem further.
“Malaysia’s startup ecosystem is rapidly growing, yet it remains disconnected both domestically and globally,” said Cradle’s Group Chief Executive Officer, Norman Matthieu Vanhaecke.
“This lack of coordination has resulted in missed opportunities for the local startups to scale beyond national borders, as well as making Malaysia an overlooked destination for foreign founders seeking to establish their businesses in Southeast Asia.”
Thus, MYStartup has expanded to address that pain point.
Something for everyone
Launched during the KL20 Summit 2024, this initiative aligns with Malaysia’s goal of turning Kuala Lumpur into one of the top 20 global startup ecosystems by 2030.
To make this vision a reality, it was announced in Budget 2024 that the government would allocate RM28 million for the development of MYStartup for it to become a single window to streamline startup matters.
The objective would be to solve the issue of fragmentation in the scene, helping with challenges in obtaining information on various aspects of business operations.
The Single Window platform leverages AI technology to streamline access to resources and support by integrating and consolidating information on founders, investors, tech talents, government agencies, and ecosystem builders.
Some of the key features that will streamline processes and services for startups in Malaysia include:
- Resources for starting and scaling a startup, such as details on how to set up a business, apply for visas, and more.
- A comprehensive database of all startups in Malaysia and venture capitalists. This includes key information on funding, business details, and up-to-date fundraising statuses.
- MYStartup AI, where users can ask or perform information searches/enquiries on everything about the Malaysian startup ecosystem.
In the future, the Single Window platform will also feature a consolidated funding and tracking application, a centralised funding platform with a startup and investor matching algorithm, a mobile app, and a job portal platform.
With all these features, it’s clear that MYStartup addresses all parts of the whole startup ecosystem.
For founders, MYStartup will help them start and scale businesses. For investors, this is where they can seek potential startups to invest in and gain insights into the Malaysian startup ecosystem.
And as for tech talents, the platform is where you innovate and collaborate to create more impactful startups.
“With the launch of the new platform, MYStartup, we are solving an ecosystem problem—difficulties faced by both local and global individuals in navigating and accessing the Malaysian startup ecosystem, as well as any gaps along the entrepreneurial journey,” Norman summarised.
Revving up the startup scene
As of April 2024, MYStartup has received a total of more than 141,000 visitors on the platform with 10% of the traffic coming from outside of Malaysia.
“A larger startup ecosystem creates greater economic value,” Norman pointed out. “The size of an industry cluster greatly matters for its overall performance; as the ecosystem grows, so does the economic impact of each startup.”
What he’s saying is that the larger the ecosystem, the higher the performance and average value of each startup. With that, Malaysia stands to prosper to a greater degree.
“With the Single Window now being a one-stop platform that unites founders, investors, tech talents, government agencies and ecosystem players, MYStartup aims to ease the business environment and entrepreneurial journey—making it easier for startups to scale, investors to invest, and tech talents to look for jobs,” Norman concluded.
Featured Image Credit: Cradle Fund
