KUALA LUMPUR (Oct 24): Putrajaya is to work with Bursa Malaysia to support startups in their funding journey towards driving further innovation in Malaysia.
In Dewan Rakyat on Tuesday, Minister of Science, Technology and Innovation (Mosti) Chang Lih Kang said the ministry is to provide Bursa Malaysia with market information on the local startup ecosystem towards facilitating the early identification of companies with the potential of being listed on the bourse.
According to Chang, this effort forms one of Mosti’s initiatives towards driving the government’s aspiration of having Malaysia rank among the top 30 countries in the Global Innovation Index (GII) report by 2025 as stated under the 12th Malaysia Plan (12MP).
Between 2022 and 2023, Malaysia’s position in GII rankings remained static at the 36th spot among 132 countries, but with a higher GII score of 40.9 versus 38.7 previously.
“Among Asean countries, Malaysia remains in second place behind Singapore (which ranked 7th),” he said.
According to the Tanjong Malim MP, other initiatives to further push Malaysia’s GII climb comprise: strengthening innovation commercialisation efforts; formulation of a National Planet Health Action Plan to deal with health issues linked to the environment, biodiversity, and climate change; encouraging more private sector involvement in research, development, innovation, commercialisation, and economy; and propose the establishment of a special committee for Science, Technology and Innovation Talent.
Last month, state-owned venture capital fund Cradle Fund Sdn Bhd and Bursa Malaysia inked a memorandum of collaboration to build awareness among startups on funding opportunities available in Malaysia, including those offered by the equity market.
Additionally, it seeks to facilitate early identification of companies with the potential for listing on Bursa Malaysia.
The collaboration is a part of Mosti’s Fund Funnel programme, an initiative designed to streamline funding options and offer comprehensive support to startups throughout their funding journey, from the seed stage to the initial public offering.
For more Parliament stories, click here.