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KUALA LUMPUR, Sept 14 -- Startup companies that wish to spread their wings and obtain unicorn status need to set their eyes on larger markets.
Pitch Platforms Sdn Bhd chief executive officer Shamsul Jafni Shafie has admitted that the local market is rather small for a company to reach the status’s valuation of US$1 billion (RM4.2 billion), therefore they would need to at least expand into ASEAN markets.
He said that was something that the equity crowdfunding platform always imparted in the companies that it invested in.
“But we hope that when they actually expand outside of Malaysia, they remain in Malaysia,” he said today at the MTDC Industry 4.0 TechWeek 2021’s Panel Discussion: The Fund, The Tech, And The Company.
Science, Technology, and Innovation Minister Datuk Seri Dr. Adham Baba recently said his ministry has set its sights on developing five startups to become unicorn companies in the next five years and encouraged startup entrepreneurs to take advantage of Malaysia Venture Capital Management Bhd.
Thus far, the only local startup that has reached the status was Carsome, becoming the first Malaysian unicorn company after acquiring a stake in iCar Asia Ltd and is now valued at over US$1.3 billion.
Shamsul Jafni said investors are keen to see more innovations in the food technology sector like agrifood technology as people are becoming more interested in how food is actually produced.
“So food security is one, the other one which we could potentially see is probably drone technology. I think as agribusiness becomes bigger, we need those drone technologies to facilitate and complement those kinds of business,” he said.
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