KUALA LUMPUR, June 24 (Bernama) -- The Science, Technology and Innovation Ministry (MOSTI), via the Cradle Fund, has identified potential “soonicorns” with 22 per cent of them being bumiputera companies.
According to MOSTI, the bumiputera companies include those providing drone services and digital marketing.
A "soonicorn" is a start-up that may become a "unicorn" shortly with a company valuation of less than US$1 billion.
"VentureTECH, which has a multi-level investment mandate in bumiputera companies, has invested in potential startups including Aerodyne, Cell Tissue, Bayo Pay, Bateriku, TXMR and SS Rover. They comprise 21 per cent of its total investments with the remaining 79 per cent in the mezzanine category," according to MOSTI in a written response posted on the Parliament's website on Monday.
Additionally, MOSTI said there are several other potential bumiputera startups undergoing evaluation in VentureTECH's 2024 investment pipeline.
MOSTI said this in response to Datuk Ahmad Amzad Mohamed @ Hashim's (PN-Kuala Terengganu) question about bumiputera soonicorns and the steps taken to boost the local start-up ecosystem as well as the direction needed to make Malaysia a regional start-up and digital hub.
MOSTI launched the Malaysian Startup Ecosystem Roadmap (SUPER) 2021-2030 in November 2021 and the MYStartup Action Strategy to boost Malaysia’s startup ecosystem and to create internationally competitive startups.
"MOSTI will continue to support the development of the Malaysian startup ecosystem as a whole via funding, investment and capacity-building programmes," the ministry said.
It said the regional startup ecosystem, via the ASEAN Technology Startup Initiative, will be strengthened to boost Malaysia as a regional startup and digital hub.
"Malaysia will play a more important role as a driver of an innovative and competitive regional startup and digital hub, while at the same time enhancing regional cooperation, ahead of the 2025 ASEAN chairmanship.
"Additionally, a regional platform will be developed to connect startups with investors, support capacity development programmes and strategic partners from across ASEAN.
“The platform will also support programmes fostering innovation and technology development in ASEAN," the ministry said.
-- BERNAMA
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