BUSINESS

KUALA LUMPUR'S STARTUP ECOSYSTEM GENERATES MORE THAN RM220 BLN IN VALUE OVER THREE YEARS

13/06/2024 05:44 PM

KUALA LUMPUR, June 13 (Bernama) -- Kuala Lumpur's startup ecosystem has generated more than RM220 billion (US$47 billion) in ecosystem value from July 1, 2021 to Dec 31, 2024, said Cradle Fund Sdn Bhd (Cradle). 

In a statement today, Cradle said the ecosystem value measures the city’s economic impact from the value of exits and startup valuations. 

Cradle is Malaysia’s startup ecosystem agency under the Finance Ministry, administered by the Science, Technology and Innovation Ministry (MOSTI).

The statement said Kuala Lumpur also received recognition in the latest Global Startup Ecosystem Report (GSER) 2024, placing it among the top 30 emerging ecosystems, which reflects its rapid growth and substantial economic impact.

Cradle group chief executive officer Norman Matthieu Vanhaecke said these achievements underscore the efforts and strategic initiatives to foster a conducive environment for startups.

"Malaysia views startups as a pivotal force in driving local innovation and technological advancement. Cradle seeks to combine the resources and experiences of all ecosystem stakeholders. 

"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," he said. 

According to the GSER 2024 report, Kuala Lumpur's ecosystem has also achieved notable rankings in several key areas within Asia, namely the Top 15 Asia Ecosystems in Funding, the Top 20 Asia Ecosystems in Performance, and the Top 20 Asia Ecosystems in Talent and Experience. 

The statement said Kuala Lumpur's ecosystem is ranked among the Top 25 Asia Ecosystem in Affordable Talent and the Top 30 Asia Ecosystems in Bang for Buck and Educated talent, citing ease of doing business as reasons a startup should move to the ecosystem.

-- BERNAMA


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