Momentum in motion
- Is Malaysia on the cusp of a new chapter? Matthew Loh spoke with more than a dozen local tech insiders, and they are optimistic about the country’s plan to become Asia’s Silicon Valley.
- Currently, there are about 4,000 startups in Malaysia. PM Anwar Ibrahim is aiming to produce 5,000 local startups and 5 unicorns by 2025.
- Entrepreneurs are finding more support than ever, from increased investments to political stability and an affordable cost of living.
- Co-founder & CEO Jimmy How of 500-backed affiliate marketing firm Involve Asia agreed, sharing that investors were far more risk-averse 10 years ago when he founded his startup.
- 500 Global Managing Partner Khailee Ng noted a shift in mindset. He shared that Malaysia has had a self-defeating attitude for far too long, but that entrepreneurs are starting to believe something good can happen.
- Gokula Krishnan, Founder & CEO of 500-backed financial literacy app Vircle, credited a 2023 seed investment with convincing him to stay in Malaysia instead of relocating to Singapore. He shared that talent, office space, and cost of living in Malaysia are more affordable compared to Vietnam or Indonesia.
- Startups like 500-backed Qarbotech are expanding rapidly, planning to scale production by 50 times. Co-founder & COO Amirul Merican attributed this to political stability and a stronger currency, which has made importing equipment cheaper.
- With newfound confidence among entrepreneurs, affordable resources, and stronger support infrastructure, Malaysia is poised for growth.
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