{"id":157,"date":"2020-12-10T00:00:00","date_gmt":"2020-12-10T00:00:00","guid":{"rendered":"https:\/\/markupbackup.wordpress.com\/2021\/07\/21\/durians-daily-149-together-with-the-minister-of-science-technology-and-innovation-khailee-ng\/"},"modified":"2021-07-28T05:22:31","modified_gmt":"2021-07-28T05:22:31","slug":"durians-daily-149-together-with-the-minister-of-science-technology-and-innovation-khailee-ng","status":"publish","type":"post","link":"https:\/\/dailymarkup.com\/?p=157","title":{"rendered":"Daily Markup #149: Together with the Minister of Science, Technology and Innovation, Khailee Ng\u2026"},"content":{"rendered":"<ul>\n<li>This month, Malaysia\u2019s National Policy on Science, Technology and Innovation 2021\u20132030 was <a href=\"https:\/\/www.astroawani.com\/video-terkini\/agenda-awani-khas-majlis-pelancaran-dasar-sains-teknologi-dan-inovasi-negara-2021-2030-1880868\" target=\"_blank\" rel=\"noopener\">launched<\/a> on live television, where a panel discussion took place between Khairy Jamaluddin, Minister of Science, Technology and Innovation (MOSTI), Professor Datuk Dr Asma Ismail, President of the Academy of Sciences, Malaysia, and Khailee Ng, Managing Partner at 500 Startups, on how these sectors play a part in the growth of the country\u2019s economy for the next decade.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1440\" data-height=\"745\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7db45ee669.png\"><figcaption class=\"wp-caption-text\">Credit: Astro\u00a0Awani<\/figcaption><\/figure>\n<ul>\n<li>On the fundamental ingredients required to support the growth of tech startups in Malaysia, Khailee said the country is already home to many globally competitive tech champions, 46 of which have been funded by 500 Startups.<\/li>\n<li>He stressed the additional ingredients required are global capital and talent, saying that if 500 Durians did not bring in foreign capital, the venture capital firm would not have been able to actively invest in Malaysia. As local funding alone was not sufficient, Khailee mentioned the firm channeled 67% of investments from overseas countries such as South Korea, Japan, and the United States of America.<\/li>\n<li>He further stated that to date, 500 Startups has invested a total of ~US$10.3 million in the country. This, he added, has generated a cumulative value of ~US$15 billion in Malaysian tech startups.<\/li>\n<li>Khailee believes relying only on local resources is not sufficient if Malaysia is to achieve its GDP target of ~US$837 billion by 2030.<\/li>\n<li>When asked about what else was needed in the Malaysian ecosystem, Khailee reminded there were real examples the ecosystem already has what it takes, citing 500-backed agritech startup <a href=\"https:\/\/braintreex.com\/\" target=\"_blank\" rel=\"noopener\">Braintree<\/a>.<\/li>\n<li>The startup was founded by Malaysians who returned to the country and received funding from 500 Startups. Earlier this year, government-linked company (GLC) Petronas followed suit, marking its <a href=\"https:\/\/www.theedgemarkets.com\/article\/petronas-embarks-first-venture-capital-investment-malaysia\" target=\"_blank\" rel=\"noopener\">first ever<\/a> VC investment. Braintree is also supported by MOSTI, Khailee added.<\/li>\n<li>Khailee stated this is proof global investors like 500 Startups can come together with GLCs, national agencies, and other supporters of tech startups to invest resources into local companies.<\/li>\n<li>Earlier during the launch event, the Minister <a href=\"https:\/\/www.theedgemarkets.com\/article\/new-policy-transform-malaysia-user-developer-technologies\" target=\"_blank\" rel=\"noopener\">announced<\/a> a 50% allocation of his Ministry\u2019s budget for research and development with the aim of turning the country from technology users into technology developers.<\/li>\n<li>The interview was originally conducted in Bahasa Malaysia and is available with English subtitles <a href=\"https:\/\/youtu.be\/OVRFBwRInfQ\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/li>\n<\/ul>\n<hr>\n<p><strong>Missed out the last Daily Markup? Go <\/strong><a href=\"https:\/\/dailymarkup.com\/\" target=\"_blank\" rel=\"noopener\"><strong>here<\/strong><\/a><strong> to check it out.<\/strong><\/p>\n<p><strong>You can also find us on <\/strong><a href=\"https:\/\/www.linkedin.com\/company\/500-durians\/\" target=\"_blank\" rel=\"noopener\"><strong>LinkedIn<\/strong><\/a><strong>, <\/strong><a href=\"https:\/\/www.facebook.com\/500durians\/\" target=\"_blank\" rel=\"noopener\"><strong>Facebook<\/strong><\/a><strong>, <\/strong><a href=\"https:\/\/twitter.com\/500Startups_SEA\" target=\"_blank\" rel=\"noopener\"><strong>Twitter<\/strong><\/a><strong>, and <\/strong><a href=\"https:\/\/www.instagram.com\/500durians\/?hl=en\" target=\"_blank\" rel=\"noopener\"><strong>Instagram<\/strong><\/a><strong>.<\/strong><\/p>\n<figure><img decoding=\"async\" data-width=\"400\" data-height=\"400\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7db468c582.jpg\"><\/figure>\n<p>500 Startups is a venture capital firm on a mission to discover and back the world\u2019s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.<\/p>\n<p><em>This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively \u201c500 Startups\u201d) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Startups and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies\u2019 markets, competitors, performance, and fundraising has been provided by those companies\u2019 founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Startups, or an offer to provide any investment advisory service with regard to securities by 500 Startups. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Startups. Prospective investors considering an investment into any 500 Startups fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Startups fund may have a financial interest in one or more of the companies discussed.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This month, Malaysia\u2019s National Policy on Science, Technology and Innovation 2021\u20132030 was launched on live television, where a panel discussion took place between Khairy Jamaluddin, Minister of Science, Technology and Innovation (MOSTI), Professor Datuk Dr Asma Ismail, President of the Academy of Sciences, Malaysia, and Khailee Ng, Managing Partner at 500 Startups, on how these [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":2111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[322],"tags":[],"class_list":["post-157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Markup #149: Together with the Minister of Science, Technology and Innovation, Khailee Ng\u2026 - 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