PUTRAJAYA, March 7 — From 2016 to 2024, the government, through funding agencies under the Science, Technology, and Innovation Ministry (Mosti), channelled RM1.37 billion in financing or investment to startups and small and medium enterprises.
Mosti said that it aims to strengthen the financing ecosystem of Malaysia's research and development (R&D) as well as commercialisation and innovation (C&I), which contributed to an increase in RM1.76 billion in funding, generating a return of up to 4.9 times for every ringgit invested.
The financing programme has had a major impact on the country through the creation of 17,282 highly skilled job opportunities, contributing RM12.99 billion to the country's gross domestic product, with 360 intellectual properties marketed and the production of 170 products or services of disruptive technology.
"As of December 31, 2024, a total of 4,319 startups were registered on the MyStartup portal operated by Cradle Fund Sdn Bhd," it said in a statement today.
The ministry's funding agencies include Cradle, Kumpulan Modal Perdana, the Malaysian Technology Development Corporation, Malaysia Debt Ventures Berhad (MDV), VentureTECH, NanoMalaysia Berhad, and the Malaysian Bioeconomy Development Corporation Sdn Bhd (BEC).
Citing Cradle, Mosti said the company had approved financing totalling RM161 million to local startups as of 2024, while MDV approved financing of RM114 million to local technology companies from 2016 to 2024.
"In the biotechnology sector, BEC remains committed to driving the National Biotechnology Policy 2.0 agenda to make Malaysia a progressive, prosperous, inclusive and sustainable high-tech bio-innovation country.
"Through the Agro-Based Venture Fund introduced in 2021, BEC has channelled financing of RM38 million to companies innovating in the field of biotechnology and bio-based industries," it said.
With a significant amount of investment, Malaysia continues to strengthen its position as a high-tech innovation hub in the region, in line with the country's aspirations towards an economy based on science, technology, and innovation, as well as strengthening the competitiveness of local companies in the global market.
— Bernama
