President and Group CEO SIRIM Berhad Malaysia LinkedIn Top 50 Creators 2024, 10 CEO in Malaysia you should follow on LinkedIn 2022, 2023., 200K Social media followers, 50M impressions
5 key challenges facing Malaysia's startup ecosystem: 1. Funding: Despite government support, more effort is needed to attract private investment to ensure a diverse and sustainable funding landscape for startups at all stages. 2. Talent: Cultural fears of failure deter many from entrepreneurship, highlighting the need for a cultural shift to foster a risk-tolerant talent pool. 3. Innovation: A disconnect between research and commercialization limits startup innovation, with late-stage market expertise not aligning with initial ideas. 4. Policies & Regulations: Overlapping functions of various agencies complicate support for startups, calling for more streamlined and transparent regulatory processes. 5. Market Environment: The predominance of local accelerators and incubators with limited international networks and restrictive government procurement processes further challenge the ecosystem. It is also noted that between 2008 and 2016, Malaysia's startup ecosystem contributed RM3.4 billion to the national Gross Domestic Product (GDP) and created 80,600 jobs. By 2030, it is expected to add RM30.8 billion to the GDP. https://lnkd.in/dP93ABaz
Azlan Jizam
7mo
There is one most important issue on start up , most country encourage R&D and support local industry with their policy , this is how China , India and even US grow their talent . We signed FTA which forbid " Local Content Policy " so Beli lah Barangan Buatan Malaysia adalah slogan yang sia sia dan tak de makna , is government aware of this FTA signed by us impacted our own local talent to grow their invention , while we even not supported our own local , we encourage local to go oversea ...... people will ask , is Malaysia use your product ..... nope ....... Government need to look back what government signed and impacted our own local
Founder and Group CEO at Robopreneur, EY Entrepreneur Of The Year
7moThe biggest issue is not that 5 items. The biggest problem is the local market demand for our local startup products. They develop products but at the end cannot sell locally. More startups will have to survive with empty stomoch. Local market is the best validation and traction, without strong local market demand they can't survive. Yet no priority given to them. Most projects eaten by the same big corporation and GLCs. KL20 etc are meaningless if the economy is not recovering. Go down and see the true struggle of startups and SMEs. Check the government procurement policies, nothing mention about buying local products.