The Entrepreneur and Startup Scenes in Malaysia: A Global Focus
Entrepreneurship is not only the key to economic development but also an important contributor to poverty alleviation. Malaysia has made strides in its startup scene due to changes in culture and government policies. #ThinkWithNiche
Entrepreneurship is not only the key to economic development but also an important contributor to poverty alleviation. With a global focus, there are many great examples of successful startups and entrepreneurs that have come from all over the world. One such example is Malaysia, which has seen significant improvements in its startup scene since 2013.
Due to changes in culture and government policies, several factors have led Malaysian startups to thrive. These include co-working spaces, investments, grants for startup founders, and more.
Whether you're just starting your entrepreneurial journey or you're a seasoned entrepreneur who's looking for new ideas and inspiration, this blog post will provide some insight into how entrepreneurship has changed in Malaysia and what factors contributed to that change.
The Global Startup Scene
Entrepreneurship is a global phenomenon where startups are popping up all over the world.
In Malaysia, for example, entrepreneurship has been on the rise since 2013. The country has developed a startup culture that supports new entrepreneurs by providing them with everything from co-working spaces to grants, and this has yielded some amazing results.
Entrepreneurship in Malaysia
As of 2017, Malaysia has seen a huge growth in entrepreneurship. The country is now ranked fourth on the Global Entrepreneurship Development Index. It is due to significant changes in culture and government policies that have encouraged more entrepreneurship.
One big factor that has helped change the Malaysian startup ecosystem is co-working spaces. These spaces not only provide an affordable means for entrepreneurs to work but also serve as hubs for networking opportunities. Other countries are starting to take notice of this trend and are pursuing their startup communities with shared workspace options.
Another major factor influencing Malaysia's success is investments from venture capitalists. Recently, governmental agencies have put forth grants specifically for founders who are looking to start their business ventures. Malaysia hopes these efforts will continue to attract even more startups and help create an environment where they can thrive.
Malaysia has seen an increase in the creation of new startups, as well as an increase in venture capital investments which are directed at up-and-coming entrepreneurs. It is no coincidence! The government has helped create several programs for aspiring entrepreneurs to take advantage of.
Some of these policies include:
- 39 co-working spaces throughout Malaysia provide office space and other resources to coworking members.
- Malaysian startups can participate in incubation programs like The Clique Xcelerator and The Hive Xcelerator.
- Startup founders who win grants from Malaysia's Technology Development Agency (MIDA) can use up to USD 100,000 worth of grant money without needing to repay it.
Challenges and Solutions
Malaysia still faces some challenges when it comes to entrepreneurship. One such challenge is the lack of venture capital. Another challenge is that Malaysia's education system ranks among the worst in the world for STEM subjects.
Despite these challenges, there are several successful Malaysian startups. One of these is MOL AccessPortal, which provides an online portal for businesses to file their taxes with greater convenience than ever before.
The Malaysian government offers various incentives to encourage entrepreneurship and innovation in this country, including the Innovation Entrepreneurship Development Scheme (IEDs) grant program, which helps startups get off the ground by providing them with seed funding or loans up until RM500,000 (about USD 129,000). This grant program can be applied for twice over five years per business entity.
Malaysia is looking more towards entrepreneurship with a global focus, which means people can take their ideas on the world stage. Via Malaysia's economic development and poverty alleviation efforts, they are creating a better future for themselves.